TSC Annual Report 2024 final - Flipbook - Page 26
Our story
Focused Underwriting Drives Stability and Growth
Underwriting was another key focus in 2024. While the Club
saw continued growth in its hull & machinery (H&M) business,
the influx of new capacity into the market led to increased
competition, pressuring margins.
Thorbjorn Emanuelsson, Director of Underwriting, explained,
“In that cycle, we cannot realistically push prices upwards.
So we need to focus even more on selection, on optimising the
portfolio and on reducing exposure where necessary.”
The Club’s disciplined approach to underwriting allowed it
to maintain a stable portfolio while ensuring that risks were
selected carefully. In response to evolving market needs,
the Club introduced new products, including a marine cyber
insurance that addressed a long-standing gap in the market.
Emanuelsson shared, “We felt that the industry needed
something primary, easy to understand and cost-ef昀椀cient,” and
the product was well received, attracting interest from both
existing members and new ship owners.
The Club also made strides across its geographical footprint.
Of昀椀ces in the UK and Singapore contributed to steady growth.
Additionally, the Club’s Norway of昀椀ce saw signi昀椀cant demand
for shipbuilders’ risk coverage, which provides protection for
vessels under construction. Emanuelsson emphasised that
risk mitigation and selective growth are ongoing processes,
underscoring the Club’s long-term commitment to stability
and strong partnerships. “We take a very long-term approach
and that is how we view risks in our selection criteria,” he said,
emphasising the importance of trust and solid relationships in
delivering sustainable results
Stable Claims Year
Amid Geopolitical Challenges
2024 proved to be a stable year for claims, with no reported
Pool claims. Johan Kahlmeter, Director of Claims, noted
that while the average cost of claims remained high due to
lingering inflation from the pandemic years, the overall claims
environment was in line with expectations.
“The average cost of claims is still high – the inflation from the
pandemic years has remained and P&I claims are much more
expensive compared to pre-pandemic,” he explained. While
geopolitical tensions, particularly the Houthi attacks in the Red
Sea, presented new risks, the Club’s claims team remained
agile in responding to these challenges, ensuring the smooth
handling of claims and minimising disruptions to operations.
Loss prevention activities and support remain at the heart
of the Club’s services to members, even more so in a fluid
political landscape with many new and emerging risks.
Webinars held in 2024 ranged from preventing hatch cover
leaks to cybersecurity. The Club’s TELP (Trade-Enabled Loss
Prevention) service, which sends out tailored advice and
information based on a vessel’s location and destination, has
been further expanded to include heavy weather alerts which
can support navigational decisions.
The Club is also in the process of launching a seafarer
wellbeing initiative, starting with the production of ‘Our Family
and the Sea’, a story book produced to support seafarers and
their families.
IT Transformation
Through SAFIRE Revolutionises Club Operations
A signi昀椀cant achievement for the Club in 2024 was the
continued rollout of SAFIRE (System Administration for
Insurance Risks Enterprise), the in-house developed platform
designed to integrate operations across the Club.
The fourth and largest module, which covers insurance,
underwriting, documentation, and insurance management,
was successfully launched in May 2024. Magnus Axelsson,
Director of IT and Digital, expressed pride in the team’’s
accomplishments: “I am so proud of what the team has
achieved. We have an excellent mix of skilled people,
both from IT and the business, this proves that with clear
common goals even complex system development projects
can become a success.” he said. The 昀椀nal module, focused
on claims handling, is scheduled to go live in spring 2026,
completing the transition from the legacy system that has
been in use for 25 years. Axelsson highlighted the importance
of IT in driving the Club’s success, noting: that, “We are very
26 The Swedish Club | Annual Report 2024
