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IUMI 2002 – New York City A Joint Hull Committee View from London Casualty & Underwriting Statistics IUMI 2002 - New York City.

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Presentation on theme: "IUMI 2002 – New York City A Joint Hull Committee View from London Casualty & Underwriting Statistics IUMI 2002 - New York City."— Presentation transcript:

1 IUMI 2002 – New York City A Joint Hull Committee View from London Casualty & Underwriting Statistics IUMI New York City

2 IUMI 2002 – New York City  Casualty Statistics Casualty & Underwriting Statistics A Joint Hull Committee View from London Agenda

3 IUMI 2002 – New York City  Casualty Statistics  Total Loss Trends Summary of Total Loss Statistics Casualty & Underwriting Statistics A Joint Hull Committee View from London Agenda

4 IUMI 2002 – New York City Casualty & Underwriting Statistics A Joint Hull Committee View from London  Casualty Statistics  Total Loss Trends Summary of Total Loss Statistics  Major Partial Loss Trends Observations from Salvage Ltd’s major casualty database Agenda

5 IUMI 2002 – New York City Casualty & Underwriting Statistics A Joint Hull Committee View from London  Casualty Statistics  Total Loss Trends Summary of Total Loss Statistics  Major Partial Loss Trends Observations from Salvage Ltd’s major casualty database  Underwriting Results Agenda

6 IUMI 2002 – New York City Casualty & Underwriting Statistics A Joint Hull Committee View from London  Casualty Statistics  Total Loss Trends Summary of Total Loss Statistics  Major Partial Loss Trends Observations from Salvage Ltd’s major casualty database  Underwriting Results  Market Results  The Market Cycle Agenda

7 IUMI 2002 – New York City A Joint Hull Committee View from London  Total Loss Trends Summary of Total Loss Statistics

8 IUMI 2002 – New York City Total Losses 1989 – 2001 By Number Vessels > 500Grt Source: LMIU for Joint Hull Committee

9 IUMI 2002 – New York City Total Losses 1989 – 2001 By Tonnage Vessels > 500Grt Source: LMIU for Joint Hull Committee

10 IUMI 2002 – New York City Total Losses 1989 – 2001 As Percentage of World Fleet Vessels > 500Grt Source: LMIU for Joint Hull Committee

11 IUMI 2002 – New York City Total Losses 1994 – 2001 Age / Type Profile Vessels > 500Grt Source: LMIU for Joint Hull Committee

12 IUMI 2002 – New York City Total Losses 1994 – 2001 By Cause, All Vessel Types Vessels > 500Grt Source: LMIU for Joint Hull Committee

13 IUMI 2002 – New York City Total Losses 1994 – 2001 By Cause, Principal Vessel Types Vessels > 500Grt Source: LMIU for Joint Hull Committee

14 IUMI 2002 – New York City Total Losses  By Number, By Tonnage, As %age World Fleet:-  Downward Trend Almost Year on Year  The Most Influential Factors:-  Age & Weather  Major Issues:- Maritime Regulation (Classification, ISM, STCW, Port State Control) Technology / Advances in Design & Construction World Economy (Maintenance Expenditure) Conclusion

15 IUMI 2002 – New York City  Major Partial Loss Trends Observations from Salvage Ltd’s major casualty database

16 IUMI 2002 – New York City Partial Loss Casualties 1999–2002 Source: BMT Salvage Ltd By Cause, All Vessel Types Estimated Cost of Repairs > US$250,000

17 IUMI 2002 – New York City Partial Loss Casualties 1999–2002 Source: BMT Salvage Ltd Principal Cause and Vessel Type Estimated Cost of Repairs > US$250,000

18 IUMI 2002 – New York City Partial Loss Casualties 1999–2002 Frequency & Magnitude, All Vessel Types Estimated Cost of Repairs > US$250,000 Source: BMT Salvage Ltd

19 IUMI 2002 – New York City Partial Loss Casualties 1999–2002 Source: BMT Salvage Ltd Machinery Losses by Vessel Age Estimated Cost of Repairs > US$250,000

20 IUMI 2002 – New York City Partial Losses  Machinery / Engine Room Damage  Highest Frequency  All Age and Vessel Types Machinery / Engine Room Surveys, Deductibles, New for Old?  Fire  Highest Cost Fire Precautions  Grounding / Collisions  Significant Cost & Frequency Trading Pattern, Deductibles, Loadings  Structural / Coating  Significant Cost Building Surveys, Release to Builders, Warranty Periods Conclusion

21 IUMI 2002 – New York City from London  Underwriting Results  Market Results  The Market Cycle

22 IUMI 2002 – New York City ‘T’ Audit Code Projected ULR’s Net of Commission, Gross of Reinsurance Lloyd’s Hull Results Source: Lloyd’s Market Analysis Dept

