Assuranceforeningen Skuld

Last updated
Assuranceforeningen SKULD (Gjensidig)
Industry Marine insurance
Founded1897
Headquarters Oslo, Norway
Area served
Global
Key people
Ståle Hansen (CEO)
Klaus Kjærulff (Chairman)
Products P&I, Defence, Offshore insurance, Hull and Machinery, Energy.
RevenueUS$402 million (2018/19)
Number of employees
285 (2019)
Website www.skuld.com

Assuranceforeningen Skuld is an international marine insurance company based in Oslo, Norway that specializes in protection and indemnity insurance and marine insurance. Total premium income for 2018/19 was US$402 million. In addition to Oslo, Skuld has offices in Bergen, Bermuda, Copenhagen, Hamburg, Hong Kong, London, New York, Piraeus, Singapore and Tokyo.

Contents

History

Skuld was established in 1897 in Oslo, Norway, as the first P&I Club outside the United Kingdom. The name has its origins in Norse mythology, according to which Skuld is one of the powerful goddesses known as norns who weave the threads of destiny. The purpose of the association is "mutual insurance against liabilities and losses incurred by members in direct connection with the operation of the entered vessels".

Present status

As a mutual association, the club has no shareholders and is owned and controlled directly by its insured shipowners, who are known as members of the club and are entitled to vote at the general meeting according to the gross tonnage of the ships entered in the association. The members elect a committee of between 12 and 30 members which meets twice a year, and a board of directors consisting of between five and nine members. The conditions of membership and terms of insurance are contained in the statutes and rules.

Skuld underwent a major restructuring in the period 2000 to 2003 which led to a substantial improvement in its financial strength and Standard & Poor's rating of A with a stable outlook. It also led to diversification into other marine insurance, including non-mutual. The annual report for the insurance year ending 20 February 2019 records assets of more than US$1 billion and a contingency reserve of $453 million. At the commencement the 2019/2020 insurance year, the entered tonnage for liability insurance reached 103 million gross tons. Some 22% of the tonnage entered continues to be Scandinavian-controlled. Skuld is also a leading provider of charterers' liability insurance.

Skuld is one of thirteen members of the International Group of P&I Clubs that work closely together in reinsurance and industry matters of common interest. The P&I Clubs in the International Group provide insurance for the liabilities of approximately 90% of the world's merchant fleet.

In December 2010, Skuld announced that it had also entered the Lloyd's market. [1] [2]

1 January 2011, Skuld opened as the first P&I club, a syndicate at Lloyd's, Skuld 1897.

1 January 2017, Skuld acquired Gerling Norway, a global specialist in mainly Hull Insurance – now renamed Skuld Marine Agency or SMA.

In July 2019 Skuld closed down its activities at Lloyd's London.

Scope of insurance

The P&I ("Protection and Indemnity") insurance provided by Skuld to its members is primarily to cover the liabilities which they incur to third parties arising out of the operation of their ships. The common types of claim which are covered are for death or injury to passengers and crew, oil pollution, cargo loss or damage, collision, wreck removal and stowaways. Shipowners' exposure to these claims has grown in line with increasing regulation of the shipping industry through International Conventions adopted by the International Maritime Organization as well as by domestic or regional legislation.

Skuld has been involved in a number of high-profile cases, including the Estonia , Hebei Spirit , Braer , Sea Empress and Scandinavian Star .

Skuld also provides shipowners and charterers with additional types of cover. This includes cover for legal assistance and legal costs ("defence" cover) as well as insurance for operators of units in the offshore and energy sector.

In Skuld Marine Agency, Skuld is offering mainly hull and machinery insurance and associated products, with a possibility to write claims lead on selected fleets.

Related Research Articles

Insurance Equitable transfer of the risk of a loss, from one entity to another in exchange for payment

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

Indemnity Contractual obligation for compensation

In contract law, indemnity is a contractual obligation of one party (indemnifier) to compensate the loss incurred to the other party due to the acts of the indemnitor or any other party. The duty to indemnify is usually, but not always, coextensive with the contractual duty to "hold harmless" or "save harmless". In contrast, a "guarantee" is an obligation of one party assuring the other party that guarantor will perform the promise of the third party if it defaults.

Lloyds of London Insurance market located in the City of London

Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, United Kingdom. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body governed by the Lloyd's Act 1871 and subsequent Acts of Parliament. It operates as a partially-mutualised marketplace within which multiple financial backers, grouped in syndicates, come together to pool and spread risk. These underwriters, or "members", are a collection of both corporations and private individuals, the latter being traditionally known as "Names".

MS <i>Scandinavian Star</i> Car and passenger ferry

MS Scandinavian Star, originally named MS Massalia, was a car and passenger ferry built in France in 1971. The ship was set on fire on April 7, 1990, killing 159 people. The official investigation determined the fire had been caused by a convicted arsonist who died in the blaze. This finding has since been disputed.

Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo owners, a P&I club provides cover for open-ended risks that traditional insurers are reluctant to insure. Typical P&I cover includes: a carrier's third-party risks for damage caused to cargo during carriage; war risks; and risks of environmental damage such as oil spills and pollution. In the UK, both traditional underwriters and P&I clubs are subject to the Marine Insurance Act 1906.

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. Cargo insurance is the sub-branch of marine insurance, though Marine insurance also includes Onshore and Offshore exposed property,, Hull, Marine Casualty, and Marine Liability. When goods are transported by mail or courier, shipping insurance is used instead.

