Despite a market developing in the opposite direction, UFDS will not raise the premium for 2025. This is good news, according to CEO Christina Bustrup, who gives the members and the company's business model a large part of the credit.
2024 is coming to an end, and preparations for 2025 are well on their way in the Danish Shipowners’ Accident Insurance Association, where the premium level for the coming year is, as always, a natural focus point. And even though the market trends point in a different direction, the outlook is good for our members.
In an insurance landscape generally expecting the other players to increase their premiums by 9 to 19 percent in the market for workers' compensation insurance, we are pleased to announce that we have managed to maintain our basic premium at an unchanged level compared to this year.
The Board of Directors has set the basic premium on account for 2025 at DKK 7,920 per full-time insured person on a full-year basis (of 360 days per year), corresponding to a single basic premium of DKK 22.00 per sailing day/service day per employee.
The reasons for this are numerous. On the one hand, it bears witness to the continued improvement of safety and the working environment at sea, while also underlining that the growing focus from our members on constantly improving injury prevention and safety has proven fruitful.
Secondly, we have – in close cooperation with Sedgwick Denmark – established a good, efficient case management model, including proactive claims handling for the injured party, which correspondingly results in lower compensation levels over time.
The perhaps most important element is our business model as a mutual insurance company forming the foundation for the positive development. Thus, we do not have a requirement for a return on capital, allowing us again this year to offer a more favorable premium than what dictated by the general market trend.
»It is very good news that we can maintain our premium with the development we generally see in the market. The development among our members continues in the right direction with increasingly better safety and damage prevention measures, and our own team in Sedgwick also makes a difference, so I am very pleased,« CEO Christina Bustrup comments, looking forward to the dialogue on how the shipping companies and UFDS can work together to create even greater safety for the employees on the ships in the coming years in an industry undergoing rapid change.
»With that, I would like – on behalf of UFDS – to take this opportunity to say thank you for a strong 2024 and wish all our members and partners a Merry Christmas and a prosperous New Year. We look forward to a continued value-creating collaboration in 2025.«
