Annual
Report
2024
Year in brief
New
Chairman and Managing director
Focus
on Regional Offices
Reinforced
financial position
Improved
portfolio composition and quality
Strong
investment performance paired with break even insurance results
Enhanced
regulatory compliance capability
New
Cyber Insurance and Small Craft Insurance
The emphasis in 2024 has been on change management, focusing on our organisation and our people.
Thomas Nordberg, Managing Director
Vessel portfolio
GT – Insurance year start
H&M
340 vessels
2023: 275 vessels
2022: 220 vessels
FD&D Owners’ + Charterers’
75 vessels
2023: 70 vessels
2022: 65 vessels
P&I Owners’ + Charterers’
80 vessels
2023: 85 vessels
2022: 82 vessels
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%
Financial highlights
At a glance
P&I Insurance including Charterers’ Liability – February 20, 2024
| Insurance Facts | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| No. of vessels | 2,248 | 2,437 | 2,375 | 2,230 | 2,247 |
| Gross tonnage (million) | 88 | 93 | 92 | 88 | 86 |
FD&D Insurance – February 20, 2024
| Insurance Facts | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| No. of vessels | 1,309 | 1,651 | 1,443 | 1,317 | 1,526 |
Marine H&M Insurance including OSVs – January 1, 2024
| Insurance Facts | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| No. of vessels | 6,116 | 5,237 | 4,780 | 3,999 | 3,354 |
| Insurance value (USD million) | 217,100 | 188,100 | 154,500 | 106,542 | 98,691 |
| Of which the Club has insured (USD million) | 23,500 | 22,600 | 19,500 | 13,800 | 11,819 |
ESG Principles
Our commitment to ESG principles
The Swedish Club is firmly committed to the goals for sustainable development adopted by the United Nations, and we are constantly evaluating new ways to systematically add value in line with these goals. Primarily this is the right thing to do, but we also recognise that this commitment is demanded from us by our members and business partners.
We actively seek to implement these principles and to incorporate ethical guidelines in all aspects of our operations. It is our ambition to constantly improve and develop our practices in line with developments in the fast-moving global society and industry, of which we are part.
The Club is now preparing for the implementation of the EU’s Corporate Sustainability Reporting Directive (CSRD), which enters in force in 2025. This will provide us with a stricter framework for required priorities and action points and is expected to further structure our efforts in this very important area.
Thomas Nordberg, Managing Director