Marine insurer Skuld, which posted a positive underwriting result for the 15th consecutive year, has launched a performance bonus programme for members.
A bottom line result of US$58 million for the financial year ending February 20, 2018; gross earned premium of US$413 million in 2017; and 7% return on investments – these were among the figures reported by Skuld when it announced the roll-out of the new programme, which adds to the existing member’s premium credit introduced in 2015.
A total of US$10 million – US$5 million for each programme – will be returned to Skuld’s mutual members this year. The insurer said the new bonus rewards members of more than 12 months whose premium contributions exceed own cost of claims.
“We are very pleased to announce another strong Skuld result,” commented Skuld president and chief executive Ståle Hansen. “Moreover, the introduction of the members’ performance bonus, on top of the members’ premium credit, shows not only our healthy financial state but also reinforces our commitment to our members.”
Skuld, which explains how to qualify for the bonus in detail on its website, cited the low frequency of regular claims as having positively contributed to its 2017 annual result.