A ship classification society or ship classification organisation is a non-governmental organization that establishes and maintains technical standards for the construction and operation of ships and offshore structures. Classification societies certify that the construction of a vessel comply with relevant standards and carry out regular surveys in service to ensure continuing compliance with the standards. Currently, more than 50 organizations describe their activities as including marine classification, twelve of which are members of the International Association of Classification Societies.

Equitas is a group of companies that was formed in 1996 to assume by way of reinsurance the vast and crippling liabilities that had accumulated in the syndicates at Lloyd's of London on insurance policies written on the 1992 and all prior years of account. These liabilities were reinsured by Equitas Reinsurance Limited (ERL), which was also appointed as the run-off agent. The liabilities were then retroceded to Equitas Limited, to which ERL also delegated its run-off function.

Tokio Marine HCC International specialty insurance group

Tokio Marine HCC is an international specialty insurance group with offices across the United States, the United Kingdom, Spain, and Ireland. The company is based in Houston, Texas, U.S.A. but has major offices in Atlanta, Barcelona, Boston, Chicago, Dallas, Detroit, Farmington (CT), Frederick (MD), Ireland, Leicester (UK), London, Los Angeles, Madrid, Mount Kisco (NY), and New York City.

Gard is a global operator within marine insurance and is the largest Protection & Indemnity insurer among the thirteen members of the International Group of P&I Clubs. The company ranks second in the marine insurance industry behind Allianz. Its clients include shipowners and operators, shipyards, and companies involved in the upstream oil and gas markets, as well as windfarm operators. The group employs more than 550+ people in 13 offices in Arendal, Athens, Bergen, Bermuda, Helsinki, Hong Kong, Imabari, London, New York, Oslo, Singapore, Rio de Janeiro, and Tokyo.

Norwegian Hull Club

Norwegian Hull Club (NHC) is a mutual insurance company based in Norway. The company operates within the marine and offshore energy segments offering Hull & Machinery, Loss of Hire, Total Loss, War, Offshore Energy, Construction All Risks, Yachts, P&I and other related insurances.

The North of England Protecting and Indemnity Association, (North P&I Club), is a marine mutual liability insurer in the United Kingdom

The Erika legislative packages of the European Union are maritime laws intended to improve safety in the shipping industry and thereby reduce environmental damage to the oceans.

The International Convention on Civil Liability for Oil Pollution Damage, 1969, renewed in 1992 and often referred to as the CLC Convention, is an international maritime treaty admistered by the International Maritime Organization that was adopted to ensure that adequate compensation would be available where oil pollution damage was caused by maritime casualties involving oil tankers.

Bård Annar Poulsson was a Norwegian businessperson in the insurance industry.

In Australia, it is a mandatory requirement for registered healthcare practitioners to hold appropriate medical indemnity insurance coverage for healthcare practices in Australia. Medical indemnity is a form of professional indemnity coverage defined by Australian legislation – the Medical Indemnity Act 2003 and is a type of general insurance. In the UK, this type of professional indemnity for healthcare practitioners is generally referred to as ‘professional indemnity’ and in the USA, ‘medical negligence insurance’. In Australia, the term ‘medical indemnity’ can be used to refer to all healthcare indemnity, not just that provided for medical doctors. However, there are only six Australian Health Practitioner Regulation Authority (AHPRA) listed insurers that provide medical indemnity insurance cover to medical practitioners. Australian medical practitioner medical indemnity providers include:

The London P&I Club abbreviated also London Club, and The London Steam-Ship Owners’ Mutual Insurance Association Limited is a group of protection and indemnity insurance (P&I) companies for mutual maritime insurance representing global ship-owners, founded and registered in England 1866, incorporated in 1875. The London Club offers FD&D insurance and war risk insurance. It is a member of the International Group of P&I Clubs, an umbrella for thirteen separate clubs insuring 90% of the world's ocean-going freighters.

The Central Insurance of Iran is the agency in charge of regulating the Iranian insurance industry. Five insurance firms dominate the sector, four of which are active in commercial insurance. The leading player is the Iran Insurance Company, followed by the Asia Insurance Company, the Alborz Insurance Company and the Dana Insurance Company. Export and Investment Insurance deals with foreign trade.

Employers Mutual Limited is one of the oldest Australian personal injury insurers first founded in 1910. The service range of this company is only in Australia, with approximately 2,800 workers operating in New South Wales, South Australia and Victoria. The head office of this company is in Sydney. Other branches are distributed in Parramatta, Newcastle and Gosford, New South Wales, and a South Australian branch in Adelaide.

The UK P&I Club is a marine mutual liability insurer in the United Kingdom providing P&I insurance for the global shipping industry. The UK P&I Club is one of the 13 members of the International Group of P&I Clubs. The Club is one of the largest of the global P&I Clubs and in 2002 covered more than 100 million tons across 6,000 ships. In 2019, the Club provided insurance for over 144 million gross tons of merchant shipping.

References

  1. "Insurance News - Norwegian P&I Club Skuld Looks to Lloyd's for New Horizons". 2010-12-18. Retrieved 2010-12-18.
  2. "www.fairplay.co.uk - SKULD to shake London marine market". 2010-12-18. Archived from the original on 2012-07-30. Retrieved 2010-12-18.