For the fourth year in succession marine insurance company, The Swedish Club, has announced a zero per cent general increase for the forthcoming year.
The decision was made by the club’s board in consideration of the general market view that premiums are not in proportion with expected claims outcome.
“In a number of shipping sectors the market remains weak and we have a commitment to support members at this crucial point,” said Lars Rhodin, managing director of The Swedish Club.
“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,” he added.
By Rebecca Strong
