1. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Number of Claims per Type of Vessel
Total 7,743 claims
Total 1,028 claims
Total 577 claims
Page: a

2. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Cost of Claims per Type of Vessel
Total $1,843 mill.
Total $126 mill.
Total $325 mill.
Page: b

3. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Number of Claims per Age Group
Total 7,743 claims
Total 1,028 claims
Total 577 claims
Page: a

4. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Cost of Claims per Age Group
Total $1,843 mill.
Total $126 mill.
Total $325 mill.
Page: b

5. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Number of Claims per Type of Casualty
Total 7,743 claims
Total 1,028 claims
Total 577 claims
Page: a

6. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Cost of Claims per Type of Casualty
Total $1,843 mill.
Total $325 mill.
Total $126 mill.
Page: b

7. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Page: 4.1.5

8. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Page: 4.1.6

9. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Page: 5.1.1

10. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Page: 5.1.2

11. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Calculation methods for Index Key Factors and Adjusted Rating Development
1) Rating Quality Index
Adjustment Factors: V = (Av.SI year x - Av. SI 1995) / 100 * 0,3
VP = Av.Prem. per vessel year - V
PAPB = VP - (Av.SI 1995 * 0,257) / 100
SPAB = PAPB * Av. (F)DWT per vessel 1995 / Av. (F)DWT per vessel year x
Adjusted values: Adjusted Premium = SPAB + (Av.SI 1995 * 0,257 / 100)
Adjusted Standard Deductible = Av.Std.Ded. * Av.(F)DWT 1995 / Av.(F)DWT year x
(Adj.Prem. + 50% (Standard Deductible < 500,000))rate
= (Adj.Prem.+0,5 * (Adj.Std.Ded < 500,000)) / (Av.SI1995) * 100
Rating Quality Index = (Adj.Prem + 50% (Std.Ded.< 500,000)) rate year x
/ (Adj.Prem. + 50% (Std.Ded.< 500,000)) rate 1995 * 100 for x = 1995 to 2003
2) Cash Index
Factor year x = Net Premium year x+1 / Net Premium year x
Net Premium in this case is the sum over all ships renewed from year x to year x+1 with a Sum Insured and a Standard
Deductible within a 90% margin in relation to the previous years Sum Insured and Standard Deductible
Cash Index (1995) = Factor 1995
Cash Index (year x) = Factor year x * Cash Index (year x-1) for x = 1996 to 2003
3) Loss Ratio Index = Loss Ratio year x / Loss Ratio for x = 1995 to 2002
(Loss Ratio = Total Claims / Net Premium)
4) Claims Cost Index = Claims Cost year x / Claims cost for x = 1995 to 2002
5) Claims Frequency Index = Claims Frequency year x / Claims Frequency for x = 1995 to 2002
(Claims Frequency = No. of claims / No. of vessel years)
Page: 5.2.0

12. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Rating Development:
Premium = Net Premium per Vessel in % of Sum Insured year x / Net Premium per Vessel in % of Sum Insured 1995,
for x = 1995 to 2003
Premium + (50% of Standard Deductible < 500,000)
= (Net Premium per Vessel + 50% (Standard Deductible < 500,000)) in % of Sum Insured year x/
(Net Premium per Vessel + 50% (Standard Deductible < 500,000)) in % of Sum Insured 1995
Adjusted Rating Development:
Adjustment Factors: V = (Av.SI year x - Av. SI 1995) / 100 * 0,3
VP = Av.Prem. per vessel year - V
PAPB = VP - (Av.SI 1995 * 0,257) / 100
SPAB = PAPB * Av.FDWT per vessel 1995 / Av.FDWT per vessel year x
Adjusted values: Adjusted Premium = SPAB + (Av.SI 1995 * 0,257 / 100)
Adjusted Standard Deductible < 500,000
= (Average Standard Deductible < 500,000) * Av.FDWT 1995 / Av.FDWT year x
(Adj.Prem. + 50% (Standard Deductible < 500,000))rate
= (Adj.Prem + 50% (Adjusted Standard Deductible < 500,000)) / Av.SI 1995 * 100
Premium = Adjusted Premium year x / Adjusted Premium 1995, for x = 1995 to 2003
Premium + 50% (Standard Deductible < 500,000)
= (Adj.Prem + 50% (Standard Deductible < 500,000)) rate year x
/ (Adj.Prem. + 50% (Standard Deductible < 500,000)) rate 1995 * 100
Page: contd.

13. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Page: 5.2.1

14. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Page: 5.2.2

15. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Page: 5.2.3

16. Norwegian Marine Insurance Statistics As of 31 December 2003
Norwegian Marine Insurance Statistics As of 31 December 2003
Comment:
Deductibles <=97 based on database before restructuring of underwriting years
Deductibles >= 98 based on the ”new” database
Page: 5.2.4