23 IUMI 2002 – New York City Lloyd’s Hull Results ‘T’ Audit Code Projected ULR’s Net of Commission, Gross of Reinsurance Source: Lloyd’s Market Analysis Dept

24 IUMI 2002 – New York City 1996 Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

25 IUMI 2002 – New York City Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

26 IUMI 2002 – New York City Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

27 IUMI 2002 – New York City Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

28 IUMI 2002 – New York City Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

29 IUMI 2002 – New York City Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

30 IUMI 2002 – New York City Hull Underwriting Results 6 th Quarter Source: Lloyd’s Results 2 nd Qtr 2002

31 IUMI 2002 – New York City Hull Underwriting Results 6 th Quarter 6th Qtr Source: Lloyd’s Results 2 nd Qtr 2002

32 IUMI 2002 – New York City Hull Underwriting Results 6 th Quarter Source: Lloyd’s Results 2 nd Qtr 2002

33 IUMI 2002 – New York City Cash Flow Comparison Source: London Market Sample

34 IUMI 2002 – New York City Total Loss Trend As Percentage of World Fleet Vessels > 500Grt Source: LMIU for Joint Hull Committee

35 IUMI 2002 – New York City Renewal Terms Premium Development A ‘Case Study’ Source: Joint Hull Committee

36 IUMI 2002 – New York City Premium Development A ‘Case Study’ Renewal Terms Source: Joint Hull Committee

37 IUMI 2002 – New York City Premium Development A ‘Case Study’ Renewal Terms Source: Joint Hull Committee

38 IUMI 2002 – New York City Premium Development A ‘Case Study’ Renewal Terms Source: Joint Hull Committee

39 IUMI 2002 – New York City A ‘Case Study’ Premium Development Source: Joint Hull Committee Rating Index

40 IUMI 2002 – New York City A ‘Case Study’ Premium Development Source: Joint Hull Committee Rating Index

41 IUMI 2002 – New York City A ‘Case Study’ Premium Development Source: Joint Hull Committee Rating Index

42 IUMI 2002 – New York City A ‘Case Study’ Premium Development Source: Joint Hull Committee Rating Index

43 IUMI 2002 – New York City Lloyd’s Results vs Fleet X-Section Index Profit vs Rate Index Source: Joint Hull Committee & Lloyd’s Market Analysis Dept

44 IUMI 2002 – New York City Profit vs Rate Index Lloyd’s Results vs Fleet X-Section Index Source: Joint Hull Committee & Lloyd’s Market Analysis Dept

45 IUMI 2002 – New York City Profit vs Rate Index Lloyd’s Results vs Fleet X-Section Index Source: Joint Hull Committee & Lloyd’s Market Analysis Dept

46 IUMI 2002 – New York City Profit vs Rate Index Lloyd’s Results vs Fleet X-Section Index Source: Joint Hull Committee & Lloyd’s Market Analysis Dept Lloyd’s MRAD Projection

47 IUMI 2002 – New York City Results  Acute Cycle  1993 – 1996 Exceptional Profits  1997 – 2000 Losses  2001 – Improvement ­ Cash Flow, Total Loss Incidence ­Rating - relatively low  London Cycle or Worldwide? Conclusion

48 IUMI 2002 – New York City Global Hull Premium Market Share Source: CEFOR Report on Marine Insurance Premium 1999/2000 Spain

49 IUMI 2002 – New York City Global Hull Premium Market Share Source: CEFOR Report on Marine Insurance Premium 1999/2000 Italy Spain

50 IUMI 2002 – New York City Global Hull Premium Market Share Source: CEFOR Report on Marine Insurance Premium 1999/2000 Norway Italy Spain

51 IUMI 2002 – New York City Global Hull Premium Market Share Source: CEFOR Report on Marine Insurance Premium 1999/2000 USA Norway Italy Spain

52 IUMI 2002 – New York City Global Hull Premium Market Share Source: CEFOR Report on Marine Insurance Premium 1999/2000 France USA Norway Italy Spain

53 IUMI 2002 – New York City Global Hull Premium Market Share Source: CEFOR Report on Marine Insurance Premium 1999/2000 Japan France USA Norway Italy Spain

54 IUMI 2002 – New York City Market Share Global Hull Premium Source: CEFOR Report on Marine Insurance Premium 1999/2000 London Japan France USA Norway Italy Spain

55 IUMI 2002 – New York City Source: CEFOR Report on Marine Insurance Premium 1999/2000 Global Hull Premium Market Share Development

56 IUMI 2002 – New York City Looking Forward  2002 Result?  To Report on Next Year  But  Reliance Upon:- Cash Flow Improvement Total Loss Reduction  Rating Relatively Low  Issues World Economy Effect of Regulation (Flag, STCW, ISM, IMO, IACS) Changing Nature of Risk Investment Income Reinsurance

57 IUMI 2002 – New York City A Joint Hull Committee View from London Casualty & Underwriting Statistics IUMI New York City


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