The Newcastle-based marine insurer, NorthStandard, has reported continued growth despite a challenging year for the shipping industry – increasing its annual income by 4% to over $870million.
NorthStandard, which employs over 300 people at its office on the Quayside and more than 600 people worldwide across 13 countries, has continued to develop as one of the world’s largest providers of mutual maritime cover since its formation back in 2023.
The latest results showed that against the 2023-24 period, poolable tonnage had increased to 270M GT (+3%), premium income had risen to $870m (+4%), and full-year returns on investment predicted to be over 5%.
This continued growth has come against a background of uncertainty within the shipping industry, with worldwide large claims increasing due to issues including compromised shipping routes between Asia and Europe, and a growing number of ‘shadow’ tankers seeking cover outside the International Group of P&I Clubs system.
In a year of strategic development, NorthStandard added to its pioneering Get Set! portfolio of vessel-based loss prevention solutions and invested in its office network worldwide. In markets targeted for commercial growth, the insurer entered several strategic partnerships, including NIORD in Norway.
Nick Wolfe, Chief of Specialty with NorthStandard, commented, “The new products and strategic initiatives are a valuable opportunity to expand NorthStandard’s reach in rapidly developing markets. By combining our extensive knowledge, experience, and technical expertise, we can better address the evolving needs of our members.”
Nick Jelley, Chief Financial Officer at NorthStandard said: “Despite strong headwinds, NorthStandard’s capital strength, diversified businesses and service excellence delivers resilience.
“Growing tonnage and revenues demonstrate that we continue to enjoy the support and confidence of our membership, with the reach, resources and robustness to tackle the challenges of global shipping and the evolving needs of our members in the years ahead.”
