Tuesday the Swedish Club celebrated its 149th birthday. Today, the insurer announced a general increase of 12.5% for 2022, saying the move reflects the unique challenges currently facing the P&I insurance market. In line with other members of the International Group, and against a backdrop of insufficient pricing in the P&I sector, the Board of Directors agreed to the increase as a necessary step to maintain the long term strength of the club.
At the board meeting in Gothenburg, Managing Director Lars Rhodin underlined the need for balance in the P&I portfolio and highlighted the club’s achievements during a difficult year for the whole company. In 2021, the club launched a number of loss prevention initiatives, including the development of a new online loss prevention training platform and a series of free webinars, making its goal of improvement safety at sea accessible to all.
“2021 has not only been a very volatile year for claims, but we’ve also seen more COVID-related claims enter the system, in addition to the claim factors related to legislation, social inflation and inflation of claims, ”said Rhodin. “In this changed scenario, premiums need to be adjusted based on exposures. This challenging environment requires a steady hand, and our goal is to be prudent, thereby continuing to provide our members with the stability and excellent claims handling they expect from us. “
“Since the club was founded in 1872, our long-term vision and our balanced approach have enabled us to adapt over time in tandem with an evolving market,” continued Rhodin. “This is the nature of our business, and the Swedish Club looks forward, with confidence, to continuing to serve the needs of our members. “