Sön 14 apr / År 42 / Nr 1 2024

The Swedish Club – dedicated to quality

The Swedish Club is a leading marine mutual insurer with over a century’s experience in the maritime industry. Established in 1872, the Swedish Club is also one of the oldest players on the market of P & I, Protection and Indemnity insurance. As a mutual insurer, the club is owned and managed by its members. The members are selected very carefully and make up an international community of front rank shipowners, all representing mutual interests in quality and reliability.

The Swedish Club is a member of the International Group of P&I Clubs and offers full mutual P&I cover. The club also offers a full hull insurance cover on a fixed term basis, based on all international recognised conditions. Freight Demurrage & Defence (FD&D) was introduced in 1984, a legal cost insurance covering a chain of activities within shipbuilding and ownership. As an extension to the hull insurance offered, the club provides Loss of Hire cover as well as a comprehensive world-wide war risk cover.

Standard & Poor’s upgrades club’s ratings
“We act on a global basis. As Standard & Poor’s upgraded our ratings outlook from “Stable” to “Positive” our “BBB” rating is affirmed. Standard & Poor’s decision is based on our continued progress in strengthening our capital resources despite the global crisis. Our performance has been widely recognised as continuously high, and we are proud to present these results to our members”, Henric Gard, Director of Marketing and Business Development, explains.
The Swedish Club has business arrangements from America in the West to China, South Korea and Japan in the East. The maritime industry is cyclical, with its traditional ups and downs, but the club has ensured a stable economy throughout the organisation based on strategic decisions and appropriate pricing.

Insurance premiums on exposure
The marine industry suffered on a global basis during the financial crisis. However, thanks to the globalisation and the increased world-wide trading platform, the industry as whole was able to pull through. As the shipping industry starts to recover and in many parts of the world expand, the result is a greater exposure of vessels which also increases the risks of damages.
Henric Gard continues: “We base our insurance premiums on exposure and risk. There are several trends that affect the maritime marketplace, and especially that of pricing. Thus, the P&I insurance cover is put under pressure as shipowners’ liabilities increase. The most important factor here is to ensure that shipowners understand their increased exposures and liabilities and that they as a result work harder to prevent damages”.

Ambition: shipowners’ first choice
Risk assessment and estimation is an important cornerstone of the comprehensive work of the Swedish Club. Prominent shipowners with a clear focus on quality have always been at the core of the club’s client portfolio.
“Our main ambition is to be the first choice on the shipowners’ part. We work alongside mariners in order to develop better products and of course to reduce risks. Our main strengths are that we offer a comprehensive cover, including everything from hull and P&I to Loss of Hire and war protection”, Henric Gard concludes.