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The 2007 CEFOR NoMIS Report
Nordic Marine Insurance Statistics Underwriting Years 1995–2007, as of 31 December 2007
2007 CEFOR Nordic Marine Insurance Statistics – Part 1As 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 1995-2007 •Number of vessels•Development of average insured values, DWT and premium •Average age•Average standard deductible•Loss Ratio (including IBNR), 1985-2007•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)
2007 CEFOR Nordic Marine Insurance Statistics – Part 1As 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.
2007 CEFOR Nordic Marine Insurance Statistics – Part 1As 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 (<5, <20, <100, and >100 Mio USD)•Explanations
2007 CEFOR Nordic Marine Insurance Statistics – Part 1As 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 1998. In 2000, the database was extended to include also non-lead business back to underwriting year 1995. In 2003, data from a major new member was integrated, dating back to underwriting year 1995. 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 2007.
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.
2007 CEFOR Nordic Marine Insurance Statistics – Part 1As 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 transactionOutstanding 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 InsuredPartial Losses = all losses <= 75% of the Sum Insured
Loss Ratio = Total claims / Net premium
Underwriting year = year in which the insurance policy attaches
2007 CEFOR Nordic Marine Insurance Statistics – Part 1As of 31 December 2007
Types of vessels specified
Vessel Type group Vessels Types included Lloyds Conf. Index Code
BULK Bulk, Ore, Cement BBU, BCB, BCE, BOR, BWC
CAR/RORO Car Carrier, RoRo MVE, URC, URR
CARGO Dry Cargo, General Cargo, Reefers, GCT, GGC, GPC, GRF, MLVPallett Vessels, Animal Transport Vessels
CHEM./PRODUCT Chemical Carriers, Product / Acid / Edible Oil / TAC, TCH, TCO, TEO, TFJ, TFOFish Oil / Fruit Juice / Wine / Molasses / TMO, TPD, TWA, TWN, TWTWaste/ Water Tankers
CONTAINER Container UCC, UCR
LNG/LPG Gas Carriers LNG, LPG, LNG/LPG LNG, LPG, LNP
OBO Combined Vessels Bulk, Ore, Oil COO, CBO
OTHER all other ships and floating units all other codesnot specifically defined otherwise, likeFishing vessels, Barges, Cranes, Floating Storage,Floating Production, Pollution Control Vessels,Mud boat, Research vessels, Cable, Seismic Searchvessel, Flo/Flo, etc.
2007 CEFOR Nordic Marine Insurance Statistics – Part 1As of 31 December 2007
Types of vessels specified contd.
Vessel Type group Vessels included Lloyds Conf. Index Code
PASSENGER All types of passenger vessels and ferries, LOF, LOP, MPR, OFY, OHF, Passenger/Roro, Highspeed Craft OHS, PRR
SUPPL/OFF Supply, 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
TANK Tanker, Sludge Vessel, Crude Oil Tanker OSC, OTC, TAS, TBK, TCR, Asphalt Carriers, Bunkering Tanker, TNA, TTANaval Auxiliary
France7.6%
Italy6.4%Japan
9.0%Korea5.4%
Spain4.1%
USA5.9%
Rest of the World28.2%
UK (IUA)5.7% UK (Lloyd's)
13.7%
Norway14.0%
Bluewater 9.5%
Coastal Marine Clubs4.3%
Gard35.0%
Gerling9.0%
Gjensidige3.7%
If2.4%
NEMI7.4%
Norwegian Hull Club24.5%
Vesta2.0%
Codan2.3%
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
France7.6%
Italy6.4%Japan
9.0%Korea5.4%
Spain4.1%
USA5.9%
Rest of the World24.9%
UK (IUA)5.7%
UK (Lloyd's)13.7%
CEFOR17.3%
Bluewater 7.7%
Coastal Marine Clubs3.5%
Gard28.3%
Gerling7.3%
Gjensidige3.0%
If1.9%
NEMI6.0%
Norwegian Hull Club19.8%
Swedish Club7.1%
Vesta6.0%
Codan9.4%
2007 CEFOR Nordic Marine Insurance Statistics – Part 2
Distribution of Global Marine Hull Premium 2006
World CEFOR
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 !
