Checks and balances for Swedish Club
(Posted on 06/12/20)
In a move designed to improve the balance between claims and premiums, The Swedish Club has announced a 5% General Increase (P&I). In making this decision, the Board recognised that premiums across the whole P&I industry, which have been in decline over some time, will not be sufficient to meet the market’s expected claims and expenses. This applies to the Club as well, and the P&I performance is expected to be in deficit this year.
At the meeting, the Board also acknowledged that the International Group’s pool claims for the current year have the potential to be the highest recorded and should be considered in the context of two previous heavy pool years. Whilst it is challenging to ascertain a trend, it is also noticeable that the severity of pool claims has been higher. For almost three policy years The Swedish Club itself has not experienced any pool claims, but its share in the pool must be accommodated.
Lars Rhodin, Managing Director of The Swedish Club, said: “In a turbulent world it is important to implement the checks and balances necessary to continue to operate sustainably and for the benefit of our members. The Club continues to show strong solvency, with selective growth in Marine and a 5% tonnage growth in P&I since renewals. The Swedish Club has always taken a balanced and considered approach to risk, and this has served our members well for nearly 150 years. We will continue to do so.”
In line with its commitments as a mutual organisation, the Board stressed that renewal terms and increases should reflect each member's claims record and risk profile.
Latest News
Weathernews and Lauritzen Bulkers sign new 3-year contract
(Posted on 12/09/24)Weathernews, a global leader in weather intelligence and maritime solutions, has to announced a new... Read more
Decrease in medical disembarkations thanks to proactive health measures
(Posted on 12/09/24)Columbia Shipmanagement (CSM), a member of the Columbia Group, is reporting a noticeable decrease in... Read more
Mintra secures DNV certifications for Trainingportal and Seably platforms
(Posted on 12/09/24)Mintra, a leading provider of digital learning and human capital management solutions to the maritime... Read more
Partnership to provide mental health training for officers
(Posted on 12/09/24)Global marine services provider Oceanic, through its SeaMed24 Medical Solutions, will offer VIKAND&rsquo... Read more
Whitepaper highlights EU directives to put seafarer welfare in spotlight
(Posted on 08/09/24)VIKAND, in collaboration with other key maritime stakeholders, has published an analysis to advise the... Read more
ClassNK releases report ‘ClassNK Alternative Fuels Insight (Version 2.0)’
(Posted on 08/09/24)ClassNK has updated its report ‘ClassNK Alternative Fuels Insight’ initially released in... Read more
Technology key to reducing maritime emissions, DNV report
(Posted on 03/09/24)Reaching shipping’s 2030 decarbonization goal of 20% emission reductions, set by the International... Read more
AtoB@C Shipping christens Stellamar in Ystad
(Posted on 03/09/24)AtoB@C Shipping, a subsidiary of ESL Shipping, celebrated the christening of its second plug-in hybrid... Read more
ClassNK publishes estimated leak frequencies of ammonia fuel
(Posted on 03/09/24)ClassNK has published estimated leak frequencies of ammonia fuel from onboard components for ammonia... Read more
Tomini and Alpina announce transition in commercial management
(Posted on 27/08/24)The proprietors of dry bulk ship owner, Tomini Group and Alpina Chartering ApS have announced... Read more
