TSC Annual Report 2024 final - Flipbook - Page 32
Managing Director Report
ESG
Sustainability report
The Swedish Club –
Business Model
The Sustainability Report
– Structure
The Swedish Club (hereafter the Club) is an independent,
self-managed, mutual insurance company headquartered
in Gothenburg, Sweden, with of昀椀ces in Hong Kong,
Singapore, Oslo, London, and Athens. It has been in
existence since 1872. As of 31 December 2024, the
number of staff was 149.
This Sustainability Report addresses the requirements of the
sustainability report as a matter of Swedish law.
Mutuality means that the Club is owned and controlled
directly by the policyholders (hereafter “members”). The
interests of the Club’s management and Board of Directors
are, therefore, identical to the collective interests of the
members. The mutual nature and self-management of the
Club puts it in a unique place among its competitors.
The Club’s purpose is to provide marine insurance to
shipowners and other ship operators worldwide. The liability
insurance (P&I) provided by the Club, and through the Club’s
reinsurance arrangements, is a key factor in enabling world
seaborne trade, protecting the marine environment, and
providing compensation to legitimate victims of maritime
accidents. Therefore, the Club’s core business is vital in
supporting a well-functioning and sustainable society.
As an insurance company, the Club is subject to stringent
regulatory requirements, which prompts equally stringent
regulatory compliance. Sound business practices and
stability in the operations are safeguarded by robust
processes for internal control and a holistic enterprise risk
management system. This system is carried out through
a control cycle that involves the systematic identi昀椀cation,
valuation, monitoring and reporting of all existing and
emerging risks.
The Club’s core values are Committed, Reliable and
Proactive. These core values are central to the Club’s
operations and sustainability over time.
Further details of the Club’s business model can be found in
the Annual Report 2024.
32 The Swedish Club | Annual Report 2024
The Swedish requirements are:
1. Environment;
2. Social and Staff-related Questions;
3. Respect for Human Rights; and
4. Combatting Corruption.
The report also covers the UN Sustainable Development
Goals which have been adopted by the Club. The adopted
goals are listed on page 34.
Environmental, Social and
Governance (ESG)
Given the nature of shipping, it is impossible to eradicate all
maritime-related accidents.
As risk managers, insurers and investors, the Club and other
marine insurers play an important role in promoting economic,
social and environmental sustainability and development.
The Club has a long-standing commitment to assisting its
members in managing maritime risks – thereby minimising any
negative effect on the environment and society.
The Club is committed to preventing maritime accidents
through proactive loss prevention initiatives and risk
analysis. By providing proactive loss prevention and relevant
insurance solutions, the Club aims to minimise any negative
consequences to the environment and society as a whole while
serving its members. Sustainability, therefore, is – and has been
for a long time – at the core of what the Club delivers.
