Norwegian Hull Club has announced a proposed 12 % return on premium (USD 19.1 million) in its Annual Report 2025 published today, March 18, 2026 - the sixth consecutive year The Club has announced premium return. This proposal will be presented to the Committee and finally decided at the Annual General Meeting, to be held on June 3, 2026.
As a mutual marine insurance provider, Norwegian Hull Club delivers various benefits to its members, including return of premium when the capital position and operating results allow. This is a recognition of members’ long-term commitment to The Club and their belief in the service concept as a driver for sustainability and saved costs.
Current situation
In his CEO review of 2025, Norwegian Hull Club's Hans Christian Seim starts by commenting on the current situation in the Middle East, noting the human cost in this and other ongoing conflicts - including to seafarers and their families - as well as geopolitical uncertainty as a whole.
The impact on the global marine insurance industry is also noted, together with The Club's 'strong financial position to absorb the risks involved' and the value of its Service Concept together with employee dedication in such times.
Such an approach to service, Mr Seim emphasises, 'is the fundament of all four companies in the growing Norwegian Hull Club Group', which comprises Instech Solutions, Marine Benefits and NIORD.
Meanwhile, the increase in Norwegian Hull Club's claims lead vessels for 2025 is, Mr Seim says, a consequence of the organisation investing 'in the systems, the training and the people that keep our services relevant and up to date'.
'Substantial increase'
He adds: "The steady and substantial increase in claims lead vessels we have seen since 2023, manifests that ship owners and managers put emphasis on such capabilities when choosing a claims leader. The results from our most recent client survey verify this. It is the knowledge, claims lead services and availability that matters the most when our clients choose their marine insurance company."
Mr Seim concludes: "As a mutual insurance company, our solid financial results directly benefit our loyal members. This year, for the sixth consecutive year, we are proudly announcing a premium return to our members; 12% for the calendar year 2025. Thank you for your trust and collaboration, we look forward to continuing our strong relationships."
Return Premium - practical information
In order to be able to proceed with the payment of return premiums as quickly and efficiently as possible following the Annual General Meeting, The Club requires endorsements and closing documents for all business at risk during the 2025 calendar year. We therefore encourage clients and brokers to provide such outstanding documentation as soon as possible.
An e-mail with all the underlying details will follow in June 2026 and Norwegian Hull Club will then start paying out the return premium as soon as accounts / any outstanding amounts have been reconciled. If you have any questions regarding the return premium, contact your designated underwriter or check the Q&A section listed below.
Q&A
Q: Which article in the Articles of Association is the basis for decision on and calculation of return premium?
A: Return premium is regulated by § 3-2 of the Articles of Association, stating:
“If the total premiums and other income of The Club are found to be in excess of that required to cover the claims and costs of the calendar year, The Club may decide that the surplus, wholly or in part, shall be repaid to the members in the calendar year in question by way of a pro rata discount to be stipulated in proportion to the net advance premiums for that calendar year. It is not permissible to declare higher return premium than proposed or accepted by the Board of Directors. Repayment to Joint Members is to be sent to the member named first in the insurance agreement.”
Q: For which period is the return premium earned?
A: Return premium is based on mutual premium earned by Norwegian Hull Club during the 2025 calendar year, see § 3-2 referred to under the first question. This mutual return premium can also relate to previous underwriting years which were at risk in 2025.
Q: To whom shall return premium be paid?
A: Return premium shall be paid to the member, See § 3-2. Payment to the member will be made through their broker.
Q: Will return premium impact commission to brokers?
A: No.
Q: Will a former member who was member for a part of the calendar year be entitled to return premium?
A: Yes, see § 3-2.
Q: Is estimated but not reported premium on war covers included in the basis for return premium?
A: No, only breaches declared, and premium calculated thereon form the basis for return premium.
Q: When will repayment of premium be made?
A: After the Annual General Meeting’s approval, to be held on June 3, 2026, and upon confirmation of bank details.
Dated: 18 March 2026