NorthStandard raises premiums by 5% for 2025-2026

By mid-2024, NorthStandard recorded 14 large claims exceeding $1m.

NorthStandard announced a 5% general increase in premiums for the 2025 2026 period, citing higher claim volumes, increased exposure to large claims, and ongoing supply chain challenges. 

The decision comes as the club projects a net combined ratio exceeding 110% for the year ending February 20, 2025, following sub-100% performances in 2023 and 2024. 

Despite this, the club forecasts a 6% return on investments and reports improved free reserves, maintaining its S&P Global A rating.

By mid-2024, NorthStandard recorded 14 large claims exceeding $1m, with seven submitted to the International Group (IG) pool. 

Five Pool claims had been declared by mid-year, a number that, whilst notable, reflects the club’s larger scale. These claims have been linked to changes in navigational routes, international conflicts, and geopolitical challenges, according to Chair Cesare d’Amico.

NorthStandard has continued to expand its specialty sector business, investing in maritime hubs such as Tokyo, Piraeus, New York, and a new office in Seoul.

Managing director Paul Jennings confirmed the 5% general increase would apply to all P&I and FD&D members, with adjustments tailored to individual risk profiles. He described the measure as essential to maintaining fairness within the mutual P&I system and upholding strong governance standards.