Newly merged shipping insurance group NorthStandard has published details of its £626m ($796m) premium income following a "challenging" year across the maritime sector.
The Newcastle-based mutual, which insurers almost one in five of the world's ocean-going ships, said new figures for the 2022/23 year which combine North P&I and Standard Club final statements as separate firms show it is well placed to grow. In its first annual review, NorthStandard described 2022 as a year impacted heavily by the Russian invasion of Ukraine and its knock-on effects on supply chains and inflation.
An "unusually benign" year for claims within the collective International Group - of which NorthStandard is one of 12 constituent clubs - helped performance, as did premium increases and diversification. Meanwhile there were losses of about £62m ($80m) across the group's investments, up from a combined £25.1m ($32m) the year before.
