The Swedish Club has announced a 2.5 per cent General Increase for 2015, a move which continues to reflect the balanced approach adopted by the Club to the needs of its members and the demands of the global shipping market. This action consolidates the work undertaken by the Club in 2014, with, once again, a positive underwriting result and the forecast of a bottom line surplus for the full year 2014.

The Board meeting in London saw Lars Rhodin, Managing Director of The Swedish Club, emphasise the importance of its strategy of steady progress within a framework of gross prime growth, positive financial results and an increase in gross tonnage greater than global developments.

Mr Rhodin told Board members: “The demographics of the Club’s growth in P&I tonnage during 2014 was in line with our considered strategy. The P&I book now stands at 62 million GT, including Charterers’ entries. Our policy of diversification and responsiveness to the needs of the market is continuing to pay dividends to the Club and its members.”

The Swedish Club Board agreed the 2.5 per cent General Increase plus changes in the International Group’s reinsurance costs; a 5 per cent General Increase for Freight, Demurrage and Defence due to an accelerating inflationary pressure on legal costs; and an increase in crew deductibles of USD 1,000 for P&I.  These moves reflected increases in shipowner liabilities and general claims inflation.

A rise in frequency of claims was reported, but this was countered by a decrease in their severity.

For Further Information Please Contact:
Sean Moloney
Debra Massey
+44 (0) 1296 682124
+44 (0) 1296 682356

 

The Swedish Club was founded in 1872 and is today a leading and diversified mutual marine insurance company, owned and controlled by its members. The Club writes Protection & Indemnity, Freight, Demurrage & Defence, Hull & Machinery, Hull Interests, Loss of Hire, War Risks, and any additional insurances required by shipowners or charterers. It also writes Hull & Machinery, War risks and Loss of Hire for Mobile Offshore Units and FPSOs. Its head office is located in Gothenburg, Sweden, with branch offices in Piraeus, Hong Kong, Tokyo and Oslo.  

 Website: www.swedishclub.com