Bluewater 8%
Møre- og Tromstrygd
0%
Codan10%
Gard29%
Gerling6%
Gjensidige5%
If4%
NEMI6%
Norwegian Hull Club19%
Swedish Club7%
TrygVesta Marine
6%
Bluewater 9%
Codan8%
Gard35%
Gerling8%
Gjensidige0%
NEMI6%
Norwegian Hull Club
21%
Swedish Club8%
TrygVesta Marine
5%
2007 CEFOR Nordic Marine Insurance Statistics – Part 2As 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)
Average share written in the NoMIS market
0%
10%
20%
30%
40%
50%
60%
All business 33% 36% 36% 36% 38% 37% 44% 41% 37% 36% 36% 35% 31%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As 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.
No. of Vessels per Underwriting Year
5,5486,215
7,331 7,3456,792
6,2777,106 7,399
8,298
9,70810,222
11,54411,412
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Evolution of average sum insured, DWT, net premium 1995=100%
0%
50%
100%
150%
200%19
95
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Index Average Sum Insured, 1995=100% Index Average DWT, 1995=100%Index Average Net Premium, 1995=100%
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Average Age
13.013.4
13.8 14.0 13.9 13.8 13.813.6
13.1 12.9 12.612.3
12.7
8.0
10.0
12.0
14.0
16.0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Average Standard Deductible DevelopmentAll business, 100%, in USD
0
50,000
100,000
150,000
200,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Average Std. Deductible Av.Std. Ded. <= 500,000 USD
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Hull Net Loss Ratio,as reported per 31.12.07 (2007 incl. IBNR)
98%
134%
150%151%
207%
224%
123%
74%
47% 48%54%
78%90%
124%134%
124%115%117%
98%110% 110%
100%
116%
0%
50%
100%
150%
200%
250%
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
L/R est. final (2006, 2007 incl. IBNR) 100%
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
CBNI = Covered But Not yet IncurredIBNR = Incurred But Not yet ReportedOutstanding = Incurred and reported, but not yet paid
Premiums and claims per vessel per underwriting yearin USD 1000
0
20
40
60
80
100
120
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
CBNI
IBNR
Outstanding claims
Paid claims
Net premium
USD Claim per vessel
010,000
20,00030,000
40,00050,000
60,00070,000
80,00090,000
100,00019
95
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
>= 30 MUSD
10-30 MUSD
5-10 MUSD
1-5 MUSD
<= 1 MUSD
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Claim bands:
Numbers (%)Inner ring: 2002-2006Outer ring: 2006
36%
2%12%19%
11%
4%1%15%
37%
2%
13%20%
10%
3%0%
15% Engine
Fire and explosion
Collision
Contact
Grounding
Heavy weather
Ice
Other
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Claims by Claims type
Total 2006: 2,931
Costs (%)Inner ring: 2002-2065Outer ring: 2006
28%
11%
13%8%
25%
4%0%11% 28%
4%
10%
15%
23%
5%0%
15%Engine
Fire and explosion
Collision
Contact
Grounding
Heavy weather
Ice
Other
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Claims by Claims type
Total 2006: USDm 1,056
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Comment: Claims < 10.000 USD account for about half of all claims. Registration of thesemay 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
Claim frequency per underwriting year
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
all claims 0.30 0.28 0.29 0.31 0.28 0.28 0.27 0.24 0.27 0.26 0.25 0.25 0.25
claims > 10,000 USD 0.13 0.13 0.12 0.14 0.13 0.12 0.13 0.11 0.13 0.13 0.14 0.14 0.13
claims > 500,000 USD 0.02 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.02
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 20062002-2006 Av.
