Transcript Norwegian Marine Insurance Statistics As of December 1999

CEFOR - The 2006 NoMIS Report
Nordic Marine Insurance Statistics
Underwriting Years 1995–2006, as of 31 December 2006
2006 CEFOR Norwegian Marine Insurance Statistics – Part 1
As of 31 December 2006
Part 1 – Introduction
•Contents
•NoMIS
•Explanations
Part 2 – NoMIS position in the Global insurance market
•Global Marine Hull Insurance Market 2005
•Norwegian Marine Hull Insurance Market 2006
•Average gross share written in the NoMIS market
Part 3 – NoMIS portfolio Key figures, underwriting years 1995-2006
•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)
2006 CEFOR Norwegian Marine Insurance Statistics – Part 1
As of 31 December 2006
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.
2006 CEFOR Norwegian Marine Insurance Statistics – Part 1
As of 31 December 2006
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
2006 CEFOR Norwegian Marine Insurance Statistics – Part 1
As of 31 December 2006
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 December 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, a further step was taken to restructure the database to extend the updates 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.
The number of registered vessels reached in 2006 an all-time high of 10,804 vessels.
Compared to the world fleet, the NoMIS database covers in 2006 about 25% of the world fleet above 300 GT
in terms of numbers and 52% in terms of tonnage.
By 31st December 2006, in all 108,183 vessel years (vessels with IMO-number) and 33,345 claims were
registered for the underwriting years 1985 through 2006.
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.
2006 CEFOR Norwegian Marine Insurance Statistics – Part 1
As of 31 December 2006
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 transaction
Outstanding claims:
average monthly rate of exchange of December 2006
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 Insured
Partial Losses = all losses <= 75% of the Sum Insured
Loss Ratio = Total claims / Net premium
Underwriting year = year in which the insurance attaches
2006 CEFOR Norwegian Marine Insurance Statistics – Part 1
As of 31 December 2006
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,
Pallett Vessels, Animal Transport Vessels
GCT, GGC, GPC, GRF, MLV
CHEM./PRODUCT
Chemical Carriers, Product / Acid / Edible Oil /
Fish Oil / Fruit Juice / Wine / Molasses /
Waste/ Water Tankers
TAC, TCH, TCO, TEO, TFJ, TFO
TMO, TPD, TWA, TWN, TWT
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 codes
not specifically defined otherwise, like
Fishing vessels, Barges, Cranes, Floating Storage,
Floating Production, Pollution Control Vessels,
Mud boat, Research vessels, Cable, Seismic Search
vessel, Flo/Flo, etc.
2006 CEFOR Norwegian Marine Insurance Statistics – Part 1
As of 31 December 2006
Types of vessels specified contd.
Vessel Type group
Vessels included
Lloyds Conf. Index Code
PASSENGER
All types of passenger vessels and ferries,
Passenger/Roro, Highspeed Craft
LOF, LOP, MPR, OFY, OHF,
OHS, PRR
SUPPL/OFF
Supply, Anchorhandling, Standby, Drilling
Vessel, General Service Vessel,
Supply (Tug, Anchor), Tug/Icebreaker
OBS, OBT, ODS, OIB, OIF, OIS,
OIT, OLT, OMN, OMT, OOS, OPP,
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, TTA
Naval Auxiliary
2006 CEFOR Norwegian Marine Insurance Statistics – Part 2
Distribution of Global Marine Hull Premium 2005
If
2.5%
UK (IUA)
5.8%
UK (Lloyd's)
13.3%
Rest of the
World
28.3%
Gjensidige
4.1%
NEMI
6.1%
Norwegian Hull
Club
25.3%
Gerling
9.1%
Norway
13.0%
Vesta
1.9%
USA
6.3%
France
7.9%
Spain
4.9%
Korea
4.5%
Japan
9.3%
Italy
6.7%
Bluewater
10.0%
Gard
33.9%
Coastal Marine
Clubs
Codan
4.9%
2.2%
(Business written
from Norway only)
World
(Business written
from Norway only)
Norway
2006 CEFOR Norwegian Marine Insurance Statistics – Part 2
Distribution of CEFOR Marine Hull Premium 2006
NEMI
6%
If
2%
Gjensidige
3%
Norwegian Hull
Club
20%
Gerling
7%
Swedish Club
7%
NEMI
6%
Norwegian
Hull Club
21%
Gerling
8%
Swedish Club
8%
Vesta
6%
Gard
29%
Bluewater
8%
Coastal Marine
Clubs
3%
Vesta
5%
Gard
32%
Bluewater
9%
Codan
11%
Codan
9%
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 !
