Skuld CEO: Extreme Competition puts pressure on premiums

The search to sign up new ships puts extreme pressure on premium levels, explains Ståle Hansen, CEO of Skuld, which recently published results for the first half of the year.

Photo: Skuld

Although the first half year of 2015 has been satisfactory for Skuld, when seen through the eyes of the Norwegian insurance company's CEO Ståle Hansen, there are still several challenges ahead for the remainder of the year and probably the years to come, he tells ShippingWatch.

"Generally, we see huge competition within the whole industry and a considerable pressure on premiums. If one looks at premium earnings, there has been a moderate growth compared to previous years, and it's because of the extreme competition for the new ships entering the market. Not least from commercial companies. There is significant insurance capacity out there, which means that premium levels are being pushed down," he says. 

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