The Financial Supervisory Authority of Norway has published an inspection report calling on Assuranceforeningen Skuld (Gjensidig) to strengthen aspects of its governance and risk management. The insurer should establish and document direct reporting lines from the actuarial function to the chief executive and board, address potential conflicts arising from the chief risk officer’s personnel responsibility for that function, and give the full board direct access to its key assessments. Skuld should also incorporate forward looking climate scenarios into future own risk and solvency assessments rather than rely primarily on historical claims data. On sanctions risk, the authority recognized the insurer’s risk based controls, including daily screening of customers and vessels, but recommended reviewing documentation procedures to ensure sufficient evidence is available if a sanctions breach occurs. A sample of 10 vessels found no listed vessels, owners or beneficial owners. The report also highlighted Skuld’s growing exposure to the U.S. market and cruise sector, particularly personal injury risk and legal uncertainty. Skuld is addressing gaps between actual premiums and calculated risk based premiums, and the authority expects it to maintain a timetable for corrective measures and continue developing its pricing model validation.
2026-09-09Norwegian Finanstilsynet
Financial Supervisory Authority of Norway calls on Skuld to strengthen actuarial reporting, climate risk analysis and sanctions documentation
The Financial Supervisory Authority of Norway called on Skuld to strengthen actuarial reporting lines, forward looking climate risk analysis and sanctions documentation. Its sanctions review found no listed vessels, owners or beneficial owners in a 10 vessel sample. The insurer is also expected to address pricing gaps and monitor risks from its growth in the U.S. and cruise markets.