The Nordic style of hull and machinery insurance is becoming increasingly popular among shipowners, who are showing an increasing preference for the higher service levels of dedicated marine providers that mostly operate on a mutual basis.

The region’s main providers — including Skuld, the Swedish Club, Norwegian Hull Club (NHC), Gard and Alandia — have all shown growth over recent years.

According to figures from Cefor, which represents insurance providers in the Nordic countries of Sweden, Norway, Denmark and Finland, the region’s marine insurance providers have all seen a strong increase in premiums since 2016, from $612m to $701m in 2018.