THE 2019 CEFOR NOMIS OCEAN HULL REPORT...In 2015, the reporting format was modernized and the...

THE 2019 CEFOR NOMIS OCEAN HULL REPORT(VESSELS WITH REGISTERED IMO NUMBER)

Nordic Marine Insurance Statistics as of 31 December 2019

OCEAN HULL REPORT – INCLUDED DATA

• Underwriting years 1995-2019 (accident years 1996-2019)

• Vessels with a registered IMO-number.

(For statistics on small coastal tonnage, see

«The 2019 Cefor NoMIS COASTAL Hull report»)

• If not indicated otherwise on the slide, figures are presented

‐ on accident year basis (claims allocated to the calendar year in

which the claim occurred).

‐ as reported by 31 December 2019 (i.e. without IBNR loading for

claims not yet registered or incurred by this date).

Page 5 Introduction (Contents / NoMIS history / Definitions)

Page 9 Cefor position in the global hull insurance market 2018/

Cefor hull insurance market 2019/ Cefor share of World fleet

Page 12 Key figures – NoMIS ‘Ocean’ portfolio

Page 27 Key figures – by age group

Page 33 Key figures – by vessel type group

Page 39 Key figures – by size group

Page 45 Key figures – by sum insured layers

Key figures: Breakdown of number of vessels – Claims frequency – Claim cost per vessel/

per Sum Insured/ per gross ton – Average claim cost

OCEAN HULL REPORT – CONTENTSNoMISNordic Marine

Insurance Statistics

Page 51 Breakdown by flag and classification society

•Number of vessels by flag, 16 largest

•Number of vessels by classification society, 6 largest

Page 53 Exposure curves

•Sum Insured bands

(<5, <20, <100, and >100 MUSD; for partial claims / all claims)

•Explanations

Page 56 – Cost Driving Factors Inflation Index (by date of loss)

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 Nordic 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.

With reference to Commission Regulation (EC) No 267/2010 on the application of Article 101(3) and the European

Commission's Guidelines for the Assessment of Horizontal Agreements (the "Horizontal Guidelines”), we further

stress that the statistical data presented in this publication is non-binding in its character.

OCEAN HULL REPORT – CONTENTS

4

NoMISNordic Marine


The Nordic Marine Insurance Statistics (NoMIS) is a joint database project of Cefor members active in the Hull & Machinery

market to compile insurance data and vessel characteristics for statistical purposes, administered by Cefor.

From its foundation in 1985 until 1997, the data was compiled by appointing Cefor a facultative reinsurer to which members

of the Norwegian Hull Agreement ceded 0.1% of their H&M insurance. Premium and claims information was exchanged via

Borderaux, the lead insurer providing details of each claim.

In 1996, the hull agreement was discontinued, but the statistics cooperation continued. In 1998, steps were taken to update

the NoMIS’ database electronically instead of manually. Since1999 Cefor thus has been able to issue up-to-date hull trends

regularly throughout the year. In addition, the scope of reporting was extended substantially by including non-lead business.

The electronically updated figures capture all underwriting years from 1995 until today.

In the following years, new Cefor members joined the NoMIS cooperation, adding data from 1995 underwriting year.

In 2009, Gjensidige and Tryg joined, reporting data from 2000 (2003) underwriting year. Alandia joined in 2012, reporting

data from 2005 underwriting year. In addition, If extended its scope of reporting to business written from all Nordic countries.

In 2015, the reporting format was modernized and the database migrated to a new technical platform. Since 2016, all

members report according to the modernized reporting format.

In 2016, Skuld joined the NoMIS cooperation, reporting data from 2011 underwriting year.

In 2018, Cefor revised its claims codes in order to better identify the initial cause of a casualty.

By 31st December 2019, in all 284,570 vessel-years and 71,482 claims were registered on underwriting years 1995 through

2019 for the ‘ocean’ hull portfolio (vessels with IMO number).

The NoMIS statistics in this report comprise data from the following marine insurers: Alandia, Bluewater (until 2008), Codan,

Gjensidige, If, Gard, NEMI (until 2009), Norwegian Hull Club, Skuld, The Swedish Club, Tryg (until 2009), Zurich (until 2002).

THE NORDIC MARINE INSURANCE DATABASE

5

All amounts are presented in USD.

Rate of exchange applicable to convert the figures from the original currencies into USD:

Insured values: av. rate of exchange of the month the insurance coverage gets into force

Paid claims: av. rate of exchange of the month of the payment transaction

Outstanding claims: av. rate of exchange of December 2019

Underwriting year = year in which the insurance policy attaches

All claims are net of any applicable deductibles.

Total Claims = Paid claims + Outstanding claims

TLO (total losses) = claims in excess of 75% of the Sum Insured1

Partial Losses = all claims <= 75% of the Sum Insured

IBNR (”Incurred but not reported”) = reserve for claims adjustments and registration backlog

OCEAN HULL REPORT – DEFINITIONS

6

NoMISNordic Marine


1 According to Clause 11-3 of the Nordic Marine Insurance Plan, a constructive total loss (CTL) is defined as a claim exceeding 80% of the sum insured

(www.nordicplan.org). To cater for currency conversion issues, the Cefor Statistics Forum includes in its total loss statistics all claims exceeding 75% of the sum insured.

