The Swedish Club – Self Managed
Standard & Poor’s Rating – ‘A-‘
*All classes of business
Tonnage By Vessel Type
Tonnage By Area
Tysers noted that Swedish Club managing director Lars Rhodin was “justifiably satisfied with the Club’s results for the 2019 calendar year”.
A combined ratio of 106% across all lines of business was well below the International Group average. The technical loss of $8m was more than compensated by an investment return of 9.7%, which produced $32m. That helped free reserves grow by $24m to $228m.
The combined ratio for the P&I class was 110%, with gross premium of $93m and net incurred claims $63m, including $14m of Pool claims from other Clubs. Swedish Club itself had no claims excess of its $10m retention.
The FDD combined ratio was 100% and Marine & Energy was 102%.
Owned tonnage grew by 2.5m gt to 50m gt, while chartered tonnage rose by 5m gt to 36m gt.
Rhodin has said that he was proud of the Club’s loss prevention initiatives, with Maritime Resource Management and Emergency Response Training now joined by the new Trade Enabling Loss Prevention (TELP). The TELP system was fully launched in 2020 and used AIS technology to track members’ vessels and automatically identify any that are moving towards an area the Club has identified (through its own claims statistics) as being of particular risk. The Club can then generate tailored advice which is sent out to the member before arrival.
Swedish Club has said that “large P&I incidents are all about ‘location, location, location’ – that, and the availability of equipment to respond, is what determines response cost.”
Tysers noted that, like Gard, Swedish Club felt that the International Group could do more and wanted to see shipowners benefiting from improved sharing of claims data.
|Net Claims (incurred)||59,979||47,052||60,562||60,726||60,482|
|Net Underwriting Result||(6,977)||1,264||(7,893)||3,436||8,198|
|Gross Outstanding Claims*||238,041||225,053||258,123||259,819||237,936|
|Average Expense Ratio||13.20%||13.80%||13.40%||13.3%||13.30%|
Note: items marked * are Group figures and include all business lines, not just P&I.
All figures $’000