Large claims prove expensive for Skuld in "extraordinary year"

Marine insurance suffered under the consequences of the Covid-19 pandemic last year, when major damage claims and investment losses yielded a deficit for insurance firm Skuld.

Skuld CEO Ståle Hansen. | Photo: Skuld

A combination of large claims and losses on investments yielded a deficit of USD 15m for marine insurance company Skuld in the financial year 2021/2022, which ended on Feb. 20. Skuld explains the year’s loss by referring to the negative consequences of the Covid-19 pandemic and an unstable financial market.

”Volatility and market fluctuations in the financial markets led to an investment loss not sufficient to cater for the overall cost of claims and the club’s underwriting result landed on USD -30 million,” reads a press release on the year’s result.

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