Types of vessels specified

Vessel Type group Vessels Types included Lloyd’s List Intelligence Code

BULK Bulk, Ore, Cement BAC, BBU, BCB, BCE, BOR, BWC

CAR/RORO Car Carrier, RoRo MVE, URC, URR

CARGO Dry Cargo, General Cargo, Reefers, GCT, GGC, GPC, GRF, MLV

Pallett Vessels, Animal Transport Vessels

CHEM./PRODUCT Chemical 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

CONTAINER Container UCC, UCR

FISHING Fishing vessels FFC, FFF, FFP, FFS, FTR,FWF,FWH

LNG/LPG Gas Carriers LNG, LPG, LNG/LPG LBK, LCN, LNG, LPG, LNP

OTHER any other ships and floating units, any codes not specifically defined otherwise,

like Barges, Cranes, Floating Storage, Floating Production, Pollution Control

Vessels, Mud boat, OBO, Research vessels, Cable, Seismic Search vessel, Flo/Flo, etc.

OCEAN HULL REPORT - DEFINITIONSNoMISNordic Marine


7

Types of vessels specified contd.

Vessel Type group Vessels included Lloyd’ List Intelligence Code

PASSENGER All types of passenger vessels and ferries, LOF, LOP, MPR, OFY, OHF, OHS,

Passenger/Roro, Highspeed Craft PRR, PZZ

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, XFT, XPT, XTG, XTI,

XTP, XTR, XTS, XTT, XTX

TANK Tanker, Sludge Vessel, Crude Oil Tanker OSC, OTC, TAS, TBK, TCR, TNA,

Asphalt Carriers, Bunkering Tanker, Naval Auxiliary TPD, TRR, TTA, TUV

Excluded from the statistics in this report are the following offshore energy units:

LFP, LFR, LFS, LGP, LPS, TDP, TFP, TFS, YDP, YDS

OCEAN HULL REPORT – DEFINITIONS NoMISNordic Marine


8

China10.9%France

3.8%Germany

1.4%

Italy3.7%

Japan7.9%

Korea, Republic of

2.4%

Latin America

5.8%

Netherlands2.0%

Singapore

13.0%

Spain1.6%

USA3.5%

Other15.6%

UK (IUA)5.4%

UK (Lloyd's)13.9%

Nordic (Cefor)9.1%

Gard37.4%

Norwegian Hull Club

24.1%

Alandia7.1%

Skuld

6.7%

The Swedish Club6.3%

If5.1%

Codan4.5%

Gjensidige3.8%

Møretrygd1.5%

Fender Marine0.8%

Tromstrygd0.6%

DNK (war risk)2.1%

Breakdown of Global Marine Hull* Premium 2018

World Cefor

* «Hull» premium on this slide includes both ocean and coastal hull business for all hull-related insurance types

(Hull, hull interest, freight interest, loss of hire, builder’s risk, fishing (catch & gear)).

** Lloyd’s premium includes proportional and facultative reinsurance. Other countries’ premium includes only direct business.

Sources: IUMI ‘Global Marine Insurance Report’ by Astrid Seltmann, published September 2019, and Cefor Annual Report 2019

**

9

Gard35.6%

Norwegian Hull

Club27.3%

Alandia6.7%

Skuld6.7%

The Swedish Club

6.6%

If3.7%

Codan3.2%

Gjensidige3.0%

Møretrygd1.0%

Fender Marine0.7% Tromstrygd

0.5%

DNK (war risk)

5.0%

Breakdown of Cefor Marine Hull* Premium 2019

• The premium on this slide includes both ocean and coastal hull business for all hull-related insurance types

(Hull, hull interest, freight interest, loss of hire, builder’s risk, fishing (catch & gear)).

All NoMIS statistics on the following pages are pure Hull & Machinery statistics, based on vessels with IMO-number.

These exclude loss of hire, hull/freight interest, builder’s risk.

For small craft & fishing vessels trends check the coastal hull statistics issued separately.

Total Cefor marine hull* premium 2019:

816.3 USD million

Excluding DNK war risk insurance:

775.6 USD million

10

Source: Cefor Annual Report 2019

Cefor market participation expressed as % of the world merchant fleet

(vessels with IMO-number > 1,000 gross ton)

1) calculated as the number of vessels partly or wholly covered by Cefor members in underwriting years 2018 & 2019, divided by the total number of

ships with registered IMO-number in the world fleet. World fleet count as according to Lloyd’s List Intelligence “World Fleet Update” as of January 2020.

