Skuld Committee meeting 17 June 2022


Published: 20 June 2022

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At its meeting in Lofoten, Norway on 17 June 2022, the Committee was provided with an update from the management of the Association. The Committee noted that the annual results were affected by the high claims levels both on own account and reported pool claims as a result of the pandemic. Skuld had kept the motivation of the employees high during the prolonged pandemic and had continued to provide customer focused insurance solutions to its members at a high service level. The Committee further noted that the claims environment had significant effect on the technical result of the Association, and the highly volatile financial market had resulted only in a slight positive result on the investments. Even with the negative annual results as of 20 February 2022, Skuld had secured a strong financial position through a strong renewal.

Financial Year 2021/22

The Financial Statements for the Association were reviewed. The Committee recommended that the Financial Statements for the financial year 2021/22 be adopted at the Annual General Meeting of the Association which will take place in Oslo on 9 September 2022. The full accounts are available on the Skuld web site.
The Committee noted that the Association had a negative technical result of USD 30 million due to the continued effect of Covid-19 related claims and large pool claims. In addition, the net investment income was at a slight positive result of USD 2 million. The contingency reserve was reported at USD 429 million, and the combined ratio was at 107%.

Review of 2019 Policy Year

The Committee endorsed the decision of the Board to recommend the closing of the 2019 policy year at the Annual General Meeting.


Members of the Association's Board of Directors are elected by the Committee in accordance with Statute 1.5.2. The following were elected to the Board:

Re-elected for a period of two years until 2024:

• Klaus Kjærulff
• Terje Hj Michelsen

Not up for election until 2023 and shall continue:

• Catherine Cheung
• Martin Larsen
• Ann-Marie Åström

The Committee also re-elected Mr Klaus Kjærulff as Chairman of the Board for a period of one year until 2023. Mr Martin Larsen and Mr Terje Hj Michelsen were re-elected as Vice-Chairmen of the Board for a period of one year until 2023.

The employee representatives of the Association, Ms Daria Avdeeva (Oslo office) and Mr Peter Bløcher (Copenhagen office) had been elected by the employees for a three-year period in June 2020.

After the elections, the Board of Assuranceforeningen Skuld (Gjensidig) comprises:

• Klaus Kjærulff, Chairman
• Martin Larsen, Vice Chairman
• Terje Hj Michelsen, Vice Chairman
• Catherine Cheung
• Ann-Mari Åström
• Daria Avdeeva, employee representative
• Peter Bløcher, employee representative

Yours faithfully,
Ståle Hansen
President and CEO
Assuranceforeningen Skuld (Gjensidig)