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Claim per vessel per underwriting year
0
20,000
40,000
60,000
80,000
100,000
all claims 59,419 66,152 55,288 62,047 57,113 53,960 51,362 60,982 63,817 79,799 76,717 91,457 76,221
partial claims 44,013 50,260 39,888 53,368 50,582 40,627 39,726 39,767 49,368 65,312 66,918 71,750 60,424
TLO claims 15,406 15,893 15,400 8,680 6,531 13,333 11,636 21,216 14,448 14,487 9,799 19,707 15,797
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 20062002-2006 Av.
2007 CEFOR Nordic Marine Insurance Statistics – Part 3As of 31 December 2007
Claim per sum insured per underwriting year
0.000%
0.050%
0.100%
0.150%
0.200%
0.250%
0.300%
0.350%
0.400%
all claims 0.315% 0.372% 0.311% 0.302% 0.287% 0.242% 0.238% 0.283% 0.290% 0.331% 0.282% 0.311% 0.301%
partial claims 0.233% 0.282% 0.224% 0.260% 0.254% 0.183% 0.184% 0.185% 0.224% 0.271% 0.246% 0.244% 0.239%
TLO claims 0.082% 0.089% 0.087% 0.042% 0.033% 0.060% 0.054% 0.099% 0.066% 0.060% 0.036% 0.067% 0.062%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 20062002-2006 Av.
Inner ring: 2002-2006Outer ring: 2007
26.1%
21.1%
14.8%
12.0%
26.1%
26.7%
21.1%
16.6%
10.5%
25.1%
0-5 years
5-10 years
10-15 years
15-20 years
> 20 years
2007 CEFOR Nordic Marine Insurance Statistics – Part 4 As of 31 December 2007
Number of vessels per age group
Total number of vessels 2002-2006: 47,1712007: 11,412
2007 CEFOR Nordic Marine Insurance Statistics – Part 4As of 31 December 2007
Comment: Claims < 10.000 USD account for about half of all claims. Registration of thesemay 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
Claim frequency per age group
0.0
0.1
0.2
0.3
0.4
2001-2003 0.25 0.31 0.28 0.27 0.22
2004-2006 0.23 0.30 0.28 0.26 0.23
2001-2006 0.24 0.30 0.28 0.26 0.22
0-5 years 5-10 years 10-15 years 15-20 years > 20 years
2007 CEFOR Nordic Marine Insurance Statistics – Part 4As of 31 December 2007
Claim per vessel per age groupin USD
0.0
20000.0
40000.0
60000.0
80000.0
100000.0
2001-2003 71,406 50,301 53,300 57,575 58,488
2004-2006 83,696 81,305 77,068 93,262 84,471
2001-2006 78,800 69,624 67,695 74,145 73,253
0-5 years 5-10 years 10-15 years 15-20 years > 20 years
2007 CEFOR Nordic Marine Insurance Statistics – Part 4As of 31 December 2007
Claim per sum insured per age group
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
2001-2003 0.185% 0.180% 0.262% 0.470% 0.666%
2004-2006 0.190% 0.248% 0.323% 0.543% 0.800%
2001-2006 0.188% 0.225% 0.301% 0.510% 0.748%
0-5 years 5-10 years 10-15 years 15-20 years > 20 years
2007 CEFOR Nordic Marine Insurance Statistics – Part 4As of 31 December 2007
Claim per DWT per age groupin USD
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2001-2003 1.2 0.9 1.0 1.6 1.7
2004-2006 1.5 1.7 1.5 2.1 3.0
2001-2006 1.4 1.4 1.3 1.9 2.4
0-5 years 5-10 years 10-15 years 15-20 years > 20 years
2007 CEFOR Nordic Marine Insurance Statistics – Part 4As of 31 December 2007
Loss ratio per age group
0%
50%
100%
150%
200%
2001-2003 117.5% 82.0% 99.3% 119.3% 118.7%
2004-2006 104.6% 97.0% 107.1% 131.8% 120.4%
2001-2006 108.9% 92.4% 104.6% 126.3% 119.8%
0-5 years 5-10 years 10-15 years 15-20 years > 20 years
Inner ring: 2002-2006Outer ring: 2007
21.8%
5.3%
13.5%
11.6%17.9%
3.8%0.8%3.5%
3.8%
7.0%
10.8%
21.4%
4.3%
13.9%
12.6%
21.7%
3.6%0.4%3.9%
3.7%
6.0%
8.3% Bulk
Car/RoRo
Cargo
Chem./Prod.