1)

THE CEFOR FLEET AS OF END 2019 NoMISNordic Marine


11

Gross tonnage

Year of build 1000-3999 4000-6999 7000-10000 >10000 Grand Total

Cefor share

2014-2019 14.3% 25.7% 18.1% 51.4% 39.9%

2009-2013 19.4% 33.4% 33.8% 52.1% 41.7%

2004-2008 22.1% 29.9% 41.3% 61.4% 45.6%

1999-2003 25.3% 26.3% 32.7% 52.1% 40.7%

1994-1998 17.5% 13.7% 16.9% 32.1% 22.4%

1989-1993 9.8% 14.2% 14.5% 32.4% 15.0%

<1989 or unknown 4.3% 4.8% 7.7% 18.3% 6.1%

World Fleet

2014-2019 2,088 826 515 6,662 10,091

2009-2013 3,229 1,391 842 8,699 14,161

2004-2008 2,686 1,030 1,041 5,313 10,070

1999-2003 1,472 655 343 3,066 5,536

1994-1998 1,652 757 307 1,684 4,400

1989-1993 1,849 551 228 589 3,217

<1989 or unknown 8,234 1,705 561 1,348 11,848

Total Cefor share 12.8% 20.5% 27.3% 50.4% 32.0%

Total World Fleet 21,210 6,915 3,837 27,361 59,323

OCEAN HULL – NUMBER OF VESSELS

as of 31 December 2019

NoMISNordic Marine


12

5,867

6,8277,291

6,9646,572

6,9727,562

8,309

9,571

10,655

11,884

13,127

12,321

10,444

9,619

10,734

13,185

15,051

16,06915,97115,537

16,188

17,748

19,055

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

Number of vessels, by year of exposure

Includes all insured vessels per underwriting year (renewed & new business).

OCEAN HULL – INSURED VALUESNoMISNordic Marine


13

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,000

35,000,000

40,000,000

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

Average sum insured, by underwriting year


Includes all insured vessels per underwriting year (renewed and new business).

OCEAN HULL – INDEXNoMISNordic Marine


14 as of 31 December 2019

80%

90%

100%

110%

120%

130%

140%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Index averagegross ton

Index averagesum insured

Index age

6.2%

2.1%

8.8%

2.4%

-15.5%

-7.5%

-4.6%

-6.7% -6.1% -5.9%

-9.3%

-7.6%-6.0%

-3.6% -4.2%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

Based on renewals only in respective year, i.e. excluding new business. In stable market conditions, one

would expect to see some reduction in the insured value on renewed vessels due to the aging factor.

OCEAN HULL – AVERAGE CHANGE IN

INSURED VALUES ON RENEWAL

NoMISNordic Marine



OCEAN HULL – AGE NoMISNordic Marine



13.0

13.5

13.914.1

14.014.014.113.9

13.6

13.313.4

13.213.4

13.2

13.0

12.011.811.8

12.012.012.1

12.4

13.0

13.3

13.9

10.5

11.0

11.5

12.0

12.5

13.0

13.5

14.0

14.5

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

Average age, by underwriting year

Includes all insured vessels per underwriting year (renewed and new business).

OCEAN HULL - DEDUCTIBLESNoMISNordic Marine



1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Average Std. Deductible 187,171 156,251 144,218 136,619 138,527 136,773 143,708 139,640 124,160 126,869 127,017 144,773 143,612 156,617 171,807 184,150 179,575 180,081 216,292 214,956 171,241 177,696 184,795 195,407 208,269

Av.Std. Ded. <= 500,000 USD 112,870 114,254 104,521 111,247 109,193 106,047 102,997 107,146 108,899 112,089 112,360 110,110 117,231 117,130 123,227 126,128 138,033 143,222 143,124 142,038 137,522 131,843 134,951 143,336 131,856

0

50,000

100,000

150,000

200,000

250,000

Average Standard Deductible (USD), by underwriting year

Average Std. Deductible Av.Std. Ded. <= 500,000 USD

Claim bands:

OCEAN HULL – CLAIM PER VESSEL

18

NoMISNordic Marine



1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

> 50 MUSD 0 0 0 0 0 0 0 0 6,897 0 13,241 4,121 0 0 11,938 0 29,591 4,122 0 0 0 0 0 4,813

30 <= 50 MUSD 6,426 0 0 9,615 0 0 9,314 0 0 0 5,681 13,972 3,732 3,875 0 6,628 11,075 4,516 7,224 5,034 0 0 0 1,837

10 <= 30 MUSD 5,829 5,890 9,399 9,096 3,071 7,242 8,763 6,809 17,032 6,709 14,885 20,060 14,525 8,495 5,584 4,292 6,076 12,901 4,862 9,854 6,006 10,407 7,853 9,734

5 <= 10 MUSD 9,013 10,507 7,209 9,879 11,549 3,945 6,246 4,049 7,734 15,021 8,924 9,661 9,937 6,849 5,307 6,910 6,279 9,849 7,792 9,198 3,935 5,006 4,901 6,782

1 <= 5 MUSD 23,504 22,299 18,801 18,318 15,393 20,966 18,484 16,905 24,595 19,586 25,199 27,249 27,687 25,064 18,487 18,915 20,398 18,808 15,758 19,900 15,526 19,873 18,701 14,184

IBNR 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 343 9,058

<= 1 MUSD 23,703 21,043 22,762 20,433 20,806 22,459 21,233 21,857 23,019 25,377 28,072 31,792 31,301 25,898 25,294 26,786 21,109 21,275 20,808 22,206 20,760 20,276 19,666 17,119

0

20,000

40,000

60,000

80,000

100,000

120,000

USD Claim per vessel, by date of loss

42.7%

2.2%10.6%

19.2%

8.5%

1.8%

15.1%

2014-2018

Machinery

Fire/Explosion

Collision

Contact

Grounding

Heavy weather

Other / unknown

42.3%

2.8%11.3%

19.5%

8.3%

1.5%

14.3%

2019

Machinery

Fire/Explosion

Collision

Contact

Grounding

Heavy weather

Other / unknown

Breakdown of number of claims by type of claim

Total number of claims:

