NORWEGIAN INSURANCE COMPANY SKULD REPORTS A 31 MILLION USD LOSS.
As published by the company’s “Solvency and Financial Condition” report for the year 20 Feb 2020 – 20 Feb 2021, the technical account is negative USD 31.1 million and USD 28.2 million, respectively, and has been significantly influenced by increased and new pool claims from other members of the International Group, alongside some own large claims within the club retention. Skuld has also been affected by some COVID-19 related claims within the cruise industry. Mutual rates have not been sustainable for some time and Skuld has started the work to bring the portfolio back into balance through improved rates for the policy year 2021. Skuld’s commercial lines of business continue however to deliver positive results which partly offsets the challenging state of the mutual market.