Swedish Club News

05 Jul 2019

Swedish Club's NextGen Loss Prevention

Lars A. Malm, Director Strategic Business Development & Client Relations. Photo: The Swedish Club

The marine mutual insurer Swedish Club has introduced the next generation of Loss Prevention. It means that shipowners can now be offered real time personalized loss prevention, tailored to their location, and voyage profile.Trade Enabling Loss Prevention (TELP) allows The Swedish Club to use a combination of the latest automatic identification system (AIS) technology coupled with solid statistics and expertise built up over years to map a risk profile for an individual vessel at every stage of its voyage…

06 Jun 2019

DNV GL Updates Shaft Alignment Design Rules

Propeller shaft system. The JDP was prompted by an upsurge in stern tube bearing failures. Photo: DNV GL

Classification society DNV GL DNV GL informed that it will update its shaft alignment design rules to differentiate between Environmentally Acceptable Lubricants (EALs) and mineral oils in stern tubes.The update, will apply from 1 July 2019, and is based on the phase 1 findings from the joint development project (JDP) DNV GL has been operating along with the Swedish Club, Norwegian Hull Club, Gard and Skuld.The JDP was prompted by an upsurge in stern tube bearing failures that…

09 Dec 2018

Swedish Club Maintains Zero Per Cent General Increase

Lars Rhodin, Managing Director. Photo: The Swedish Club

The mutual marine insurance company Sveriges Angfartygs Assurans Forening (The Swedish Club) has announced a zero per cent general increase for the forthcoming P&I year for the fourth year in succession.The decision was made by the Club’s board in consideration of the general market view that premiums are not in proportion with expected claims outcome.Lars Rhodin, Managing Director of The Swedish Club says: “In a number of shipping sectors the market remains weak and we have a commitment to support members at this crucial point.“At the same time…

01 Jul 2018

Slow, Steady Vessels Lower Operating Costs

Logo: The Swedish Club

The Swedish Club warns that vessel operators should always look to the long term, when specifying the type of engines to be installed across the fleet. Latest statistics from the Club show that vessels propelled by medium/high speed engines have a claims frequency 2.5 times higher than slow speed engines, with an average claims cost of close to USD 650,000. Main Engine Damage, the latest loss prevention report from The Swedish Club, sheds light on an expensive category of damage that is all too frequent.

09 Mar 2018

Stena Line, Swedish Club to Test Emergency Plans

Photo: The Swedish Club

The Swedish Club and Stena Line have completed a major Emergency Response Training Exercise, designed to test how Stena’s own emergency procedures integrate with those of the authorities and support services in the event of a major incident. The round table exercise took place last week at the Swedish Sea Rescue Society headquarters, with over sixty expert contributors taking part. The drill, jointly planned and conducted by the Club and the Swedish Joint Rescue Coordination Centre (JRCC)…

21 Feb 2018

The Swedish Club Moves Forward on a Firm Footing

Lars Rhodin (Photo: The Swedish Club)

The Swedish Club has reported results for the 2018 renewal season in line with its focus on quality business and expert approach to managing current and future risks. Growth is running according to plan and the P&I gross tonnage has moved in excess of the 50 million GT milestone. This follows on from the positive news announced by S&P Global Ratings (S&P) earlier this year, when it revised its outlook on The Swedish Club to positive from stable, affirming the 'BBB+' long-term insurer financial strength and issuer credit ratings for the Club.

16 Jan 2018

DNV GL Launches Project to Test Biodegradable Lubricants

Photo: DNV GL

Classification society DNV GL has launched a new joint development project (JDP) in cooperation with marine insurers The Swedish Club, Norwegian Hull Club, Gard and Skuld to test the potential influence of Environmentally Acceptable Lubricants (EALs) on failures in stern tube bearings. DNV GL will oversee detailed laboratory testing of EALs by Leonardo Testing Services Ltd. at the University of Sheffield (UoS), UK. The JDP has been prompted by an increase in stern tube bearing failures over the last few years.

09 Dec 2016

The Swedish Club: 0% General Increase

Lars Rhodin (Photo: The Swedish Club)

In a move designed to support owners in difficult trading conditions, for the second year running The Swedish Club has announced a zero percent general increase for the up-coming P&I renewals 2017-2018. Speaking at the Club’s Board meeting in Bangkok, Lars Rhodin, Managing Director of The Swedish Club, said that entered tonnage on the P&I side of the business was sustaining controlled growth, a continued appreciation from the Club’s members for the zero general increase previously declared for 2016/2017.