2014-2018: 17,507 2019: 3,323

19

NoMISNordic Marine


OCEAN HULL – CLAIMS BY TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED


39.6%

12.6%10.7%

8.1%

15.7%

2.3%

11.0%

2014-2018

Machinery

Fire/Explosion

Collision

Contact

Grounding

Heavy weather

Other / unknown

31.8%

23.4%

20.9%

5.1%

6.3%

1.2%

11.4%

2019

Machinery

Fire/Explosion

Collision

Contact

Grounding

Heavy weather

Other / unknown

Breakdown of claims cost by type of claim

OCEAN HULL – CLAIMS BY TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED

Total cost of claims in USD million:

2014-2018: 4,489.0 2019: 1,037.9

20

NoMISNordic Marine



Comment: Claims < 10.000 USD account for about half of all claims. Registration of these may vary over time

and by company and will thus influence the registered frequency. In addition any increase/decrease of

insurance deductibles will have impact on the registered frequency

OCEAN HULL – CLAIMS FREQUENCYINCL. IBNR RESERVE FOR FREQUENCY OF PARTIAL CLAIMS

21

NoMISNordic Marine



1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

all claims 30.1 30.0 33.6 32.3 30.6 28.7 30.0 28.8 29.8 29.4 30.1 31.6 32.6 27.4 24.7 26.2 23.2 23.3 22.7 22.8 22.1 21.7 20.3 20.6

> 10,000 USD 13.5 12.9 14.2 14.1 12.9 13.4 13.2 13.6 14.2 14.7 15.3 16.7 16.7 13.4 12.7 13.5 11.9 12.1 11.4 11.8 10.9 11.4 11.2 11.0

>500,000 USD 2.69 2.26 2.19 2.02 1.89 2.12 2.08 1.89 2.57 2.52 3.06 3.43 3.38 2.85 2.51 2.81 2.30 2.40 2.18 2.47 2.23 2.26 2.08 1.85

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Claims frequency by date of loss (%)

22

NoMISNordic Marine


OCEAN HULL – CLAIMS FREQUENCYINCL. IBNR RESERVE FOR FREQUENCY OF PARTIAL CLAIMS


1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

all claims (left axis) 30.1% 30.0% 33.6% 32.3% 30.6% 28.7% 30.0% 28.8% 29.8% 29.4% 30.1% 31.6% 32.6% 27.4% 24.7% 26.2% 23.2% 23.3% 22.7% 22.8% 22.1% 21.7% 20.3% 20.6%

partial claims (left axis) 29.8% 29.8% 33.4% 32.1% 30.3% 28.6% 29.8% 28.7% 29.6% 29.3% 29.9% 31.5% 32.5% 27.2% 24.6% 26.2% 23.1% 23.2% 22.7% 22.7% 22.0% 21.6% 20.2% 20.6%

TLO claims (right axis) 0.24% 0.18% 0.19% 0.14% 0.21% 0.16% 0.20% 0.11% 0.17% 0.11% 0.15% 0.14% 0.12% 0.14% 0.04% 0.05% 0.09% 0.08% 0.05% 0.11% 0.05% 0.09% 0.05% 0.06%

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.35%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

Claims frequency by date of loss

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Contact 4.4% 5.2% 5.8% 5.3% 5.2% 5.0% 5.4% 5.4% 6.3% 6.0% 5.7% 6.9% 6.5% 6.1% 5.2% 5.4% 5.0% 4.8% 4.6% 4.3% 4.2% 3.9% 3.6% 3.4%

Other 5.9% 5.1% 5.6% 4.7% 5.1% 4.3% 3.8% 5.7% 3.9% 3.3% 4.0% 4.0% 4.4% 3.4% 2.4% 3.1% 3.1% 3.2% 3.5% 3.1% 3.5% 3.4% 2.8% 2.5%

Collision 3.6% 4.1% 3.6% 3.4% 3.6% 2.5% 4.0% 3.2% 3.3% 3.4% 3.9% 4.0% 4.2% 3.7% 2.9% 3.4% 2.7% 2.7% 2.6% 2.5% 2.5% 2.1% 1.7% 2.0%

Grounding 4.0% 3.9% 3.6% 4.0% 3.4% 3.1% 3.1% 3.3% 3.2% 3.4% 3.1% 3.4% 3.1% 2.6% 2.1% 2.6% 2.1% 1.8% 2.1% 1.9% 1.7% 1.9% 1.5% 1.4%

Heavy weather 1.2% 1.1% 1.7% 1.6% 1.4% 1.3% 1.3% 0.8% 1.1% 1.0% 0.9% 1.0% 0.9% 0.6% 0.7% 0.5% 0.5% 0.6% 0.4% 0.4% 0.4% 0.3% 0.4% 0.3%

Fire/Explosion 0.8% 0.8% 0.9% 0.8% 0.6% 0.8% 0.8% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.5% 0.6% 0.5% 0.4% 0.7% 0.5% 0.6% 0.5% 0.5% 0.3% 0.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

