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The 2007 CEFOR NoMIS Report Nordic Marine Insurance Statistics Underwriting Years 1995–2007, as of 31 December 2007.

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Presentation on theme: "The 2007 CEFOR NoMIS Report Nordic Marine Insurance Statistics Underwriting Years 1995–2007, as of 31 December 2007."— Presentation transcript:

1 The 2007 CEFOR NoMIS Report Nordic Marine Insurance Statistics Underwriting Years 1995–2007, as of 31 December 2007

2 2007 CEFOR Nordic Marine Insurance Statistics – Part 1 As of 31 December 2007 Part 1 – Introduction Contents NoMIS Explanations Part 2 – NoMIS position in the Global insurance market Global Marine Hull Insurance Market 2006 Norwegian Marine Hull Insurance Market 2007 Average gross share written in the NoMIS market Part 3 – NoMIS portfolio Key figures, underwriting years Number of vessels Development of average insured values, DWT and premium Average age Average standard deductible Loss Ratio (including IBNR), Premiums and claims (including IBNR) per vessel Claims in claim bands – claim per vessel Number and cost of claims by type Claim frequency Claim per vessel Claim per Sum Insured Key figures (table)

3 2007 CEFOR Nordic Marine Insurance Statistics – Part 1 As of 31 December 2007 Part 4 – Key figures by age group Distribution of number of vessels Claim frequency Claim per vessel Claim per Sum Insured Claim per DWT Loss Ratio Part 5 – Key figures by vessel type group Distribution of number of vessels Claims frequency Claim per vessel Claim per Sum Insured Claim per DWT Loss Ratio Legal disclaimer CEFOR provides the statistics material in this presentation for general information purposes only. All key figures are derived from the CEFOR portfolio, which reflects a minor part of the world fleet, the selection of ships being biased by Norwegian underwriting preferences. Therefore CEFOR can accept no responsibility and shall not be liable for any loss which may arise from reliance upon the information provided.

4 2007 CEFOR Nordic Marine Insurance Statistics – Part 1 As of 31 December 2007 Part 6 – Key figures by size group Distribution of number of vessels Claims frequency Claim per vessel Claim per Sum Insured Claim per DWT Loss Ratio Part 7 – Distribution by flag and classification society Distribution of number of vessels by flag, 16 largest Distribution by black, grey, white flags (Paris MOU classification 2005) Distribution of number of vessels by classification society, 6 largest Part 8 – Premium indices Premium per vessel – Premium per sum insured – Cash Renewal Index Part 9 – Exposure curves (partial claims only) Sum Insured bands ( 100 Mio USD) Explanations

5 2007 CEFOR Nordic Marine Insurance Statistics – Part 1 As of 31 December 2007 Introduction The Nordic Marine Insurance Statistics (NoMIS) is a joint database project of CEFOR members active on the Hull & Machinery market to compile insurance data and vessel characteristics for statistical purposes. The database is administered by CEFOR. Since its foundation in 1985 until 1997 the data was compiled by appointing CEFOR a compulsory facultative reinsurer to which the members of the Norwegian Hull Agreement ceded 0.1% of their Hull & Machinery insurance. Premium and claims information was exchanged via Borderaux, the lead insurer providing details of each claim. When the Hull Agreement was discontinued in 1996, the statistics cooperation continued. In 1998 steps were taken to update the NoMIS database electronically. All necessary routines were in place by December 1999, enabling CEFOR to produce up-to-date hull figures on a monthly basis and extending the database substantially by including non-lead business from underwriting year In 2000, the database was extended to include also non-lead business back to underwriting year In 2003, data from a major new member was integrated, dating back to underwriting year In 2004, the database was extended by data from two new members and in both 2005 and 2006 data from further members was added. This includes data written from other Nordic countries. In 2007, the number of vessels registered per underwriting year exceeded for the first time 11,000 vessels. Compared to the world fleet, the NoMIS database covers in 2007 about 25% of the world fleet above 300 GT in terms of numbers and about 50% in terms of tonnage. By 31st December 2007, in all 122,152 vessel years (vessels with IMO-number) and 36,766 claims were registered on underwriting years 1985 through The NoMIS statistics in this report comprise data from: Bluewater Insurance ASA, Codan Group (Codan Marine, Denmark; Codan Marine Services, Norway; Trygg-Hansa Marine, Sweden), Gard, Gjensidige Forsikring, NEMI ASA, Norwegian Hull Club, Swedish Club, Zurich Protektor Forsikring AS.

