The Swedish Club has announced a 5% general increase in protection and indemnity premiums for members at the upcoming 2020 policy renewal.
The Gothenburg-based mutual said it is taking a “balanced approach” to P&I rates that takes into consideration the needs of its members, along with its own to increase premiums to cover rising claims.
Swedish Club managing director Lars Rhodin said: “Since we were established, our commitment has been for the long term.
"The quality of our members and the strength of our business model has enabled us to offer four years without a general increase and two years of premium return to our members, in what have been difficult trading conditions."
Premium levels no longer adequate
“In today’s claims climate, premium levels are no longer adequate and we must act to continue to offer members the levels of quality service and support that they demand from us," Rhodin said.
The increase will not apply to freight, defence and demurrage cover.
The Swedish Club is the last of the 13 members of the International Group of P&I Clubs to announce a general increase for the upcoming policy renewal.
So far, increases have ranged between zero and 7.5% among the group's members.
The Swedish Club was given a boost last year when S&P Global Ratings upgraded its long-term insurer financial strength and issuer credit rating to A-.