Claims frequency

Contact

Other

Collision

Grounding

Heavy weather

Fire/Explosion

23

OCEAN HULL – CLAIMS FREQUENCY BY TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED

NoMISNordic Marine



24

NoMISNordic Marine


OCEAN HULL – CLAIM PER VESSELINCL. IBNR RESERVE FOR PARTIAL CLAIMS


1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

all claims 68,477 59,739 58,171 67,342 50,819 54,612 64,041 49,619 79,277 66,692 96,001 106,85 87,182 70,181 66,609 63,532 94,528 71,472 56,444 66,191 46,227 55,562 51,464 63,526

partial claims 49,397 47,116 48,369 61,321 38,836 45,362 45,331 41,691 61,116 60,182 70,105 89,249 75,362 59,206 57,349 57,191 53,869 63,076 51,647 57,768 43,532 50,278 47,056 57,128

TLO claims 19,079 12,623 9,803 6,021 11,983 9,249 18,709 7,928 18,161 6,510 25,896 17,605 11,821 10,975 9,260 6,342 40,659 8,396 4,796 8,423 2,695 5,285 4,407 6,398

0

20,000

40,000

60,000

80,000

100,000

120,000

Claim per vessel by date of loss (USD)

25

NoMISNordic Marine


OCEAN HULL – CLAIM PER INS. VALUEINCL. IBNR RESERVE FOR PARTIAL CLAIMS


1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

all claims 0.399 0.362 0.311 0.349 0.254 0.257 0.298 0.228 0.338 0.260 0.347 0.348 0.259 0.201 0.188 0.180 0.286 0.226 0.179 0.213 0.155 0.192 0.181 0.232

partial claims 0.288 0.286 0.259 0.318 0.194 0.213 0.211 0.191 0.261 0.235 0.253 0.291 0.224 0.170 0.162 0.162 0.163 0.200 0.164 0.186 0.146 0.173 0.166 0.209

TLO claims 0.111 0.076 0.052 0.031 0.060 0.043 0.087 0.036 0.077 0.025 0.093 0.057 0.035 0.032 0.026 0.018 0.123 0.027 0.015 0.027 0.009 0.018 0.016 0.023

0.000%

0.050%

0.100%

0.150%

0.200%

0.250%

0.300%

0.350%

0.400%

0.450%

Claim per Sum Insured by date of loss (%)

26

NoMISNordic Marine


OCEAN HULL – CLAIM PER GROSS TONINCL. IBNR RESERVE FOR PARTIAL CLAIMS


1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

all claims 2.46 2.24 2.20 2.41 1.75 1.88 2.22 1.74 2.80 2.38 3.43 3.85 3.13 2.39 2.14 2.00 3.00 2.22 1.71 1.97 1.34 1.56 1.45 1.83

partial claims 1.78 1.77 1.83 2.20 1.34 1.56 1.57 1.46 2.16 2.15 2.50 3.22 2.70 2.02 1.84 1.80 1.71 1.96 1.56 1.72 1.26 1.41 1.33 1.64

TLO claims 0.69 0.47 0.37 0.22 0.41 0.32 0.65 0.28 0.64 0.23 0.92 0.63 0.42 0.37 0.30 0.20 1.29 0.26 0.15 0.25 0.08 0.15 0.12 0.18

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

Claim per gross ton by date of loss (USD)

27

NoMISNordic Marine


OCEAN HULL – AVERAGE CLAIM COSTINCL. IBNR RESERVE FOR PARTIAL CLAIMS


1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

all claims 227,637 199,141 173,254 208,622 166,320 190,091 213,144 172,144 266,408 226,661 319,133 337,837 267,469 256,289 269,766 242,077 407,572 306,659 248,152 290,064 209,200 256,605 254,044 307,634

excl. total losses 165,524 157,987 144,887 190,819 127,995 158,768 151,877 145,186 206,539 205,321 234,228 283,405 232,071 217,349 232,656 218,301 233,178 271,563 227,563 254,409 197,464 233,196 232,806 277,425

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

Average claim cost per individual claim (USD) by date of loss

24.2%

29.1%18.6%

12.0%

16.0%

0.1%

2014-2018

0-5 years

5-10 years

10-15 years

15-20 years

20-100 years

> 100 years

15.1%

28.8%

26.2%

12.8%

17.0%

0.1%

2019

0-5 years

5-10 years

10-15 years

15-20 years

20-100 years

> 100 years

Breakdown of vessels by age group, by year of exposure

OCEAN HULL – BY AGE GROUP

Total number of vessels:

2014-2018: 81,512 2019: 19,055

28

NoMISNordic Marine



Comment: Claims < 10.000 USD account for about half of all claims. Registration of these may vary over

time and by company and will thus influence the registered frequency. In addition any increase/decrease

of insurance deductibles will have impact on the registered frequency

29

NoMISNordic Marine

Insurance StatisticsOCEAN HULL – BY AGE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED


0-5 years 5-10 years10-15

years

15-20

years

20-100

years

2014-2016 0.20 0.24 0.24 0.27 0.20

2017-2019 0.16 0.19 0.22 0.22 0.18

2014-2019 0.18 0.21 0.23 0.25 0.19

0.00

0.05

0.10

0.15

0.20

0.25

0.30

Claims frequency per age group

30

OCEAN HULL – BY AGE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED



years

15-20

years

20-100

years

2014-2016 49,897 59,629 63,403 71,877 44,354

2017-2019 45,094 56,022 55,412 72,524 45,420

2014-2019 47,885 57,689 58,659 72,221 44,923

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Claim per vessel (USD) per age group