6 2007 CEFOR Nordic Marine Insurance Statistics – Part 1 As of 31 December 2007 All amounts are presented in USD. Rate of exchange applicable to convert the figures from the original currencies into USD: Premiums: average monthly rate of exchange of the month of transaction Paid claims:average monthly rate of exchange of the month of transaction Outstanding claims:average monthly rate of exchange of December 2007 All premiums are net of all rebates and commissions. All claims are net of any deductibles applicable. Total Claims = Paid claims + Outstanding claims TLO (or Total Losses) = claims in excess of 75% of the Sum Insured Partial Losses = all losses <= 75% of the Sum Insured Loss Ratio = Total claims / Net premium Underwriting year = year in which the insurance policy attaches

7 2007 CEFOR Nordic Marine Insurance Statistics – Part 1 As of 31 December 2007 Types of vessels specified Vessel Type groupVessels Types includedLloyds Conf. Index Code BULKBulk, Ore, CementBBU, BCB, BCE, BOR, BWC CAR/ROROCar Carrier, RoRoMVE, URC, URR CARGODry Cargo, General Cargo, Reefers, GCT, GGC, GPC, GRF, MLV Pallett Vessels, Animal Transport Vessels CHEM./PRODUCTChemical Carriers, Product / Acid / Edible Oil / TAC, TCH, TCO, TEO, TFJ, TFO Fish Oil / Fruit Juice / Wine / Molasses /TMO, TPD, TWA, TWN, TWT Waste/ Water Tankers CONTAINERContainerUCC, UCR LNG/LPGGas Carriers LNG, LPG, LNG/LPG LNG, LPG, LNP OBOCombined Vessels Bulk, Ore, OilCOO, CBO OTHERall other ships and floating units all other codes not specifically defined otherwise, like Fishing vessels, Barges, Cranes, Floating Storage, Floating Production, Pollution Control Vessels, Mud boat, Research vessels, Cable, Seismic Search vessel, Flo/Flo, etc.

8 2007 CEFOR Nordic Marine Insurance Statistics – Part 1 As of 31 December 2007 Types of vessels specified contd. Vessel Type groupVessels includedLloyds Conf. Index Code PASSENGERAll types of passenger vessels and ferries, LOF, LOP, MPR, OFY, OHF, Passenger/Roro, Highspeed CraftOHS, PRR SUPPL/OFFSupply, Anchorhandling, Standby, Drilling OBS, OBT, ODS, OIB, OIF, OIS, Vessel, General Service Vessel, OIT, OLT, OMN, OMT, OOS, OPP, Supply (Tug, Anchor), Tug/Icebreaker ORP, OSU, OSY, OSZ, OWO, XAA, XAF, XAG, XAH, XAT, XCT, XFF, XFS, XPT, XTG, XTI, XTP, XTR, XTS, XTT, XTX TANKTanker, Sludge Vessel, Crude Oil TankerOSC, OTC, TAS, TBK, TCR, Asphalt Carriers, Bunkering Tanker, TNA, TTA Naval Auxiliary

9 2007 CEFOR Nordic Marine Insurance Statistics – Part 2 Distribution of Global Marine Hull Premium 2006 World Norway (Business written from Norway only) (Business written from Norway only) Source of global premium figures: IUMI Global Marine Insurance Report, published September 2007

10 2007 CEFOR Nordic Marine Insurance Statistics – Part 2 Distribution of Global Marine Hull Premium 2006 World CEFOR

11 2007 CEFOR Nordic Marine Insurance Statistics – Part 2 Distribution of CEFOR Marine Hull Premium 2007 Including Coastal Excluding Coastal ! Note: The premium overview on this slide INCLUDES Loss of hire, hull and freight interest and building risk in addition to hull. Whereas all following statistics are pure hull statistics and EXCLUDE Loss of hire, hull and freight interest and building risk !

12 2007 CEFOR Nordic Marine Insurance Statistics – Part 2 As of 31 December 2007 Average share = Sum of members gross premiums according to their written share / Sum of premiums for 100% of the risk (Sum = sum over all vessels in the NoMIS portfolio)

13 2007 CEFOR Nordic Marine Insurance Statistics – Part 3 As of 31 December 2007 Comments: a)Decline in portfolio from 1997 to 2000 due to members concentrating on target business b)Increase 2000->2006 due to both market growth and new members joining the NoMIS datapool. Database comprises business underwritten from all Nordic countries in addition to Norway.

