P&I Club tested

NorthStandard's 2025 Annual Review reports a steady performance, highlighting the benefits of scale and diversification in an unsettling P&I year. The global marine insurer said escalating geopolitical instability and serious maritime incidents had brought the "first test" in its second full year after the merger of North P&I and The Standard Club. NorthStandard's poolable mutual tonnage increased to just under 270 million gt at 20 February 2025, against 260 million gt a year earlier. Last year, 15 claims were referred to the International Group of P&I Clubs pool at the 12-month point, including one claim of historic proportions, and a further five have been declared since then. Five of these claims involved NorthStandard, reflected in NorthStandard's 114 per cent combined ratio, against 93 per cent in 2024.