Striving for a more sustainable future

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The world around us is changing and at American Hellenic Hull Insurance Company (AHHIC) we believe in being proactive to achieve a more sustainable future. This is particularly important in our sector, given the essential role of insurance in the maritime adventure. Thus, AHHIC is the exclusive marine insurance company to sign the United Nations agenda and support the UNEPFI Principles for Sustainable Insurance (PSI) prioritizing at the same time the Sustainable Development Goals (SDGs) set forth by the UN at all levels of the company activity.

The SDGs lay out a clear vision for a sustainable future, representing an opportunity to shape a new era for responsible business. Insurance is a vital commodity for the maritime community and we stand ready to respond to all unexpected risks, not least those related to sustainability issues.

We align with the 2030 United Nations Agenda, as we believe that the SDGs are the blueprint to achieve a better and more sustainable future for all. For this reason, we have joined the United Nations Global Compact community adopting the SDG Action Manager. The SDG Action Manager is a tool that helps organisations assess their impact relative to the various SDGs and to help them improve.

American Hellenic Hull’s global impact assessment shows an outstanding sustainability performance according to the SDG Action Manager, with significant progress towards 12 out of 16 goals. As for the 17th, related to the partnerships for the goals, we have launched institutional partnerships and co-operations with the World Maritime University and the UNEPFI PSI.

AHHIC’s official Impact assessment is as follows:

AHHIC’s outstanding performance continues

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“Combined ratio in January 2020 stood at 88.6%”

American Hellenic Hull Insurance Company (AHHIC) is continuing its remarkable growth. January 2020 was the third best month in AHHIC’s history in terms of gross earned premium. From May 2019 onwards, the monthly results have consistently been among the best since the company’s inception.

AHHIC’s insured fleet stood at 2,636 vessels, a year-on-year increase of 16%. Furthermore, the underwriting profit for the three-month period November 2019 to January 2020 jumped to 45%, not including an additional 14% benefit from release of technical provisions at end of year. The gross loss ratio fell to 48.9% in January and the combined ratio decreased to 88.6%.

During January, the company’s assets increased by 6%. Current assets are 4.85 times current liabilities and represent 3.4 times the total amount of open claims, including all technical reserves.  Of AHHIC’s total liabilities, 52% is covered with cash and short- to medium-term investments in US Treasury bills.

“The new year begins with a record-breaking January in terms premium. As we charge full steam ahead into the new decade, we stand ready to face a wide range of challenges in the marine insurance industry. AHHIC’s upward trend will continue and our vision is to turn the fastest growing hull and machinery insurance company into the market’s global leader”, stated Mr. Ilias Tsakiris, CEO of AHHIC.

American Hellenic Hull represents the fastest-growing, dynamic force in marine insurance markets across the world aiming to provide more commitment, reassurance, consistency, proactivity and adaptability.

Circular_AHHIC_Its outstanding performance continues