On Tuesday, the Swedish Club celebrated its 149th birthday. Today, the insurer announced a general Increase of 12.5% for 2022, saying that the move reflects the unique challenges currently faced by the P&I insurance market. In line with other members of the International Group, and with a backdrop of pricing inadequacy in the P&I sector, the board agreed 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 emphasized the need for balance in the P&I portfolio and highlighted the club’s achievements in what has been a difficult year for all of society. During 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 to join webinars, making its objective of enhanced safety at sea accessible to everyone.
“2021 has not only been a very volatile year for claims, but we have also seen more COVID related claims coming into the system, in addition to claims drivers relating to legislation, social inflation and claims inflation,” said Rhodin. “In this changed scenario, premiums need to be adjusted in line with exposures. This challenging environment requires a steady hand, and our aim is to be prudent, thus continuing to provide our members with the stability and excellent claims handling that they have grown to expect from us.”
“Since the club was established in 1872, our long-term vision and balanced approach has 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 continue serving the needs of our members.”