Marine insurance provider NorthStandard is raising P&I premiums by 5%, effective 20 February 2026, amid market unpredictability and risk. The announcement was made in a 17 November press release.
The company said that, while the claims environment is currently benign compared with last year’s high number of claim referrals to the International Group (IG) pool, it remains cautious.
NorthStandard Chair Cesare d’Amico said: “NorthStandard’s investments continue to perform, which is both good for our balance sheet and necessary to maintain our robust underwriting position. However, a better claims scenario this year must be seen against a background of inflation and volatility. And while claims on the IG so far are fewer, they are once again very large, and the pattern of large claims costing more continues.”
NorthStandard anticipates ending the year with a combined ratio of 104%, reflecting an improvement of 10 percentage points compared with 2024–25, thanks to positive outcomes in its retained claims. However, the company noted that ongoing geopolitical tensions are affecting key shipping routes, influencing both voyage planning and contract conditions. Meanwhile, low scrapping activity persists, and incidents such as ship fires and other complex claims continue to add uncertainty.
NorthStandard Managing Director Paul Jennings said: “The current risk scenario is not a perfect storm by any means, and the year-to-date is encouraging, but large claims remain inherently unpredictable. Our modest premium increase this year is further vindication of our successful merger in 2023. In the interests of protecting our members, we meet uncertainty with prudence to ensure that our underwriting position remains robust.”