18 Oct 2016

ABB Turbocharger PM Model Demonstrates RoI

Approximately 200,000 ABB turbochargers are in operation across the globe on ships, power stations, gen-sets, diesel locomotives and large, off-highway  vehicles. Image ABB

ABB announced study results which show a 202% return on investment (ROI) from using ABB Preventive Maintenance. The new study indicates that the payback of preventive maintenance is immediate, while the Net Present Value - a measure of profitability of a projected investment – can be around US$1.3 million over three years for a typical organization. Preventive maintenance involves maintaining and servicing equipment at regular intervals in line with manufacturer recommendations, rather than waiting to carry out reactive or corrective repairs – also known as ‘corrective maintenance’.

07 Jul 2016

Swedish Club Alerts on Black Sea Ports, Russia

The Swedish Club logo

In view of the beginning new 'grain' season in Russia and the expected considerable export volume of grain cargoes this year there will be an increase of the vessel traffic in such areas as Port Kavkaz (STS operations of sea/ocean going vessels) and Kerch Strait (comparatively small river-sea going vessels calling ports of Rostov, Azov and Taganrog), cautions the Swedish Club. There have been several recent issues with the vessels loading grain cargoes at Port Kavkaz anchorage and OPL Kavkaz (neutral waters of the Black Sea).

31 Mar 2016

Swedish Club: Consistent Underwriting in Challenging Year

The Swedish Club reported to its board today that it has achieved a consistent 2015 underwriting performance with financial stability and cost-efficient quality services for its members. It delivered a balanced underwriting result, despite higher claims activity and increased volatility, and demonstrated a resilience that is underpinned by diversification in its product lines, based on prudent management, the Club announced. The year began with a series of major casualties, including total losses which were far beyond what could be expected in terms of probability. However, the Club closed the year with a combined ratio of 99 percent. The challenge was on the investment side, particularly given the turbulent period in the autumn which was led by sharp equity falls in Shanghai and Shenzhen.

16 Mar 2016

Swedish Club Report Shines Light on Vessel Claims

image: Swedish Club

The life of seafarers is never straightforward, and as a new report from the Swedish Club shows, the hazards and job complexities they face are very much dependent on the type of vessel they find themselves crewing. In P&I Claims Analysis, published this week, the Club has studied thousands of incidents in the last ten years, across a range of vessel segments and claims types, and made some interesting discoveries. Seafarers on containerships needs to watch their step, as almost…

08 Mar 2016

DNV GL, Gard, The Swedish Club Step in to Cut Anchor Losses

The root cause of many groundings and collisions, lost anchors are among the top five reasons for claims costs Photo DNV GL

The root cause of many groundings and collisions, lost anchors are among the top five reasons for claims costs. A rising number of anchor losses reported over the last several years prompted DNV GL, Gard and The Swedish Club to investigate this issue. Based on an analysis of damage cases involving anchor and anchor chain losses, the project partners have issued a presentation identifying the most frequent technical and operational causes, and some steps crews and operators can take to address them.

19 Jan 2016

Insurer Caution to Slow Oil Tanker Market's Return to Iran

Foreign oil tanker owners are expected to make a slow return to Iran despite the lifting of many sanctions as insurers tread carefully, leaving shipping players unwilling to pick up cargoes as quickly as Tehran has wanted. A nuclear deal between world powers - known as the P5+1 - and Iran led to the removal on Saturday of international oil export prohibitions as well as restrictions on banking, insurance and shipping for Tehran. With U.S. sanctions still in place, which exclude U.S. persons, banks and insurers from trading with Iran including dollar business, shipping and marine insurance sources say many foreign companies are likely to take their time. They are also mindful of sanctions being reimposed in a "snap back" if Iran reneges on commitments.

07 Dec 2015

Swedish Club Maintains 'Balanced Approach'

The Swedish Club has announced a zero percent General Increase for 2016, in a move which supports the continued balanced approach adopted by the Club considering the state of the global shipping market. At the Club’s Board Meeting in London, Lars Rhodin, Managing Director of The Swedish Club, said the Club witnessed better than expected growth in P&I tonnage with the P&I book now standing at 66 million GT including charterers’ entries. “We see this as a vote of confidence going forward,” he told Board members. Volumes in Marine were slightly up, albeit with improved distribution of exposure. Rhodin said the volatile start seen on the claims side in the first six months of the year has since abated with the combined ratio now close to 100 percent.