31

NoMISNordic Marine




years

15-20

years

20-100

years

2014-2016 0.111% 0.172% 0.236% 0.375% 0.384%

2017-2019 0.104% 0.173% 0.240% 0.361% 0.392%

2014-2019 0.108% 0.172% 0.238% 0.367% 0.388%

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.35%

0.40%

0.45%

Claim per Sum Insured (%) per age group

32

NoMISNordic Marine



0-5 years 5-10 years 10-15 years 15-20 years20-100

years

2014-2016 1.1 1.7 1.7 2.5 3.5

2017-2019 0.8 1.3 1.6 2.2 3.5

2014-2019 1.0 1.5 1.7 2.3 3.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

Claim per gross ton (USD) per age group

33

NoMISNordic Marine




years

15-20

years

20-100

years

2014-2016 253,044 253,563 261,414 264,050 222,129

2017-2019 282,480 288,002 255,474 322,679 256,832

2014-2019 263,889 270,460 258,049 292,380 239,597

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Average claim cost (USD) per age group

23%

5%

8%

13%16%

2%

4%

5%

5%

11%

8%

2014-2018

Bulk

Car/RoRo

Cargo

Chem./Prod.

Container

Fishing

LNG/LPG

Other

Passenger

Suppl./Off.

Tank

23%

4%

8%

13%15%

2%

4%

8%

5%

11%

7%

2019

Bulk

Car/RoRo

Cargo

Chem./Prod.

Container

Fishing

LNG/LPG

Other

Passenger

Suppl./Off.

Tank

Breakdown of vessels by vessel type, by year of exposure

34

NoMISNordic Marine

Insurance StatisticsOCEAN HULL – BY VESSEL TYPE



2014-2018: 81,512 2019: 19,055

Bulk CargoCont./Car/

RoRoPassenger Tank Supply/Off

2014-2016 0.16 0.32 0.30 0.30 0.19 0.15

2017-2019 0.15 0.29 0.26 0.30 0.15 0.13

2014-2019 0.16 0.31 0.28 0.30 0.17 0.14

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

Claims frequency per vessel type group

”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 by

company and will thus influence the registered frequency. In addition any increase/decrease of insurance

deductibles has impact on the registered frequency

35

NoMISNordic Marine

Insurance StatisticsOCEAN HULL – BY VESSEL TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED


36

NoMISNordic Marine





2014-2016 49,689 46,540 70,733 114,835 53,117 32,926

2017-2019 51,842 44,198 63,379 88,574 48,230 29,230

2014-2019 50,830 45,327 67,024 101,402 50,478 31,042

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Claim per vessel (USD) per vessel type group

37

NoMISNordic Marine





2014-2016 0.206% 0.419% 0.208% 0.159% 0.154% 0.134%

2017-2019 0.253% 0.516% 0.210% 0.136% 0.143% 0.165%

2014-2019 0.229% 0.462% 0.209% 0.148% 0.148% 0.147%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0.6%

Claim per Sum Insured (%) per vessel type group

38

NoMISNordic Marine





2014-2016 1.1 5.0 1.5 4.4 1.1 12.1

2017-2019 1.1 5.2 1.3 3.5 1.0 11.0

2014-2019 1.1 5.1 1.4 4.0 1.0 11.5

0

2

4

6

8

10

12

14

Claim per gross ton (USD) per vessel type group

39

NoMISNordic Marine



Bulk CargoCont./Car/R

oRoPassenger Tank Supply/Off

2014-2016 307,878 144,819 234,376 381,278 278,211 212,732

2017-2019 339,500 150,155 240,106 296,575 320,044 232,372

2014-2019 324,195 147,465 237,074 338,131 298,332 221,728

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

Average claim cost (USD) per vessel type group

8.9%

14.9%

9.2%

10.2%

14.3%

11.3%

7.9%

4.4%

8.5%

6.1%

3.9%0.4%

2014-2018

< 1,000

1,000-5,000

5,000-10,000

10,000-20,000

20,000-30,000

30,000-40,000

40,000-50,000

50,000-60,000

60,000-90,000

90,000-120,000

120,000-170,000

>= 170,000

9.5%

14.3%

8.8%

9.6%

14.6%

11.1%

8.6%

3.8%

8.1%

6.8%

4.3%0.7%

2019

< 1,000

1,000-5,000

5,000-10,000

10,000-20,000

20,000-30,000

30,000-40,000

40,000-50,000

50,000-60,000

60,000-90,000

90,000-120,000

120,000-170,000

>= 170,000

Breakdown of vessels by GT size group, by year of exposure

Gross ton:

40

NoMISNordic Marine

Insurance StatisticsOCEAN HULL – BY SIZE GROUP



2014-2018: 81,512 2019: 19,055

Comment: Claims < 10.000 USD account for about half of all claims. Registration of these may vary over time

and by company and will thus influence the registered frequency. In addition any increase/decrease of


