04 September 2024 – NorthStandard, the leading marine insurer, has reached the midpoint of the 2024-25 policy year, achieving several milestones. These include expanding its global geographical footprint, enhancing its digital product portfolio, and introducing a new data-rich fuel analytics service.
With its global scale and reach, combined with strong financial underpinnings, NorthStandard continues to build a solid foundation for adapting to unfolding geopolitical events and volatile shipping markets while keeping sight of the long-term strategy needed to serve the changing demands of international trade.
Earlier in the year, NorthStandard consolidated regional activities in key locations. It extended its offices in Tokyo, Piraeus and New York to reflect the scale and depth of expertise already available to the club in these key maritime hubs. Services have also been expanded in Asia this year, with a new office opened in Seoul in Spring 2024, bringing its total number in the region to eight, demonstrating its strong commitment to the area.
“We have been hugely encouraged by the trust placed in NorthStandard and enter the second half of the policy year in robust shape. We are committed to continuing to earn that trust with strategic investments in scale, reach and service,” said NorthStandard Managing Director Jeremy Grose.
During the first half of 2024, NorthStandard has progressively rolled out its Get SET! portfolio of digital solutions to enhance risk management by instilling best practice and improving operational efficiency. Solutions include an ECDIS Training Assessment tool developed with the United Kingdom Hydrographic Office, Orca AI’s automated situational awareness platform, and FleetVision™ – the first visual fleet management platform, developed by ShipIn.
The club continues to evolve its GlobeView portal, launching a data-based ‘Fuel Insights’ service with testing specialist VPS. The service uses real-time VPS data to provide insights into fuel specifications, calorific value, and densities available in major bunkering ports. It is a high-profile add-on to the resources now available to members using NorthStandard’s ‘next generation’ website, launched in August 2024. Through a range of personalised operational dashboards, the website resources help users to better utilise the Risk Intelligence assessments of terrorism, piracy, stowaways, and more for all major countries, ports, and sea areas.
“These digital services respond to how geopolitics now play a central role in everyday shipping,” said Paul Jennings, Managing Director, NorthStandard. “With ships subject to direct attack, unauthorised detention and sanctions, vessel and seafarer safety are service priorities at the mid-point of 2024. NorthStandard also remains focused on the strategies required to serve shipping’s decarbonisation and training needs.”
About NorthStandard:
NorthStandard is one of the leading providers of global marine insurance products and services across the maritime industries. Established through the merger of North P&I Club and the Standard Club in February 2023 and ‘A’ rated by S&P Global, NorthStandard has premium revenues exceeding US$836 million, free reserves of US$803 million and mutual pool tonnage surpassing 260 million GT.
From headquarters in the UK and with offices throughout Europe, Asia and the Americas, NorthStandard offers a unique blend of worldwide presence and class-leading expertise across multiple specialist areas, including P&I, FD&D, War Risks, Strike & Delay, Hull and Machinery and ancillary insurance. Its Sunderland Marine and Coastal & Inland divisions also provide cover for owners’ fixed premium P&I, fishing vessels, inland waterway and coastal trading vessels and aquaculture. NorthStandard’s comprehensive local market and sector knowledge is underpinned by continuous investments in market-leading digital technologies.
NorthStandard is a leading member of the International Group of P&I Clubs (IG) and is fully committed to upholding the shared objectives of its 12 independent member clubs, which provide liability cover for approximately 90% of the world’s ocean-going tonnage.