04 Dec 2015

Swedish Club Maintains Balanced Approach

Courteesy The Swedish Club

The Swedish Club has announced a zero per cent General Increase for 2016, in a move which supports the continued balanced approach adopted by the Club considering the state of the global shipping. At the Club’s Board Meeting in London, Lars Rhodin, Managing Director of The Swedish Club, said the Club witnessed better than expected growth in P&I tonnage with the P&I book now standing at 66 million GT including charterers’ entries. “We see this as a vote of confidence going forward,” he told Board members. Volumes in Marine were slightly up, albeit with improved distribution of exposure.

12 Nov 2015

Lack of Proper Management Systems Cause Engine Damage

Main Engine Damage. Photo by The Swedish Club

A new report from The Swedish Club shows that incorrect maintenance and repair continues to be the most frequent cause of main engine damage – a trend which has continued unabated since the Club began monitoring the issue nearly ten years ago. Main Engine Damage investigates more than 1,000 Hull and Machinery claims relating to over 5,400 vessel years of statistics and its findings make interesting reading. “Main engine damage makes up nearly 35% of machinery claims costs,” says Lars Malm, Director, Strategic Business Development and Client Relationship for The Swedish Club.

07 Sep 2015

Swedish Club 1H post $ 6.3 mln Deficit

Logo

In the first six months of the accounting year 2015 the Swedish Club made a deficit of USD 6.3 million. The result was affected by lower returns from both the technical- and non-technical accounts. Underwriting performance registered a combined ratio of 112% but remains slightly below 100% over a fiveyear rolling period. The result reflects the volatile nature of marine insurance. The yield of the investment portfolio was 0.3%, affected by negative currency movements and unsupportive market conditions, however, it was slightly ahead of the aggregated benchmark of 0.2%.

27 Mar 2015

Swedish Club Reports 'Healthy Growth'

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the financial performance and the insurance products across the board returned a staunch to high surplus. Renewals were in line with that market environment showing a modest increase in both tonnage and new members. Importantly, the Club was able to demonstrate almost 100% member retention - affirming the high levels of customer satisfaction it has reported throughout the year.

27 Mar 2015

Steady Growth Reported by the Swedish Club

Courtesy The Swedish Club

The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the fi­nancial performance and the insurance products across the board returned a staunch to high surplus. Renewals were in line with that market environ­ment showing a modest increase in both tonnage and new members. Importantly, the Club was able to demonstrate almost 100% member retention - affirming the high levels of customer satisfaction it has reported throughout the year.

12 Feb 2015

No Let Up in Navigational Claims Reports

Lars Malm (Photo courtesy: The Swedish Club)

According to The Swedish Club, half of the costs of hull and machinery claims handled by the Club have arisen due to navigational claims such as collisions, contacts or groundings - a figure that has remained steady over recent years despite improved technology and the widespread implementation of Safety Management Systems. The Swedish Club, in its latest Loss Prevention publication, Navigational Claims, has revealed a number of interesting findings relating to claims made for hull and machinery damage between 2004–2013.

12 Feb 2015

Liquefaction – Potential Dangers of Bauxite

Bulk Jupiter (Pic by Veus)

The recent total loss of the "Bulk Jupiter", which capsized and sank off Vietnam, prompted marine insurers to issue warnings about the risk of shipping bauxite in case excess moisture liquefies the cargo and makes it unstable. At the time of the incident the ship was bound for China with a cargo of bauxite loaded in Kuantan, Malaysia. 18 men are feared to have lost their lives in the casualty. This has raised concerns among some ship owners about a systematic risk in bauxite processing from the region's mines.

21 Aug 2014

Swedish Club Results Show Improvement

The Swedish Club today announced its half-year results in which it reported that the club continued to demonstrate a solid performance in the first six months of the new accounting year with an overall surplus of $10.3 million, this outcome being largely a result of continued positive underwriting performance in a benign claims environment for the club and its members, as well as from a stable investment return. At June 30, 2014, the club showed a net combined ratio of 93% and free reserves level reaching $178 million. The club’s investment portfolio generated a return of 3.15% against a benchmark of 2.46%. Standard & Poor’s revised its assessment of the club’s capital and earnings from “moderately strong” to “sStrong”…

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