14 2007 CEFOR Nordic Marine Insurance Statistics – Part 3 As of 31 December 2007

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18 CBNI = Covered But Not yet Incurred IBNR = Incurred But Not yet Reported Outstanding = Incurred and reported, but not yet paid

19 2007 CEFOR Nordic Marine Insurance Statistics – Part 3 As of 31 December 2007 Claim bands:

20 2007 CEFOR Nordic Marine Insurance Statistics – Part 3 As of 31 December 2007 Claims by Claims type Total 2006: 2,931

21 2007 CEFOR Nordic Marine Insurance Statistics – Part 3 As of 31 December 2007 Claims by Claims type Total 2006: USDm 1,056

22 2007 CEFOR Nordic Marine Insurance Statistics – Part 3 As of 31 December 2007 Comment: Claims < USD account for about half of all claims. Registration of these may vary over time and in each company and will thus influence the registered frequency. In addition any increase/decrease of insurance deductibles will have impact on the registered frequency

23 2007 CEFOR Nordic Marine Insurance Statistics – Part 3 As of 31 December 2007

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25 2007 CEFOR Nordic Marine Insurance Statistics – Part 4 As of 31 December 2007 Number of vessels per age group Total number of vessels : 47, : 11,412

26 2007 CEFOR Nordic Marine Insurance Statistics – Part 4 As of 31 December 2007 Comment: Claims < USD account for about half of all claims. Registration of these may vary over time and in each company and will thus influence the registered frequency. In addition any increase/decrease of insurance deductibles will have impact on the registered frequency

27 2007 CEFOR Nordic Marine Insurance Statistics – Part 4 As of 31 December 2007

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31 2007 CEFOR Nordic Marine Insurance Statistics – Part 5 As of 31 December 2007 Number of vessels per vessel type Total number of vessels : 47, : 11,412

32 2007 CEFOR Nordic Marine Insurance Statistics – Part 5 As of 31 December 2007 Notes: - Tank includes in this and the following slides: Chemical/Product, LNG/LPG, OBO and other tank vessels - Claims < USD account for about half of all claims. Registration of these may vary over time and in each company and will thus influence the registered frequency. In addition any increase/decrease of insurance deductibles has impact on the registered frequency

33 2007 CEFOR Nordic Marine Insurance Statistics – Part 5 As of 31 December 2007

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37 2007 CEFOR Nordic Marine Insurance Statistics – Part 6 As of 31 December 2007 Number of vessels per Size Group Total number of vessels : 47, : 11,412

38 2007 CEFOR Nordic Marine Insurance Statistics – Part 6 As of 31 December 2007 Comment: Claims < USD account for about half of all claims. Registration of these may vary over time and in each company and will thus influence the registered frequency. In addition any increase/decrease of insurance deductibles will have impact on the registered frequency

39 2007 CEFOR Nordic Marine Insurance Statistics – Part 6 As of 31 December 2007

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43 2007 CEFOR Nordic Marine Insurance Statistics – Part 7 As of 31 December 2007 Number of vessels per largest flags Total number of vessels : 47, : 11,412

44 2007 CEFOR Nordic Marine Insurance Statistics – Part 7 As of 31 December 2007 Vessel distribution by flag by Paris MOU classification (Black Grey and White list 2006, as of 5 June 2007)

45 2007 CEFOR Nordic Marine Insurance Statistics – Part 7 As of 31 December 2007 Number of vessels per classification society Total number of vessels : 47, : 11,412

46 2007 CEFOR Nordic Marine Insurance Statistics – Part 9 As of 31 December 2007 PA claims in % of all claims : 0-5 Mio USD: 70% 5-20 Mio USD: 83% Mio USD: 77% > 75 Mio USD: 100% Sum Insured

47 2007 CEFOR Nordic Marine Insurance Statistics – Part 9 As of 31 December 2007 Exposure Curves Exposure curves are used by reinsurers to price excess of loss reinsurance. The curves indicate the ceding company's retained share of PA claims after ceding claims in excess of a given percentage of a vessels sum insured. The curves should be applied on individual vessels or groups of vessels with similar values and written shares. The curves are calculated for 100% values. In applications the choice of curve should thus also be based on 100% values. Exposure Curves technicalities The curves are based on H&M covers only for vessels with valid IMO-No. The curves are based on the underwriting years (12,117 claims) The curves are calculated as follows: x = percentage retained C = Individual partial claims V = Vessel value f(x) = Σ min[C, V*x]/ Σ C

48 2007 CEFOR Nordic Marine Insurance Statistics – Part 9 As of 31 December 2007 CEFOR marine insurance statistics publications, all at :http://www.cefor.no CEFOR Annual Report 2007, p.18-25, Nordic Marine Insurance Statistics The 2007 CEFOR NoMIS Report The 2007 CEFOR Report on Hull claim trends Links to other marine insurance statistics: CEFOR website, Statistics section: (CEFOR and IUMI statistics for download, including historical data) IUMI (International Union of Marine Insurance): Statistics issued by IUMIs Facts & Figures Committee:


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