2006 CEFOR Norwegian Marine Insurance Statistics – Part 2
As of 31 December 2006
Average share written in the NoMIS market
60%
50%
40%
30%
20%
10%
0%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
All business 33% 35% 35% 36% 38% 37% 44% 41% 37% 36% 36% 34%
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)
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
No. of Vessels per Underwriting Year
12,000
10,804
9,450
10,000
9,868
8,125
8,000
6,000
7,220 7,222
5,545
6,117
6,677
6,919 7,165
6,120
4,000
2,000
0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
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.
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Evolution of average sum insured, DWT, net premium
1995=100%
160%
140%
120%
100%
80%
60%
40%
20%
Index Average Sum Insured, 1995=100%
Index Average Net Premium, 1995=100%
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
0%
Index Average DWT, 1995=100%
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Average Age
14.5
14.0
14.0
13.8
13.9
13.7
13.6
13.4
13.5
13.3
13.0
12.9
13.0
12.6
12.6
2005
2006
12.7
12.5
12.0
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
11.5
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Average Standard Deductible Development
All business, 100%, in USD
200,000
150,000
100,000
50,000
0
1995
1996
1997
1998
1999
2000
Average Std. Deductible
2001
2002
2003
2004
Av.Std. Ded. <= 500,000 USD
2005
2006
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Loss ratio in a long-term perspective
250%
224%
207%
200%
150% 151%
150%
134%
133%
123%
100%
122%
98%
121%
90%
76%
74%
50%
47% 48%
107%
111% 113%
104%
101%
89%
90%
54%
0%
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 (2005, 2006 incl. IBNR)
Loss ratio est. 2007 (0% premium increase)
100%
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Premiums and claims per vessel per underwriting year
in USD 1000
120
100
80
CBNI
IBNR
60
Outstanding claims
Paid claims
40
Net premium
20
CBNI
IBNR
Outstanding
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
0
= Covered But Not yet Incurred
= Incurred But Not yet Reported
= Incurred and reported, but not yet paid
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
USD Claim per vessel
90,000
Claim bands:
80,000
70,000
>= 30 MUSD
60,000
10-30 MUSD
50,000
5-10 MUSD
40,000
1-5 MUSD
30,000
<= 1 MUSD
20,000
10,000
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
0
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Claims by Claims type
Numbers (%)
Inner ring: 2001-2005
Outer ring: 2005
15%
Engine
1%
3%
Fire and explosion
15%
37%
1%
4%
11%
36%
Collision
Contact
Grounding
11%
Heavy weather
Ice
19%
2%
Other
12%
2%
19%
12%
Total 2005: 2,395
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Claims by Claims type
Costs (%)
Inner ring: 2001-2005
Outer ring: 2005
Engine
16%
Fire and explosion
26%
9%
0%
4%
0%
3%
26%
Collision
Contact
Grounding
Heavy weather
25%
15%
27%
6%
Ice
11%
Other
15%
5%
12%
Total 2005: USDm 707
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Claim frequency per underwriting year
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
20012005
Av.
all claims
0.30
0.28
0.29
0.31
0.28
0.29
0.27
0.25
0.27
0.26
0.24
0.26
claims > 10,000 USD
0.13
0.13
0.12
0.14
0.13
0.12
0.13
0.11
0.13
0.13
0.13
12.93%
claims > 500,000 USD
0.02
0.03
0.02
0.02
0.02
0.02
0.02
0.02
0.02
0.03
0.02
2.22%
Comment: 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 will have impact on the registered frequency
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Claim per vessel per underwriting year
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
20012005
Av.