41

NoMISNordic Marine

Insurance StatisticsOCEAN HULL – BY SIZE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED


< 1,0001,000-

5,000

5,000-

10,000

10,000-

20,000

20,000-

30,000

30,000-

40,000

40,000-

50,000

50,000-

60,000

60,000-

90,000

90,000-

120,000

120,000-

170,000

>=

170,000

2014-2016 0.19 0.22 0.33 0.30 0.26 0.25 0.19 0.17 0.15 0.12 0.12 0.07

2017-2019 0.15 0.20 0.30 0.25 0.23 0.21 0.14 0.13 0.15 0.12 0.10 0.14

2014-2019 0.17 0.21 0.32 0.28 0.24 0.23 0.16 0.15 0.15 0.12 0.11 0.12

0.0

0.1

0.2

0.3

0.4

Claims frequency per GT size group

42

NoMISNordic Marine



< 1,0001,000-

5,000

5,000-

10,000

10,000-

20,000

20,000-

30,000

30,000-

40,000

40,000-

50,000

50,000-

60,000

60,000-

90,000

90,000-

120,000

120,000-

170,000

>=

170,000

2014-2016 18,214 45,146 63,515 68,335 60,242 74,811 59,818 56,686 67,462 48,826 67,446 22,732

2017-2019 15,303 38,135 55,158 74,944 62,431 56,498 52,923 44,976 55,262 70,615 78,729 144,439

2014-2019 16,705 41,590 59,319 71,627 61,387 65,203 56,033 51,087 61,124 61,174 73,841 98,189

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

Claim per vessel (USD) per GT size group

43

NoMISNordic Marine



< 1,0001,000-

5,000

5,000-

10,000

10,000-

20,000

20,000-

30,000

30,000-

40,000

40,000-

50,000

50,000-

60,000

60,000-

90,000

90,000-

120,000

120,000-

170,000

>=

170,000

2014-2016 0.446% 0.281% 0.281% 0.279% 0.241% 0.278% 0.171% 0.155% 0.139% 0.060% 0.078% 0.020%

2017-2019 0.441% 0.323% 0.294% 0.341% 0.279% 0.264% 0.180% 0.141% 0.131% 0.103% 0.102% 0.132%

2014-2019 0.443% 0.299% 0.287% 0.308% 0.260% 0.272% 0.176% 0.148% 0.135% 0.082% 0.091% 0.088%

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.35%

0.40%

0.45%

0.50%

Claim per Sum Insured (%) per GT size group

44

NoMISNordic Marine



< 1,0001,000-

5,000

5,000-

10,000

10,000-

20,000

20,000-

30,000

30,000-

40,000

40,000-

50,000

50,000-

60,000

60,000-

90,000

90,000-

120,000

120,000-

170,000

>=

170,000

2014-2016 44.9 15.8 8.5 4.5 2.4 2.2 1.4 1.0 0.9 0.5 0.4 0.1

2017-2019 38.7 13.4 7.4 5.0 2.4 1.7 1.2 0.8 0.7 0.7 0.5 0.7

2014-2019 41.7 14.5 7.9 4.7 2.4 1.9 1.3 0.9 0.8 0.6 0.5 0.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

Claim per GT (USD) per GT size group

45

NoMISNordic Marine



< 1,0001,000-

5,000

5,000-

10,000

10,000-

20,000

20,000-

30,000

30,000-

40,000

40,000-

50,000

50,000-

60,000

60,000-

90,000

90,000-

120,000

120,000-

170,000

>=

170,000

2014-2016 98,170 201,160 190,103 228,812 231,989 304,596 316,628 335,116 450,026 397,006 544,708 305,364

2017-2019 101,763 191,909 181,646 294,201 269,787 264,568 369,625 333,711 375,273 585,274 769,535 1,026,688

2014-2019 99,844 196,748 186,058 258,791 250,669 284,994 342,060 334,523 411,525 502,812 661,495 850,037

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Average Claim cost (USD) per GT size group

69.6%

16.2%

10.4%

3.4%0.4%

2014-2018

<= 30 MUSD

30-50 MUSD

50-100 MUSD

100-300 MUSD

> 300 MUSD

74.7%

13.4%

8.4%

3.1%0.4%

2019

<= 30 MUSD

30-50 MUSD

50-100 MUSD

100-300 MUSD

> 300 MUSD

Breakdown of vessels by sum insured layer, by year of exposure

Insured values:

46

NoMISNordic Marine


OCEAN HULL – BY SUM INSURED LAYERPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED



2014-2018: 81,512 2019: 19,055

Comment: Claims < 10.000 USD account for about half of all claims. Registration of these may vary over

time and by company and will thus influence the registered frequency. In addition any increase/decrease of


Insured values:

47

NoMISNordic Marine




<= 30 MUSD 30-50 MUSD 50-100 MUSD100-300

MUSD> 300 MUSD All

2014-2016 0.23 0.21 0.21 0.21 0.10 0.22

2017-2019 0.20 0.15 0.19 0.17 0.21 0.19

2014-2019 0.21 0.18 0.20 0.19 0.16 0.21

0.00

0.05

0.10

0.15

0.20

0.25

Claims frequency by Sum Insured layer

Insured values:

