Norwegian protection and indemnity insurer Skuld has told members it wants to raise 10% more in premiums at next year’s renewal.

In a note to members explaining the increase, the Oslo-based mutual said although its financial performance had improved “there is still some way to go” to achieve rate adequacy in the sector.

“There are early signs that claims costs are increasing due to inflation, but the full effect of the global impact of inflation is yet to be realised, although it will have a negative financial impact in the short to medium term,” Skuld said.