59,850 65,988 56,200 62,739 59,180 55,592 53,030 64,240 62,937 81,378 71,659
67,780
partial claims 44,436 50,037 40,563 53,911 51,927 41,804 41,092 39,408 47,212 67,209 59,616
52,344
all claims
TLO claims
15,414 15,951 15,637 8,828
7,252 13,788 11,938 24,832 15,725 14,169 12,043
15,436
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Claim per sum insured per underwriting year
0.400%
0.350%
0.300%
0.250%
0.200%
0.150%
0.100%
0.050%
0.000%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
20012005
Av.
0.317% 0.367% 0.313% 0.302% 0.293% 0.245% 0.240% 0.292% 0.284% 0.334% 0.260%
0.283%
partial claims 0.235% 0.278% 0.226% 0.260% 0.257% 0.184% 0.186% 0.179% 0.213% 0.275% 0.216%
0.219%
0.082% 0.089% 0.087% 0.043% 0.036% 0.061% 0.054% 0.113% 0.071% 0.058% 0.044%
0.065%
all claims
TLO claims
2006 CEFOR Norwegian Marine Insurance Statistics – Part 3
As of 31 December 2006
Key figures
Underwriting Year 1)
Number of vessels
DWT (millions)
Premiums
Net Premium per vessel
Net Premium per dwt
Net Premium per sum insured
Claims
Number of claims
Claims frequency
Loss ratio (%)
Claim per vessel
Claim cost per dwt
Claim cost per sum insured
Partial losses
Number of partial losses
Partial losses frequency
Partial losses per vessel
Partial losses per dwt
Partial losses per SI
Total losses 3)
Number of total losses
Total losses frequency
Total losses per sum insured
Average vessel
Size DWT
Age (years)
Value USDm
Standard Deductible USD
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2,395
0.24
92%
71,659
1.51
0.260%
2,143
0.26
105%
67,780
1.43
0.283%
2,006
0.27
99%
63,964
1.36
0.292%
2,450
0.26
67,209
1.45
0.275%
2,381
0.24
59,616
1.26
0.216%
2,130
0.26
52,344
1.10
0.219%
1,994
0.27
49,870
1.06
0.228%
11
0.14%
0.071%
15
0.16%
0.058%
14
0.14%
0.044%
13
0.15%
0.065%
12
0.17%
0.064%
48,490
12.9
22.2
134,432
47,549
12.7
24.4
138,487
48,434
12.6
27.6
138,513
48,732
13.0
23.9
138,793
47,920
13.3
21.9
139,725
7,220
318.3
7,222
316.6
6,677
319.5
6,120
304.9
6,919
336.7
7,165
346.5
8,125
385.9
9,450
438.6
9,868
467.4
110,005
2.33
0.582%
85,951
1.87
0.478%
62,033
1.41
0.345%
50,422
1.15
0.243%
43,315
0.91
0.215%
44,409
0.89
0.196%
45,235
0.93
0.205%
53,026
1.10
0.241%
66,021
1.39
0.298%
73,468
1.58
0.301%
77,740
1.64
0.282%
1,641
0.30
54%
59,850
1.27
0.317%
1,711
0.28
77%
65,988
1.43
0.367%
2,107
0.29
91%
56,200
1.27
0.313%
2,254
0.31
124%
62,739
1.43
0.302%
1,878
0.28
137%
59,180
1.24
0.293%
1,760
0.29
125%
55,592
1.12
0.245%
1,893
0.27
117%
53,030
1.09
0.240%
1,760
0.25
121%
64,240
1.33
0.292%
2,202
0.27
95%
62,937
1.32
0.284%
2,465
0.26
111%
81,378
1.75
0.334%
1,633
0.29
44,436
0.94
0.235%
1,698
0.28
50,037
1.09
0.278%
2,093
0.29
40,563
0.92
0.226%
2,237
0.31
53,911
1.23
0.260%
1,870
0.28
51,927
1.09
0.257%
1,746
0.29
41,804
0.84
0.184%
1,883
0.27
41,092
0.84
0.186%
1,747
0.24
39,408
0.81
0.179%
2,191
0.27
47,212
0.99
0.213%
8
0.14%
0.082%
13
0.21%
0.089%
14
0.19%
0.087%
17
0.24%
0.043%
8
0.12%
0.036%
14
0.23%
0.061%
10
0.14%
0.054%
13
0.18%
0.113%
47,618
13.0
18.9
162,992
46,343
13.4
18.0
144,876
44,683
13.8
18.0
138,310
44,801
14.0
20.8
128,947
49,027
13.9
20.2
128,933
50,982
13.7
22.7
138,955
49,619
13.6
22.1
143,504
49,570
13.3
22.0
139,031
2) Premium and claim figures per vessel, DWT and sum insured can be used to calculate
“expected loss ratios” at the current premium level. As a simple example, an estimate based on
claims and premium per sum insured is derived as follows: Average claim per SI / 2006 premium
per SI = 0.283/0.280 = 101%
3) Total losses are defined as claims in excess of 75% of the sum insured of the vessel.
