NorthStandard Reports Strong Results and Strategic Growth in Shipping Insurance
LONDON: NorthStandard, a leading global marine insurer, has announced encouraging financial results in its Annual Review for 2026. The company continues to make strategic advancements while providing solid support to shipowners facing a challenging global landscape.
For the insurance year 2025/26, NorthStandard reported a total premium income of $938 million, marking an increase of 5.8% from the previous year’s $886 million. The investment returns for 2025 were impressive at 9.5%, and free reserves grew by $123 million, bringing the total to $923 million. This growth has strengthened the company’s capital coverage above the “AAA” rating by Standard & Poor’s.
In terms of underwriting performance, NorthStandard improved its combined ratio to 105.5% in 2025, down from 114% the year before, thanks to a typical claims year compared to the extraordinary claims seen in 2024 and a decrease in the amount and frequency of large claims.
Since the merger of North P&I with The Standard Club three years ago, NorthStandard has met key goals, enhancing specialty lines, opening new offices, and forging partnerships to improve member services while maintaining a strong focus on member needs. As Managing Director Paul Jennings stated, “Our teams work hard to understand the unique challenges each member faces and provide customized solutions.”
With a growing scale and solid financial footing, the club is better equipped to handle the complexities of the maritime world, which has been increasingly affected by geopolitical risks. Managing Director Jeremy Grose noted the importance of adapting to these changes as seen in the recent conflicts and trade sanctions impacting the sector.
The club has been proactive in offering guidance to its members on various claims and general inquiries, especially following events in the Strait of Hormuz. NorthStandard has enhanced its war risks capability, providing vital support to its members.
Additionally, NorthStandard has launched a dedicated sanctions capability that reports to the General Counsel, underscoring the significance of managing sanctions risks as a core aspect of its governance. Jennings emphasized, “Our priority is to serve our members, which includes having expert teams ready for high-stakes decisions.”
A collaboration with the Royal United Services Institute has revealed challenges related to aging vessels subject to EU/G7 sanctions, raising important concerns about crew welfare and environmental impact.
Throughout 2025, the club has expanded its product offerings. By merging its Coastal & Inland and Sunderland Marine teams under unified leadership, NorthStandard now provides a comprehensive service for small and specialized crafts. Partnerships in offshore renewables have also been established, with dedicated teams focused on Upstream Energy and Marine Liabilities.
New Agreements in Loss Prevention aim to heighten safety measures, including subsidies for members using the Orca AI situational awareness tool. Research has shown that vessels equipped with Orca AI have significantly decreased high-severity close calls by 52%.
NorthStandard’s commitment to best practices is evident in its digital innovations, including ECDIS Training Assessment developed with the UK Hydrographic Office. The new Port Risks Online tool has also been launched, offering automated advice to members based on vessel updates.
Grose commented, “The shipping industry is undergoing significant changes due to new technologies and fuel transitions impacting operations.” He added that NorthStandard’s loss prevention services are evolving to help members embrace these changes confidently.
In a world of constant risk, Jennings pointed out the importance of deep expertise and innovation within P&I services, especially as investment market volatility continues to underscore the value of a robust capital buffer.