Container
LNG/LPG
OBO
Other
Passenger
Suppl./Off.
Tank
2007 CEFOR Nordic Marine Insurance Statistics – Part 5As of 31 December 2007
Number of vessels per vessel type
Total number of vessels 2002-2006: 47,1712007: 11,412
Sum Insured per Vessel (excl. Passenger)
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
2002
2003
2004
2005
2006
2007
Bulk
Cargo
Cont./Car/RoRo
Tank
Supply/Off
Car/RoRo
all
2007 CEFOR Nordic Marine Insurance Statistics – Part 5As of 31 December 2007
Notes:
- ”Tank” includes in this and the following slides: Chemical/Product, LNG/LPG, OBO and other tank vessels
- Claims < 10.000 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
Claim frequency per vessel type group
0.0
0.1
0.2
0.3
0.4
0.5
2001-2003 0.19 0.31 0.38 0.30 0.20 0.20
2004-2006 0.18 0.32 0.36 0.35 0.19 0.22
2001-2006 0.19 0.32 0.37 0.32 0.19 0.21
Bulk CargoCont./Car/R
oRoPassenger Tank Supply/Off
2007 CEFOR Nordic Marine Insurance Statistics – Part 5As of 31 December 2007
Claim per vessel per vessel type group
0
100,000
200,000
300,000
2001-2003 48,905 39,736 76,913 123,768 61,929 27,361
2004-2006 68,667 57,391 97,075 263,550 69,469 69,730
2001-2006 60,437 50,636 88,870 196,517 66,180 50,446
Bulk CargoCont./Car/R
oRoPassenger Tank Supply/Off
2007 CEFOR Nordic Marine Insurance Statistics – Part 5As of 31 December 2007
Claim per sum insured per vessel type group
0.0%
0.2%
0.4%
0.6%
0.8%
2001-2003 0.369% 0.500% 0.369% 0.123% 0.237% 0.453%
2004-2006 0.346% 0.644% 0.354% 0.229% 0.205% 0.709%
2001-2006 0.354% 0.593% 0.359% 0.182% 0.217% 0.622%
Bulk CargoCont./Car/R
oRoPassenger Tank Supply/Off
2007 CEFOR Nordic Marine Insurance Statistics – Part 5As of 31 December 2007
Claim per DWT per vessel type group
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2001-2003 0.8 3.0 2.7 28.7 0.7 20.9
2004-2006 1.1 5.1 3.0 50.4 0.8 46.7
2001-2006 1.0 4.2 2.9 41.0 0.8 35.8
Bulk CargoCont./Car/R
oRoPassenger Tank Supply/Off
2007 CEFOR Nordic Marine Insurance Statistics – Part 5As of 31 December 2007
Loss ratio per vessel type group
0%
50%
100%
150%
200%
250%
2001-2003 100% 105% 143% 85% 109% 135%
2004-2006 108% 107% 129% 98% 94% 206%
2001-2006 105% 107% 134% 93% 99% 182%
Bulk CargoCont./Car/R
oRoPassenger Tank Supply/Off
Inner ring: 2002-2006Outer ring: 2007
28.7%
11.5%
16.0%
15.2%
12.4%
4.7%4.8%
28.5%
12.6%
15.4%
14.2%
13.5%
4.7%
4.9%3.1%
0.3%
3.1%1.8%1.4%
0.4%1.2%1.5% < 10,000
10,000-20,000
20,000-35,000
35,000-50,000
50,000-75,000
75,000-100,000
100,000-150,000
150,000-200,000
200,000-250,000
250,000-300,000
>300,000
2007 CEFOR Nordic Marine Insurance Statistics – Part 6As of 31 December 2007
Number of vessels per Size Group
Total number of vessels 2002-2006: 47,1712007: 11,412
2007 CEFOR Nordic Marine Insurance Statistics – Part 6As of 31 December 2007