Average
1995-2005
7,312
343.5
6,117
281.9
10,804
496.0
Average
2001-2005
8,305
395.0
5,545
262.0
1) The figures in the table are 100% figures, per vessel underwritten by CEFOR companies.
They do reflect the CEFOR portfolio as a whole but NOT the shares or results of the CEFOR
members. The 2006 underwriting year is still at risk. Approximately 60% of the premium is
earned as of 31.12.06.
2006
81,179 2)
1.77 2)
0.280% 2)
46,862
12.6
29.0
152,253
Only vessels with valid IMO-No. are included.
2006 CEFOR Norwegian Marine Insurance Statistics – Part 4
As of 31 December 2006
Number of vessels per age group
Inner ring: 2001-2005
Outer ring: 2006
25.3%
25.9%
25.3%
25.9%
0-5 years
5-10 years
10-15 years
15-20 years
9.8%
> 20 years
14.0%
20.3%
14.4%
22.8%
16.2%
Total number of vessels
2001-2005:
41,527
2006:
10,804
2006 CEFOR Norwegian Marine Insurance Statistics – Part 4
As of 31 December 2006
Claim frequency per age group
0.4
0.3
0.2
0.1
0.0
0-5 years
5-10 years
10-15 years
15-20 years
> 20 years
2000-2002
0.27
0.30
0.28
0.29
0.23
2003-2005
0.23
0.30
0.29
0.27
0.22
2000-2005
0.25
0.30
0.29
0.28
0.22
Comment: 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 will have impact on the registered frequency
2006 CEFOR Norwegian Marine Insurance Statistics – Part 4
As of 31 December 2006
Claim per vessel per age group
in USD
100000.0
80000.0
60000.0
40000.0
20000.0
0.0
0-5 years
5-10 years
10-15 years
15-20 years
> 20 years
2000-2002
61,635
60,798
49,620
64,240
52,234
2003-2005
74,449
65,562
74,382
66,605
78,924
2000-2005
69,222
63,791
64,421
65,344
67,463
2006 CEFOR Norwegian Marine Insurance Statistics – Part 4
As of 31 December 2006
Claim per sum insured per age group
1.0%
0.8%
0.6%
0.4%
0.2%
0.0%
0-5 years
5-10 years
10-15 years
15-20 years
> 20 years
2000-2002
0.156%
0.208%
0.229%
0.526%
0.562%
2003-2005
0.178%
0.216%
0.342%
0.443%
0.806%
2000-2005
0.169%
0.213%
0.297%
0.483%
0.704%
2006 CEFOR Norwegian Marine Insurance Statistics – Part 4
As of 31 December 2006
Claim per DWT per age group
in USD
3.0
2.5
2.0
1.5
1.0
0.5
0.0
0-5 years
5-10 years
10-15 years
15-20 years
> 20 years
2000-2002
1.0
1.0
0.9
1.9
1.4
2003-2005
1.2
1.3
1.4
1.5
2.5
2000-2005
1.1
1.2
1.2
1.7
2.0
2006 CEFOR Norwegian Marine Insurance Statistics – Part 4
As of 31 December 2006
Loss ratio per age group
200%
150%
100%
50%
0%
0-5 years
5-10 years
10-15 years
15-20 years
> 20 years
2000-2002
111.1%
114.4%
103.2%
157.3%
124.2%
2003-2005
96.5%
81.5%
110.3%
98.5%
116.9%
2000-2005
101.4%
90.8%
108.0%
122.5%
119.2%
2006 CEFOR Norwegian Marine Insurance Statistics – Part 5
As of 31 December 2006
Number of vessels per vessel type
Sum Insured per vessel
Inner ring: 2001-2005
Outer ring: 2006
40,000,000
Bulk
30,000,000
Cargo
20,000,000
Cont./Car/RoRo
Bulk
Suppl./Off.
