Summary: Published 26 November 2019
The result for Norwegian Hull Club for the ﬁrst nine months of 2019 is minus USD 5.6 million. Technical result of insurance operations is minus USD 28.6 million, while the result from investments and other ﬁnancial items is USD 23.1 million.
Proﬁtability on insurance operations is below expectations due to adverse claims development. The combined ratio so far in 2019 is 126 %.
Return on the investment portfolio is 5.4 % in USD. The USD return corresponds to USD 22.6 million. The balance of ﬁnancial income stems from interest earned on bank accounts and receivables as well as foreign exchange items.
Equity is USD 298.1 million at the end of September 2019.
Commenting on the results, Norwegian Hull Club CEO Hans Christian Seim said: “In the third quarter, insurance results have continued to be below expectations. As in the ﬁrst two quarters of the year, the major share of claims are for own retention. However, we are starting to see the effect of contraction and reduced capacity in the marine insurance industry. Gross premiums have increased, both from higher rates on existing business and from new business."