Comment: Claims < 10.000 USD account for about half of all claims. Registration of thesemay 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
Claim frequency per DWT size group
0.0
0.1
0.2
0.3
0.4
2001-2003 0.31 0.33 0.30 0.25 0.15 0.15 0.16 0.11 0.08 0.16 0.15
2004-2006 0.32 0.32 0.29 0.23 0.17 0.19 0.16 0.11 0.12 0.13 0.11
2001-2006 0.32 0.32 0.30 0.24 0.16 0.17 0.16 0.11 0.10 0.14 0.13
< 10,000
10,000-20,000
20,000-35,000
35,000-50,000
50,000-75,000
75,000-100,000
100,000-150,000
150,000-200,000
200,000-250,000
250,000-300,000
>300,000
2007 CEFOR Nordic Marine Insurance Statistics – Part 6As of 31 December 2007
Claim per vessel per DWT size groupin USD
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
2001-2003 47,489 86,739 67,323 49,586 64,822 80,904 46,420 39,830 18,481 107,282 48,962
2004-2006 76,861 105,437 90,743 71,304 68,839 67,005 130,964 116,643 17,221 64,118 68,651
2001-2006 64,675 97,483 80,607 62,131 67,276 72,911 95,333 85,059 17,784 85,240 59,888
< 10,000
10,000-20,000
20,000-35,000
35,000-50,000
50,000-75,000
75,000-100,000
100,000-150,000
150,000-200,000
200,000-250,000
250,000-300,000
>300,000
2007 CEFOR Nordic Marine Insurance Statistics – Part 6As of 31 December 2007
Claim per sum insured per DWT size group
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
0.6%
2001-2003 0.228% 0.518% 0.449% 0.276% 0.245% 0.242% 0.138% 0.123% 0.076% 0.271% 0.109%
2004-2006 0.372% 0.471% 0.479% 0.314% 0.210% 0.144% 0.264% 0.249% 0.052% 0.119% 0.097%
2001-2006 0.312% 0.488% 0.467% 0.300% 0.222% 0.178% 0.222% 0.208% 0.061% 0.182% 0.101%
< 10,000
10,000-20,000
20,000-35,000
35,000-50,000
50,000-75,000
75,000-100,000
100,000-150,000
150,000-200,000
200,000-250,000
250,000-300,000
>300,000
2007 CEFOR Nordic Marine Insurance Statistics – Part 6As of 31 December 2007
Claim per DWT per DWT size groupin USD
0.02.04.06.08.0
10.012.014.016.018.0
2001-2003 11.6 5.8 2.5 1.2 1.0 0.9 0.4 0.2 0.1 0.4 0.1
2004-2006 17.3 7.3 3.3 1.7 1.1 0.8 1.1 0.7 0.1 0.2 0.2
2001-2006 15.1 6.7 2.9 1.5 1.1 0.8 0.8 0.5 0.1 0.3 0.2
< 10,000
10,000-20,000
20,000-35,000
35,000-50,000
50,000-75,000
75,000-100,000
100,000-150,000
150,000-200,000
200,000-250,000
250,000-300,000
>300,000
2007 CEFOR Nordic Marine Insurance Statistics – Part 6As of 31 December 2007
Loss ratio per DWT size group
0%
50%
100%
150%
200%
2001-2003 95% 173% 136% 103% 106% 115% 69% 60% 20% 135% 54%
2004-2006 105% 140% 134% 109% 92% 73% 132% 133% 20% 53% 58%
2001-2006 102% 151% 135% 107% 97% 88% 111% 108% 20% 84% 56%
< 10,000
10,000-20,000
20,000-35,000
35,000-50,000
50,000-75,000
75,000-100,000
100,000-150,000
150,000-200,000
200,000-250,000
250,000-300,000
>300,000
Inner ring: 2002-2006Outer ring: 2007
7%5%
2%
11%
6%
2%6%
1%8%4%6%
3%3%
3%5%3%4%
21%
8%
5%2%
11%
4%
4%
6%
1%8%
5%4%
4%3%
5%
3%
3%
3%
21%
BHS - Bahamas
CYP - Cyprus
GRC - Greece
LBR - Liberia
NIS - Norway int.reg.