10,000,000
9.1%
Car/RoRo
Tank
22.3%
4.9%
2006
2004
2005
2002
2003
2000
2001
1999
1995
1996
1997
1998
0
Chem./Prod.
13.1%
3.5%
2.9%
0.7%
3.5%
Cargo
22.7%
Container
6.0%
LNG/LPG
4.0%
3.1%
1.0%
4.0%
OBO
5.3%
4.9%
Passenger
13.3%
17.2%
20.6%
Other
10.3%
Suppl./Off.
14.8%
Tank
12.6%
Total number of vessels
2001-2005:
41,527
2006:
10,804
2006 CEFOR Norwegian Marine Insurance Statistics – Part 5
As of 31 December 2006
Claim frequency per vessel type group
0.5
0.4
0.3
0.2
0.1
0.0
Bulk
Cargo
Cont./Car/R
oRo
Passenger
Tank
Supply/Off
2000-2002
0.20
0.28
0.41
0.31
0.22
0.20
2003-2005
0.18
0.33
0.36
0.39
0.19
0.21
2000-2005
0.19
0.31
0.38
0.35
0.20
0.21
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
2006 CEFOR Norwegian Marine Insurance Statistics – Part 5
As of 31 December 2006
Claim per vessel per vessel type group
250000.0
200000.0
150000.0
100000.0
50000.0
0.0
Cont./Car/R
Passenger
oRo
Bulk
Cargo
Tank
Supply/Off
2000-2002
43,500
43,463
90,708
106,754
54,062
17,656
2003-2005
62,077
48,835
83,360
205,060
69,065
35,600
2000-2005
53,968
46,854
86,351
157,036
62,513
26,951
2006 CEFOR Norwegian Marine Insurance Statistics – Part 5
As of 31 December 2006
Claim per sum insured per vessel type group
0.8%
0.6%
0.4%
0.2%
0.0%
Bulk
Cargo
Cont./Car/R
oRo
Passenger
Tank
Supply/Off
2000-2002
0.323%
0.509%
0.402%
0.109%
0.208%
0.294%
2003-2005
0.361%
0.592%
0.340%
0.166%
0.231%
0.676%
2000-2005
0.346%
0.561%
0.364%
0.141%
0.222%
0.479%
2006 CEFOR Norwegian Marine Insurance Statistics – Part 5
As of 31 December 2006
Claim per DWT per vessel type group
6.0
5.0
4.0
3.0
2.0
1.0
0.0
Cont./Car/R
Passenger
oRo
Bulk
Cargo
Tank
Supply/Off
2000-2002
0.7
3.0
3.1
24.0
0.6
14.3
2003-2005
1.1
4.3
2.7
39.2
0.8
30.1
2000-2005
0.9
3.7
2.8
32.4
0.7
22.3
2006 CEFOR Norwegian Marine Insurance Statistics – Part 5
As of 31 December 2006
Loss ratio per vessel type group
250%
200%
150%
100%
50%
0%
Cont./Car/R
Passenger
oRo
Bulk
Cargo
Tank
Supply/Off
2000-2002
104%
134%
194%
84%
103%
112%
2003-2005
101%
97%
115%
79%
100%
136%
2000-2005
102%
107%
139%
80%
101%
127%
2006 CEFOR Norwegian Marine Insurance Statistics – Part 6
As of 31 December 2006
Number of vessels per Size Group
Inner ring: 2001-2005
Outer ring: 2006
1.3%
0.3%
1.6%
3.1%
5.1%
1.5%
3.1%2.0%
4.8%
4.9%0.4%
4.8%
13.3%
< 10,000
10,000-20,000
20,000-35,000
27.0%
35,000-50,000
50,000-75,000
26.7%
75,000-100,000
100,000-150,000
12.4%
150,000-200,000
200,000-250,000
11.7%
250,000-300,000
15.8%
16.8%
12.2%
>300,000
15.2%
16.1%
Total number of vessels
2001-2005:
41,527
2006:
10,804
2006 CEFOR Norwegian Marine Insurance Statistics – Part 6
As of 31 December 2006
Claim frequency per DWT size group
0.4
0.3
0.2
0.1
0.0
< 10,000
10,000- 20,000- 35,000- 50,000- 75,000- 100,000- 150,000- 200,000- 250,000- >300,00
