Norwegian Hull Club, a global mutual marine and energy insurer, reports its 2024 strongest result ever with substantial profits in both insurance and investment portfolios, combined with uncommonly low claims costs. The Club, however, it said that it suffered two large losses in the war portfolio, a tanker which was seized by Iran in January, and in July a container vessel which was hit by two missiles off the coast of Somalia.
“Fortunately, no loss of life resulted from this attack, but it caused a complex and expensive contingency and repair project, which became the most expensive net claim for Norwegian Hull Club’s share in 2024,” the insurer said in its Norwegian Hull Club annual report 2024.
The Club’s portfolio has been exposed to a frequent number of hurricanes and typhoons in both the Gulf of Mexico and the Far East, without any significant losses being reported.
Furthermore, the past year marked a significant milestone in Norwegian Hull Club’s history.
“2024 marked two noteworthy milestones in Norwegian Hull Club’s history. In a year where we successfully directed the company towards uneventful pathways after a 2023 with the launch of several ambitious plans, in particular for the subsidiaries, we managed to secure the strongest result ever. Towards the end of the year, we also surpassed the number of 300 employees across the four companies of the Norwegian Hull Club group,” the CEO Hans Christian Seim said.
According to Norwegian Hull Club, the Hull & Machinery portfolio did not experience any major losses but still performed at break-even level due to pricing and frequency of claims.
In total, 2,444 new claims were registered in 2024, an increase of 90 compared to 2023: 59 claims lead and 31 co-insurance claims.
Throughout 2024, Norwegian Hull Club’s claims handling process has been faster than the rest of the market, status per December 2024 was 100 days faster than Cefor member competitors and 138 days faster than non-Cefor members, the Norwegian Hull Club said in its annual 2024 report.
To remind, the Nordic Association of Marine Insurers (Cefor) represents marine insurers in the Nordic countries.
