Interest Rates

Interest rates on claims settled in accordance with the Nordic Marine Insurance Plan of 2013, Version 2019 (the Plan).

According to Clause 5-4 of the Plan, the assured may claim interest as from one month after the date on which notice of the casualty was sent to the insurer. If the insurer has to refund the assured’s disbursements, interest accrues from the date of the disbursement. If the insurer is to indemnify the assured for loss of time, interest does not accrue until one month after expiry of the period for which the insurer is liable.

The annual rate of interest is six month CIBOR, NIBOR or STIBOR + 2 % for insurance contracts in which the sum insured is stated in Danish Kroner, Norwegian Kroner or Swedish Kronor respectively.

If the sum insured is in another currency, the rate of interest is six month LIBOR + 2 %.

The annual interest rate shall in any event be minimum 2 percentage points, independent of the currency.

The interest is determined as at January 1 of the year the insurance contract comes into effect at the average rate for the last two months of the preceding year.

The interest rates for 2021 for Nordic currencies and the currencies according to which most claims are settled are:

Currency abbreviations:

DKK Danish krone
EUR Euro
NOK Norwegian krone
SEK Swedish krona
USD US dollar
GBP Great Britain pound
JPY Japanese yen