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Marine & Energy Practice Risk and Insurance SeminarHouston
20 September 2004
John LapsleyChairmanMarine & Energy
Marsh 2
Welcoming address
Marsh 3
Where historians say it all started…
Marsh 4
Marsh 5
Marsh 6
Brief history of Marine Insurance
Marsh 7
Brief history of Marine insurance
Marsh 8
It’s all to do with a cup of coffee
LONDON 1680
EDWARD LLOYD’S COFFEE HOUSE IN
TOWER STREET
Just a 5 minute walk for ship’s captains
Just a 10 minute walkfor city financiers
Marsh 9
Lloyd’s history – the origins / milestones
Marsh 10
Brief history of Marine insurance
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Brief history of Marine insurance
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Brief History of Marine Insurance
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Market capacity greater than at any time in its
315 year history
20022002 20032003
GBP 13,230,000,000 18% GBP 14,396,000,000
* Source = Lloyd’s Members Services Unit
Lloyd’s today
Marsh 14
USA History of Insurance - Milestones
Marsh 15
USA History of Insurance - Milestones
Marsh 16
The State of the Market
Loss Ratio
Index
25
75
125
175
225
275
325
375
425
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
Source: CEFOR
Marsh 17
Global premiums reported 1997 to 2002 (accounting years)
0 2000 4000 6000 8000 10000 12000 14000
USD (millions)
Total
Offshore / Energy
Marine Liability
Transport / Cargo
Global Hull
200220012000199919981997
Source: CEFOR
Marsh 18
World Insurance Market 2001 Premium Volume in USD Billion
957
12
1439
Life, 60%
Non-life, 40%
Marine, 0.5%
Source: Swiss Re & IUMI
Marine H&M: 2,8 ~ 0.1%
Total: 2,408Total: 2,408
Marsh 19
Market Shares 2002
3.9%
14.2%
22.1% 59.8%
EuropeAsia/PacificNorth AmericaRest of World
Source: CEFOR/IUMI
Marsh 20
Report on marine insurance premiums - by economic areas (USD million)
Europe = Albania, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom (IUA + Lloyd’s)
Asia/Pacific = Hong Kong, India, Indonesia, Japan, North Korea, South Korea, Malaysia, Pakistan, Singapore
North America = Bermuda, Canada, USA
Rest of the world = Australia, Congo, Egypt, Israel, Ivory Coast, Kenya, Lebanon, Mexico, Morocco, New Zealand, Nigeria, South Africa, Tunisia, United Arab Emirates
Europe = Albania, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom (IUA + Lloyd’s)
Asia/Pacific = Hong Kong, India, Indonesia, Japan, North Korea, South Korea, Malaysia, Pakistan, Singapore
North America = Bermuda, Canada, USA
Rest of the world = Australia, Congo, Egypt, Israel, Ivory Coast, Kenya, Lebanon, Mexico, Morocco, New Zealand, Nigeria, South Africa, Tunisia, United Arab Emirates
Region Premiums Premiums Premiums Variation Variation Market share Market share Market share 2002 2001 2000 2000-2001 2001-2002 2002 2001 2000
Europe 7,619,037 6,654,292 6,108,608 8.93% 14.50% 59.81% 58.54% 55.64%Asia/Pacific 2,820,473 2,685,196 3,025,848 -11.26% 5.04% 22.14% 23.62% 27.56%North America 1,805,642 1,618,951 1,404,519 15.27% 11.53% 14.18% 14.24% 12.79%Rest of the world 492,985 408,770 440,602 -7.22% 20.60% 3.87% 3.60% 4.01%
Source: CEFOR/IUMI
Marsh 21
Global Marine Premium 1992 - 2002 (USD Million), as reported
02000400060008000
1000012000140001600018000
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Accounting Year
Global Hull
Cargo
Liability
Energy
Total
Source: CEFOR/IUMI
Marsh 22
0
200
400
600
800
1000
1200
1400
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
Accounting Year
France
Italy
Japan
Norway
Spain
UK (ILU/IUA)
UK (Lloyd's)
USA
Global Hull PremiumMajor Markets 1992 - 2002 (USD Million)
Source: CEFOR/IUMI
Marsh 23
Absheron
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Involvement of Energy roots in MarineMarine to Upstream
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Involvement of Energy roots in Marine
1947 Terrebonne Parish, LA – first offshore structure Gulf of Mexico
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Involvement of Energy roots in MarineMarine to Upstream
1975 first North Sea structure - Argyll
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Buzzard
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Involvement of Energy roots in MarineMarine to Upstream
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Involvement of Energy roots in MarineMarine to Upstream
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Oil Insurance Mutual
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Involvement of Energy roots in MarineMarine to Upstream
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Fire to Downstream
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Fire to Downstream
Marsh 34
Summary