The Swedish Club has continued down its path of achieving a balanced underwriting result by reporting an improved performance and a forecasted bottom line surplus for the full year 2013. Mindful of the difficult trading environment its members are facing, it has announced a 7.5 per cent General Increase for 2014 to reflect increases in shipowner liabilities and general claims inflation.

Addressing the Club’s Board which met in London yesterday (5 December), Managing Director Lars Rhodin said: “In the prevailing shipping markets it is vital to take a responsible position on a General Increase. We believe that 7.5 per cent reflects a balanced approach, and that it will cater for continued increases in shipowner liabilities and general claims inflation. As always, when taking a decision resulting in increased operational costs, we need to be mindful of the interests of our members and the current difficult trading environment.”

The Swedish Club Board agreed the 7.5 per cent General Increase (plus changes in the International Group’s reinsurance costs), together with a 5 per cent General Increase for Freight, Demurrage and Defence (reflecting inflationary pressure on legal costs). Cargo and crew deduc-tibles will increase by USD 2,000 respectively for P&I while the standard deductible for FD&D will rise by USD 1,000.

Lars Rhodin told Board Members: “The Club’s growth during 2013 was in line with expectations. The P&I book now stands at 54 million GT, including Charterers’ entries. As for claims the sharp rise in overall claims frequency, seen during the 2008 — 2012 period, levelled off in 2013.

For further information please contact:
Lars Rhodin:  phone: +46 31 638 417   lars.rhodin@swedishclub.com

 

 

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.