48

NoMISNordic Marine




<= 30 MUSD 30-50 MUSD 50-100 MUSD 100-300 MUSD > 300 MUSD All

2014-2016 47,283 64,939 69,153 142,657 104,183 56,379

2017-2019 43,805 56,429 79,558 159,564 317,841 53,681

2014-2019 45,381 60,912 74,136 151,108 218,267 54,958

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Claim per vessel (USD) per Sum Insured layer


2014-2016 0.338% 0.168% 0.102% 0.095% 0.023% 0.183%

2017-2019 0.332% 0.147% 0.117% 0.103% 0.068% 0.190%

2014-2019 0.335% 0.158% 0.109% 0.099% 0.047% 0.187%

0.00%

0.05%

0.10%

0.15%

0.20%

0.25%

0.30%

0.35%

0.40%

Claim per Sum Insured (%) per Sum Insured layer

Insured values:

49

NoMISNordic Marine





2014-2016 2.3 1.3 1.0 1.7 1.1 1.7

2017-2019 1.9 1.0 1.0 1.8 4.2 1.5

2014-2019 2.0 1.2 1.0 1.8 2.6 1.6

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Claim per GT (USD) per Sum Insured layer

Insured values:

50

NoMISNordic Marine





2014-2016 204,623 304,362 335,897 685,160 1,091,181 251,886

2017-2019 217,787 368,987 425,340 940,087 1,478,934 279,401

2014-2019 211,367 329,673 376,598 799,617 1,370,591 265,334

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

Average Claim cost (USD) per Sum Insured layer

Insured values:

51

NoMISNordic Marine




Breakdown of vessels by largest flags, by year of exposure

OCEAN HULL – BY FLAG

52

NoMISNordic Marine



5.0%3.3%

2.4%

11.3%

3.2%

5.2%

7.3%

3.1%2.8%

2.2%1.2%1.2%

0.9%5.2%6.1%

10.2%

1.5%

5.7%

2.1%

20.2%

2014-2018 BHS - Bahamas

CYP - Cyprus

GRC - Greece

LBR - Liberia

NIS - Norway int.reg.

NOR - Norway

PAN - Panama

USA

ATG - Antigua&Barbuda

DIS - Denmark

FIN - Finland

SWE - Sweden

DEU- Germany

HKG - Hongkong

MLT - Malta

MHL - Marshall Islands

NLD - Netherlands

SGP - Singapore

GBR - UK

other (incl. unknown)

4.3%3.0%

2.0%

10.8%

2.9%

4.3%

5.6%

2.9%

2.5%2.9%

1.1%1.0%

0.6%5.7%5.9%

11.3%

1.2%

5.5%

1.8%

24.7%

2019 BHS - Bahamas

CYP - Cyprus

GRC - Greece

LBR - Liberia

NIS - Norway int.reg.

NOR - Norway

PAN - Panama

USA

ATG - Antigua&Barbuda

DIS - Denmark

FIN - Finland

SWE - Sweden

DEU- Germany

HKG - Hongkong

MLT - Malta

MHL - Marshall Islands

NLD - Netherlands

SGP - Singapore

GBR - UK

other (incl. unknown)


2014-2018: 81,512 2019: 19,055

Breakdown of vessels by classification society, by year of exposure

OCEAN HULL – BY CLASS SOCIETY

53

NoMISNordic Marine




2014-2018: 81,512 2019: 19,055

14.2%

10.0%

36.1%

15.0%

9.4%

8.0%

7.3%

2014-2018

American Bureau

Bureau Veritas

DNV GL

Lloyd's Register

Nippon Kaiji Kyokai

others

unknown

15.3%

10.7%

30.4%

15.6%

8.1%

11.2%

8.7%

2019

American Bureau

Bureau Veritas

DNV GL

Lloyd's Register

Nippon Kaiji Kyokai

others

unknown

50.0%

75.0%

100.0%

125.0%

150.0%

175.0%

200.0%

225.0%

250.0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Cost driving factors inflation index, 2000 = 100%

USD against EUR (annual exchange rate) Ship operating costs (Moore Stephens)

Claim per vessel (incl. total losses and IBNR) Partial claim per vessel (incl. IBNR)

Steel price index

Sources: Claims: Nordic Marine Insurance Statistics by Cefor; Exchange rates: Norges Bank, Ship operation costs: BDO (Opcost, ex Moore Stephens))

OCEAN HULL – COST DRIVING FACTORS

54

NoMISNordic Marine



Cefor marine insurance statistics publications at www.cefor.no/statistics :

(check the ‘NoMIS’ section)

• Cefor Annual Report 2019, featuring

• Fires on container vessels and other vessel types

• Geodata – Analysing claims by location

• Comparing Vessel speed and claims frequency

• Standard trends for ocean and coastal hull

• The 2019 Cefor NoMIS OCEAN Hull Report

• The 2019 Cefor NoMIS COASTAL Hull Report

In addition a half-year update on hull trends is issued in August each year.

Other marine insurance statistics:

• IUMI (International Union of Marine Insurance) –

Statistics issued by IUMI’s Facts & Figures Committee: https://iumi.com/statistics

NOMIS REPORTS ISSUED APRIL 2020

55

NoMISNordic Marine


http://www.cefor.no/statistics

https://iumi.com/statistics

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