2020 Vision – Year and review09/12/2020
First of all; all of us at Nordic Marine Insurance hope that you are all safe and healthy and wish you to keep it that way going forward.
In view of the exceptional circumstances, we wanted to give you an early update on “all things at Nordic” and not wait until early 2021 as usual. We will be back with the customary business update then.
So… what a year it has been so far! Exciting, busy, chaotic, tense, frustrating… and so much more!
Luckily, it seems as if it is getting brighter, with a light to suggest the end of the tunnel, but we are not there yet. Still, let’s hope that we can go back to our old habits, good and bad!
For a specialist provider of Niche Marine Insurance like Nordic, the pandemic meant a huge upsurge in enquiries from the start, because losses during quarantine are covered in excess of 1 day deductible.
In line with our philosophy of privileging long-term relationships rather than opportunistic ones, we declined all requests for “quarantine only” cover. Our view being that if we accepted quarantine only (truly, covid only) then we would have to accept that once the urgency disappeared so could the clients that came with it.
This is not who Nordic is, so whilst new business was added, it was within prudent boundaries and with long-term perspectives.
On the other hand, many of our clients touched with hand the benefits of our Primary Delay insurance cover as ships were caught in the global panic mode that followed the stoppage of the world economy.
Nordic (not) on the road…
Unsurprisingly, no travel for Claudio Blancardi and myself since March, when most of the world’s countries followed Asian countries’ example and went into lockdown.
As you can imagine, for both of us this has been particularly frustrating, and particularly this year!
In fact, following the announcement of the West of England P&I Club becoming new shareholders in Nordic and taking over Alandia’s shares, we were eager, and ready, to outline in person our vision for the short, medium and long-term.
Still, the travel break was an opportunity to upgrade our virtual profile and presence to reflect our new dimension and verve.
- We rebranded Nordic’s website (www.nmip.se) and all documentation to reflect our new look.
- We also developed our presence on social media and created a Nordic Marine LinkedIn page (https://www.linkedin.com/company/nordic-marine-insurance/) so please connect to it and keep in touch with us.
- We have developed tools that simplify requesting terms and cater only for relevant, specific perils if needed.
- We have also drafted a comparison of Nordic and other markets for delay insurance cover, something that we have been asked to do for producers and clients since 2012, and on a regular basis.
Ambitions for the future
Our first and most important ambition is to continue having the first class, loyal and supportive partners we have today. We are grateful for the support of existing clients, dedicated brokers and are committed to ensure that your expectations of excellence will not be disappointed.
Our ambition is to develop our portfolio through a pragmatic approach to service and continued innovation in solutions.