For the fourth year in succession The Swedish Club has announced a zero per cent general increase for the forthcoming P&I year.
Lars Rhodin, Managing Director of The Swedish Club says: “In a number of shipping sectors the market remains weak and we have a commitment to support members at this crucial point.
“At the same time, we must balance this with the fact that we have seen premium erosion for a number of years, to the extent there is a danger of the formula becoming unworkable. For the benefit of our members and the long-term future of the Club, we need to ensure premiums remain in line with exposures. Claims inflation alone runs at a pace of 3 %. The current year of P&I underwriting for the Club is expected to be balanced. Members premium will be adjusted based on records and exposure.
“The Swedish Club continues to deliver a stable performance, stable underwriting and stable business development underpinned by one of the strongest solvency records in the International Group. It is essential to the well-being of our members that we maintain that position,” he added.