20,000 35,000 50,000 75,000 100,000 150,000 200,000 250,000 300,000
0
2000-2002
0.30
0.33
0.32
0.28
0.22
0.18
0.18
0.12
0.06
0.17
0.15
2003-2005
0.35
0.32
0.29
0.24
0.12
0.18
0.15
0.11
0.09
0.15
0.11
2000-2005
0.33
0.32
0.30
0.25
0.16
0.18
0.17
0.12
0.08
0.16
0.13
Comment: 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 will have impact on the registered frequency
2006 CEFOR Norwegian Marine Insurance Statistics – Part 6
As of 31 December 2006
Claim per vessel per DWT size group
in USD
120,000
100,000
80,000
60,000
40,000
20,000
0
<
10,000- 20,000- 35,000- 50,000- 75,000- 100,000- 150,000- 200,000- 250,000->300,00
10,000 20,000 35,000 50,000 75,000 100,000 150,000 200,000 250,000 300,000
0
2000-2002 50,047
71,759 61,076
44,544
80,661
72,504 65,676
30,754
12,371
63,602 60,548
2003-2005 64,422 109,174 78,009
61,330
70,327
65,674 78,674
84,932
16,575
89,752 38,269
2000-2005 58,584
54,055
74,497
68,532 73,157
62,166
14,666
77,167 47,947
92,574 70,599
2006 CEFOR Norwegian Marine Insurance Statistics – Part 6
As of 31 December 2006
Claim per sum insured per DWT size group
0.6%
0.5%
0.4%
0.3%
0.2%
0.1%
0.0%
<
10,000- 20,000- 35,000- 50,000- 75,000- 100,000- 150,000- 200,000- 250,000- >300,00
10,000 20,000 35,000 50,000 75,000 100,000 150,000 200,000 250,000 300,000
0
2000-2002 0.214% 0.465% 0.395% 0.237% 0.307% 0.230% 0.191% 0.096% 0.047% 0.162% 0.134%
2003-2005 0.310% 0.520% 0.456% 0.299% 0.235% 0.163% 0.192% 0.208% 0.059% 0.189% 0.064%
2000-2005 0.268% 0.500% 0.431% 0.274% 0.262% 0.187% 0.192% 0.167% 0.054% 0.177% 0.090%
2006 CEFOR Norwegian Marine Insurance Statistics – Part 6
As of 31 December 2006
Claim per DWT per DWT size group
in USD
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0
<
10,000- 20,000- 35,000- 50,000- 75,000- 100,000- 150,000- 200,000- 250,000->300,00
10,000 20,000 35,000 50,000 75,000 100,000 150,000 200,000 250,000 300,000
0
2000-2002
11.4
4.8
2.2
1.1
1.3
0.8
0.5
0.2
0.1
0.2
0.2
2003-2005
14.3
7.5
2.8
1.4
1.1
0.8
0.6
0.5
0.1
0.3
0.1
2000-2005
13.1
6.3
2.6
1.3
1.2
0.8
0.6
0.4
0.1
0.3
0.1
2006 CEFOR Norwegian Marine Insurance Statistics – Part 6
As of 31 December 2006
Loss ratio per DWT size group
200%
150%
100%
50%
0%
<
10,000- 20,000- 35,000- 50,000- 75,000- 100,000-150,000- 200,000-250,000- >300,00
10,000 20,000 35,000 50,000 75,000 100,000 150,000 200,000 250,000 300,000
0
2000-2002
110%
172%
147%
104%
148%
122%
110%
53%
16%
88%
65%
2003-2005
91%
154%
119%
99%
97%
75%
86%
102%
17%
79%
36%
2000-2005
97%
160%
128%
100%
114%
91%
94%
85%
17%
82%
48%
2006 CEFOR Norwegian Marine Insurance Statistics – Part 7
As of 31 December 2006
Number of vessels per largest flags
Inner ring: 2001-2005
Outer ring: 2006
BHS - Baham as
CYP - Cyprus
GRC - Greece
8%
7%
21%
3%
LBR - Liberia
4%
22%
NIS - Norw ay int.reg.
