The board of directors of marine insurance provider, Skuld, met in Hamilton last week to discuss the upcoming protection and indemnity renewal for the policy year starting 20 February 2024.

Skuld P&I is a marine insurance provider, offering P&I coverage to shipowners, charterers and operators. They provide a range of insurance products and services to the maritime industry, including liability insurance, loss prevention and claims handling.

The board noted and agreed that the performance of the mutual product continues to improve, and a balanced underwriting result is anticipated.

Ståle Hansen, Skuld president and CEO said: “The growth strategy is working, and the growth is contributing positively to Skuld's overall performance with premium income expected to pass $500 million at year end.

“In the year to date there has been an absence of large claims, but it was noted that there had been a significant level of volatility in the investment markets and that inflation is having an effect on the running of the business.

“The board agreed that the strong performance will continue to support Skuld's long-term growth target in the coming renewal as well as the years ahead.”

The directors foresee a more normalised claims environment going forward and continue to support the strategy of individual rate adjustments based on performance without a general increase and will be aiming for an overall adjustment of five per cent of the estimated total call.

Adjustments to the International Group excess of loss reinsurance programme will be added separately.

Twelve P&I Clubs comprise the International Group and among them provide marine liability cover for approximately 90 per cent of the world's ocean-going tonnage.

Through the unique group structure, the member clubs compete, but share large loss exposures and also share their respective knowledge and expertise on matters relating to shipowners liabilities and the insurance and reinsurance of such liabilities.

Each group club is an independent, not-for-profit mutual insurance association, providing cover for its shipowner and charterer members against third party liabilities arising out of the use and operation of ships.