Profits at Skuld haven take a tumble in the first half of this year after an increase in pooled claims.

In the first six months of the current 2018/2019 policy year, the Oslo-based protection and indemnity mutual reported a net profit of $2m compared to $14m in the same period in the previous year.

Skuld said claims from its own members and increased pool claims under the International Group of P&I Clubs had a “negative impact” on the result.

The insurer’s combined ratio was 112%, indicting claims costs exceeded premium income.