Half-Year Report 2021 - Business growth for The Swedish Club
The Club's Half-Year Report 2021 in brief
- Continued progress in business development
- Free reserves USD 218 million
- Operating deficit USD 13.7 million
- Return on investments 2.8%
- Increased focus on loss prevention webinars and training
- Geographical expansion – Singapore office, beginning 2022
In the first half of 2021, The Swedish Club saw continued progress in business development with P&I running at GT 60 million and 4,400 vessels insured on the Marine side of the business. This growth provides an indicator that the Club continues to be an attractive marine insurance service provider.
Underwriting outcome has been in excess of mean model expectation. Volatility has been experienced in both P&I and Marine concurrently, resulting in a combined ratio of 132%.
The X-Press Pearl fire and total loss provide a notable example of the nature of claims faced on the hull side of the business, and in P&I the high level of Pool claims seen in recent times has not abated.
The Club’s investment income continues to provide balance, with free reserves standing at USD 218 million and greater stability seen in the equity markets compared with the tumultuous performance experienced in the same period last year.
The Trade Enabling Loss Prevention (TELP) programme continues to go from strength to strength, with more than 50% of Club members enrolled in the scheme – which continues to be a much-appreciated element of our membership offering.
Lars Rhodin, Managing Director of The Swedish Club says: “In an exciting development, the Club has made significant progress with plans to expand its Asian operation and is on track to establish a new full-service office in Singapore, beginning 2022, complementing the success of its Hong Kong office. This will enable the Hong Kong office to intensify its focus both locally and in China.”