The Swedish Club has approved a 5% general increase for both Protection & Indemnity (P&I) and Freight, Demurrage & Defence (FD&D) for the 2026/27 policy year, as the mutual seeks to maintain pricing adequacy and safeguard financial resilience in a still uncertain operating environment.
The decision follows a positive year-to-date claims trend, with lower frequency and relatively benign large-loss experience. However, the average cost per claim remains elevated, particularly when compared with longer-term loss-cost patterns across the mutual P&I market. The Club also noted that these conditions continue to reinforce the need for disciplined pricing to ensure stable results for shipowner members.
Managing director Thomas Nordberg (pictured) said the business is entering the next stage of its strategy from a position of strength, with recent years of disciplined underwriting supporting performance and capital management. He highlighted that the Club’s solvency ratio remains comfortably above regulatory requirements, underpinning its ability to support shipowner members through future challenges.
Nordberg added that the Club is continuing to develop its capabilities, with investment in digital solutions, deeper global reach and new service delivery models intended to give members improved insight and support. He positioned the premium adjustment as part of the mutual’s long-term sustainability rather than a short-term response to market volatility.
Members are being notified of the decision through a circular, the Club said.
The increase is likely to contribute to continued hardening across the International Group P&I market, where clubs have faced persistent pressure from rising claim severity, inflation, geopolitical tensions, and higher reinsurance costs.
For shipowners already managing increased operating expenses, the adjustment may lead to further budget pressure at renewal, although the Swedish Club’s stronger capital position and pricing stability could be viewed favourably by members seeking long-term underwriting consistency.
The move may also prompt other clubs to maintain or reinforce rate discipline as financial and geopolitical uncertainties continue to shape the marine liability landscape.
Nordberg said the Club will focus on steady and responsible growth, backed by governance oversight, member engagement and continued operational discipline.