NOR - Norw ay
4%
5%
5%
PAN - Panam a
10%
10%
3%
4%
3%
4%
3%
7%
3%
4%
1%
2%
5%
6%
4%
11%
2%3%3%
2%
12%
5%
1%
4%
3% 3% 5%
USA
ATG - Antigua&Barbuda
DIS - Denm ark
DEU- Germ any
HKG - Hongkong
MLT - Malta
MHL - Marshall Islands
NLD - Netherlands
SGP - Singapore
GBR - UK
other
Total number of vessels
2001-2005:
41,527
2006:
10,804
2006 CEFOR Norwegian Marine Insurance Statistics – Part 7
As of 31 December 2006
Very high
risk
Medium risk
Black
Black
1%
18%
Vessel distribution by flag
Medium to
high risk
Black
78%
Based on
Paris MOU classification
(effective 1 July 2006,
updated 17 October 2006)
High risk
Black
3%
Black
2%
Other
4%
White
78%
Grey
16%
2006 CEFOR Norwegian Marine Insurance Statistics – Part 7
As of 31 December 2006
Number of vessels per classification society
Inner ring: 2001-2005
Outer ring: 2006
10.1%
11.1%
8.4%
20.2%
13.1%
9.4%
Bureau Veritas
8.3%
22.8%
American Bureau
Germanischer Lloyd
Lloyd's Register
Nippon Kaiji Kyokai
15.3%
20.1%
10.1%
9.5%
Det Norske Veritas
others
22.0%
19.6%
Total number of vessels
2001-2005:
41,527
2006:
10,804
2006 CEFOR Norwegian Marine Insurance Statistics – Part 8
As of 31 December 2006
Premium Indices, 1990 = 100%
250
200
150
100
50
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Premium per vessel (%)
100
120
142
183
176
143
109
78
63
55
55
57
69
85
95
100
105
Premium per Sum Insured (%)
100
110
129
144
119
108
87
62
43
39
34
37
44
55
56
53
53
100%
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Premium per vessel, renewals only (%)
100
129
173
197
197
153
124
96
79
71
71
71
81
100
116
125
133
2006 CEFOR Norwegian Marine Insurance Statistics – Part 9
As of 31 December 2006
Ceding company's retention of
claims
(in % of total claims)
Exposure curves by Sum Insured
Partial Claims only (<75% SI)
PA claims in % of all claims :
0-5 Mio USD: 66%
5-20 Mio USD: 77%
20-75 Mio USD: 78%
> 75 Mio USD: 100%
110%
100%
90%
80%
70%
60%
50%
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Sum Insured
0-5 M io USD
0.590 0.775 0.876 0.939 0.974 0.992 0.999 1.000 1.000 1.000
5-20 M io USD
0.721 0.856 0.920 0.958 0.982 0.995 0.999 1.000 1.000 1.000
20-75 M io USD 0.803 0.893 0.937 0.964 0.982 0.994 0.999 1.000 1.000 1.000
> 75 M io USD
0.883 0.951 0.983 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
Ceding com pany's retention as % of SI
2006 CEFOR Norwegian Marine Insurance Statistics – Part 9
As of 31 December 2006
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 1995-2005 (15,000 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
2006 CEFOR Norwegian Marine Insurance Statistics – Part 9
As of 31 December 2006
Links to other marine insurance statistics:
1)
CEFOR Annual Report 2006:
http://www.cefor.no/
2)
CEFOR website, Statistics section:
(CEFOR and IUMI statistics for download, including historical data)
http://www.cefor.no/statistics/statistics.htm
3)
IUMI (International Union of Marine Insurance):
Presentations at the Facts & Figures Committee’s Open Forum
and all other conference presentations available for download from
http://www.iumi.com/ , check > conferences on menu