Annual
Report
2024
Year in brief
Focus
Continued organisational improvements with focus on members’ needs
Global market
Strengthened global market position through ongoing strategic adjustments
Strong results
Achieved strong insurance results backed by solid investment performance
Confirmed rating
Maintained strong financial position, confirmed by rating agencies
Enhanced product offering
Delivered innovative solutions and enhanced product offerings to members
In 2024, we demonstrated our resilience and strategic foresight in navigating an increasingly complex market environment.
Thomas Nordberg, Managing Director
Financial highlights
Calls and Premiums
$243.8m
2023: $242.6m
2022: $229.7m
Reinsurance Premiums
$59.8m
2023: $56.5m
2022: $56.6m
Net Claims Incurred
$143.1m
2023: $147.0m
2022: $136.9m
Investment Results
$28.8m
2023: $34.0m
2022: $-38.2m
Operating Result
$34.0m
2023: $30.0m
2022: $-41.7m
Free Reserves at year end
$216.6m
2023: $183.7m
2022: $150.0m
Expense Ratio
21%
2023: 20%
2022: 21%
Combined Ratio
98%
2023: 102%
2022: 102%
Loss Ratio
77%
2023: 82%
2022: 81%
Vessel portfolio
At a glance
P&I Insurance including Charterers’ Liability – February 20
| Insurance Facts | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| No. of vessels | 2,224 | 2,248 | 2,437 | 2,375 | 2,230 |
| Gross tonnage (million) | 86,9 | 88 | 93 | 92 | 88 |
FD&D Insurance – February 20
| Insurance Facts | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| No. of vessels | 1,375 | 1,309 | 1,651 | 1,443 | 1,317 |
Marine H&M Insurance including OSVs – January 1
| Insurance Facts | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| No. of vessels | 6,736 | 6,116 | 5,237 | 4,780 | 3,999 |
| Insurance value (USD million) | 261,100 | 217,100 | 188,100 | 154,500 | 106,542 |
| Of which the Club has insured (USD million) | 27,200 | 23,500 | 22,600 | 19,500 | 13,800 |
ESG
Sustainability report
The Swedish Club’s purpose is to provide marine insurance to shipowners and other ship operators worldwide. The liability insurance (P&I) provided by the Club, and through the Club’s reinsurance arrangements, is a key factor in enabling world seaborne trade, protecting the marine environment, and providing compensation to legitimate victims of maritime accidents. Therefore, the Club’s core business is vital in supporting a well-functioning and sustainable society.
As an insurance company, the Club is subject to stringent regulatory requirements, which prompts equally stringent regulatory compliance. Sound business practices and stability in the operations are safeguarded by robust processes for internal control and a holistic enterprise risk management system. This system is carried out through a control cycle that involves the systematic identification, valuation, monitoring and reporting of all existing and emerging risks.