The marine insurer Swedish Club is raising its premiums for P&I cover. In the coming year, the surcharge will be 5%.
The costs for FD&D policies will also rise by the same amount. “In line with the three-year strategic plan for sustainable growth, maintaining a strong underwriting performance without over-reliance on investments is key for us,” explained Managing Director Thomas Nordberg.
The past year 2023/24 had brought huge investment income for insurers. In addition, the majority of clubs made moderate – and for some even very remarkable – underwriting profits. At Swedish Club, the net result was US$15.8m and the free reserves had reached a total of US$183.7m.
Swedish Clubs follow other insurers
An increase of around 5% had been announced at the latest after the boards of the major liability insurers NorthStandard, London P&I Club, Skuld, Steamship and West of England had recently spoken out in favor of it. The premium increases are justified by a renewed increase in major claims and inflation.
The UK Club is above this threshold at +6.5%, while market leader Gard is just below it at +4%. Some other providers are still keeping a low profile.
“We are committed to providing the best possible services and solutions in the midst of ongoing global challenges,” says Nordberg. This also includes providing innovative solutions. For example, the Swedish Club has introduced a new “Heavy Weather Alert” tool.
