Newcastle-based NorthStandard, the global marine insurer, said its 2024-25 premium income is expected to increase 4% to over $870 million.
NorthStandard was established through the merger of The North of England Protecting and Indemnity Association Limited (North P&I Club) and the Standard Club in February 2023.
“NorthStandard has finished a challenging year for global marine insurance, reporting an increase in poolable tonnage and continuing progress towards meeting its strategic goals,” said the Newcastle group.
“Marine insurers worldwide saw a rise in the number of large claims in the year ending 20 February, alongside compromised Asia-Europe ship routing choices and a growing number of ‘shadow’ tankers seeking cover outside the International Group of P&I Clubs system.
“Nevertheless, NorthStandard reported poolable tonnage of 270M GT at year-end, up from 260M GT at the same time last year, with growth continuing two years after the foundation of the club in 2023 …
“Despite volatile markets in the early weeks of 2025, the club’s full-year returns on investment are expected to be over 5%.
“The ability to ride out turbulence proved especially useful in 2024-25, with NorthStandard entering four claims into the IG pool.”
Thya Kathiravel, Chief Underwriting Officer at NorthStandard, said: “In years like these, shipping relies heavily on its top P&I providers, and the advantages of the mutual pooling system are evident to everyone.
“It is clear that 2024-25 has posed significant challenges for underwriting, as we are experiencing a predicted increase in high-value claims throughout the year.”
NorthStandard said changing risks, inflationary pressures, and uncertainties in investment markets prompted it to apply a 5% general increase across its blue water membership.
“In a year of strategic development, NorthStandard added to its pioneering Get Set! portfolio of vessel-based loss prevention solutions and invested locally in its office network worldwide,” said NorthStandard.
“Its Sunderland Marine and Coastal & Inland teams also launched a new ‘one-stop’ shop product for smaller commercial vessels worldwide.
“In markets targeted for commercial growth, the insurer entered several strategic partnerships, including NIORD in Norway.”
Nick Wolfe, Chief of Specialty with NorthStandard, said: “The new products and strategic initiatives are a valuable opportunity to expand NorthStandard’s reach in rapidly developing markets. By combining our extensive knowledge, experience, and technical expertise, we can better address the evolving needs of our members.”
Nick Jelley, Chief Financial Officer, NorthStandard, said: “Despite strong headwinds, NorthStandard’s capital strength, diversified businesses and service excellence deliver resilience for market highs, lows and volatility.
“Growing tonnage and revenues demonstrate that we continue to enjoy the support and confidence of our membership, with the reach, resources and robustness to tackle the challenges global shipping will face in the years ahead.”