rss icon Subscribe
desktop mobile

Strong Results for Skuld on 120th Anniversary

Image: Skuld

By Aiswarya Lakshmi

Skuld has announces a total combined ratio of 98%, as well as a positive bottom line result of USD 51 million (USD 18 million in 2015 before members' credit) for its 2016 financial year ending 20 February 2017. Gross earned premium in 2016 amounted to USD 403 million.

For the 14th consecutive year Skuld has reported a positive underwriting result. Added to that was a strong 3.4% return on investments, particularly on the equity portfolio towards the end of the policy year.
Ståle Hansen, Skuld president and CEO said: "As we celebrate our 120th anniversary, we are pleased to announce another strong Skuld result. Moreover, we have over the year demonstrated our casualty response service and our core competence in servicing members and clients in difficult situations. Financial strength is vital but what certainly stands out as Skuld's competitive advantage is the strength of the service we provide.
"Skuld will again give part of the year's result back to members as a premium credit. This shows that Skuld is in a financially healthy state and reflects that we are here for our members. Stability and strength are vital in challenging times and more than anything we demonstrate that by always working to keep our price level competitive.
"We are optimistic for the 2017/18 policy year and look forward to providing our members and clients with service and competence they can rely on."
Skuld experienced a few large claims but over the year the frequency of regular claims remained low which contributed positively to the 2016 annual result. Reported pool claims from the International Group of P&I Clubs have been low, reflecting a generally small level of large claims over the year.
Skuld's 2016 results are accounted for before the deduction of members' premium credit, totalling USD 5 million, which will be returned to Skuld's mutual members in 2017. The total transfer to Skuld's contingency reserves will therefore be USD 46 million. Skuld's contingency reserves are now at a record high level of USD 394 million.

May 12, 2017

 

Finance

Baltic Index Down for Fifth Straight Session

© hdcphoto / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk

PAO Sovcomflot: Tanker Market is Challenging

Photo: PAO Sovcomflot

PAO Sovcomflot (SCF Group) continued to increase the share of its fleet serving long-term energy

Federal Funding for Port of Vancouver

Photo: Vancouver Fraser Port Authority

The Vancouver Fraser Port Authority received federal funding for projects that will improve the

Insurance

An Unlikely and Remarkable Safety Journey

(Credit: Gregory Thorp)

Late last year, the Transportation Research Board released a major study that was undertaken “in

DMA: Third Party Liability Insurance Mandatory for Small Vessels

Photo: Danish Maritime Authority

After new regulation, all speedboats with a hull length below 15 m, personal watercrafts/jet skis

U.S. Coast Guard Responds to Collision

Coast Guard marine inspectors and investigators are investigating the cause of the collision and assessing the damage to the Tofteviken’s hull, and to ensure appropriate repairs are completed. Photo Credit: USCG Sector NY

The Coast Guard Sector New York is responding to a report of a collision at sea May 12, 2018

Maritime Apps