S&P Global Ratings said it expects the Norwegian Hull Club (NHC) could be set to benefit from between a 10% to 15% increase in premium this year.

The ratings agency analysis of the Bergen-based marine insurance mutual suggests that the hardening of the hull and machinery market over the last two years still has some way to run.

In its analysis of the NHC S&P said: “Total premiums are forecast to increase by 10%-15% in 2022.