NOR - Norway
PAN - Panama
USA
ATG - Antigua&Barbuda
DIS - Denmark
DEU- Germany
HKG - Hongkong
MLT - Malta
MHL - Marshall Islands
NLD - Netherlands
SGP - Singapore
GBR - UK
other
2007 CEFOR Nordic Marine Insurance Statistics – Part 7As of 31 December 2007
Number of vessels per largest flags
Total number of vessels 2002-2006: 47,1712007: 11,412
Grey16%
White79%
Other4%
Black1%
Very high risk
Black0%
Medium to high risk
Black62%
Medium riskBlack33%
High riskBlack5%
2007 CEFOR Nordic Marine Insurance Statistics – Part 7As of 31 December 2007
Vessel distribution by flag
by Paris MOU classification
(Black Grey and White list 2006,as of 5 June 2007)
Inner ring: 2002-2006Outer ring: 2007
12.3%
8.5%
16.7%
20.9%
9.6%
23.0%
9.1%
11.5%
9.3%
20.3%
18.8%
9.5%
20.8%
9.8%
American Bureau
Bureau Veritas
Germanischer Lloyd
Lloyd's Register
Nippon Kaiji Kyokai
Det Norske Veritas
others
2007 CEFOR Nordic Marine Insurance Statistics – Part 7As of 31 December 2007
Number of vessels per classification society
Total number of vessels 2002-2006: 47,1712007: 11,412
Exposure curves by Sum InsuredPartial Claims only (<75%SI)
50%
60%
70%
80%
90%
100%
110%
Ceding company's retention as % of SI
Ce
din
g c
om
pa
ny
's r
ete
nti
on
of
cla
ims
(i
n %
of
tota
l cla
ims
)
0-5 Mio USD 0.595 0.775 0.870 0.933 0.968 0.988 0.999 1.000 1.000 1.000
5-20 Mio USD 0.716 0.850 0.914 0.952 0.977 0.992 0.999 1.000 1.000 1.000
20-75 Mio USD 0.741 0.853 0.921 0.966 0.984 0.993 0.999 1.000 1.000 1.000
> 75 Mio USD 0.903 0.972 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
100% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2007 CEFOR Nordic Marine Insurance Statistics – Part 9As of 31 December 2007
PA claims in % of all claims : 0-5 Mio USD: 70%5-20 Mio USD: 83%20-75 Mio USD: 77%> 75 Mio USD: 100%
Sum Insured
2007 CEFOR Nordic Marine Insurance Statistics – Part 9As 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 vessel’s 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 2002-2007 (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
2007 CEFOR Nordic Marine Insurance Statistics – Part 9As 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
http://www.cefor.no/news/CEFOR%20&%20Annual%20Report/CEFOR_AnnualReport2007.pdf
• The 2007 CEFOR NoMIS Reporthttp://www.cefor.no/statistics/documents/2007%20CEFOR%20The%20NoMIS%20report.ppt
• The 2007 CEFOR Report on Hull claim trendshttp://www.cefor.no/statistics/documents/2007%20CEFOR%20Hull%20Claim%20Trends.pdf
Links to other marine insurance statistics:
• CEFOR website, Statistics section: (CEFOR and IUMI statistics for download, including historical data) http://www.cefor.no/statistics/statistics.htm
• IUMI (International Union of Marine Insurance): Statistics issued by IUMI’s Facts & Figures Committee:http://www.iumi.com/index.cfm?id=7165