Gothenburg marine insurer, The Swedish Club, comes with a plan for a general increase for P&I for 2025. The board of the marine insurance provider has announced a 5% general increase for P&I for 2025, and a general increase of 5% for FD&D.
The Swedish Club follows other marine insurance providers who have decided to move to increases.
The recent example is NorthStandard’s announcement for a precautionary 5% general increase in its 2025-26 premiums.
The return of higher claim volumes during 2024, increased exposure to larger claims, and continuing supply chain volatility have persuaded NorthStandard to adopt premiums increase.
Jeremy Grose, managing director, NorthStandard said enlarged scale continued to put NorthStandard in a strong position to withstand market volatility and outperform others in the sector, but a larger club inevitably faced potential exposure to more claims.
The board of the Swedish Club last week announced the increases, mentioning that those “reflect the Club’s continued focus on its long-term strength and stability.”
“Members are being informed in a circular”, reads the statement.
Thomas Nordberg, managing director, said at the board meeting on November 21 in London: “As we continue to grow in a controlled manner to restore our financial strength, we are seeing solid figures.
“In line with the Club’s three-year strategic plan for sustainable growth, maintaining a strong underwriting performance without an over-reliance on investments is key to that stable growth. To this end, I am also happy to report that our solvency ratio has continued to improve in 2024.”
Nordberg added: “Our members always remain our first priority, and we are committed to delivering the best possible services and solutions in the midst of ongoing global challenges.
“This includes delivering innovative solutions to meet our members needs such as our new Heavy Weather Alert tool launched this year. With such a strong Board underpinning us, together with our very supportive members and our talented staff. I look forward to a successful 2025.”
