The Standard Club Completes 2021 Renewal
The Standard Club has completed its renewal negotiations and is very well positioned to continue to support its members through these unprecedented times. The club has successfully renewed 95% of the expiring portfolio and welcomed a small number of high-quality new members. Many existing members have expanded their entries and in a number of cases consolidated their fleet into Standard from other clubs.
While the 2020/21 policy year is forecast to perform better than 2019/20, it is still anticipated to result in an underwriting deficit. This is primarily due to the frequency and cost of large claims arising within the International Group Pool, which has affected all clubs, but it also reflects the general low level of premium rating. Despite market turbulence arising from the pandemic, the defensively positioned investment portfolio has made a positive contribution. Overall, the club’s finances remain strong and reserves will remain in ex