Transcript No Slide Title

Report on Marine Insurance
Premium 1999 and 2000
Tore Forsmo
The Central Union of Marine Underwriters
Oslo, Norway
Thanks also to
Fédération Française des Sociétés
d’Assurances (FFSA) – Direction des
Assurances Transports (DMAT)
Key Indicators
World Seaborne Trade
(2000 : estimates)
Graph 1
Millions of tons loaded
6 000
5 000
1 684
1 737
1 771
1 200
1 233
1 257
2 181
2 159
2 202
4 000
1 285
1 037
3 000
676
2 000
1 000
796
968
1 871
1 755
448
1 442
0
1970
1980
1990
1998
1999
2000
Source : UNCTAD
Crude oil and products
Five major bulks
Other dry
Key Indicators
World Tonnage on Order
(as at 1 january 2000, in thousands of dwt)
Graph 2
Source : UNCTAD - Lloyd's Maritime Information Services (London)
29%
45%
5%
12%
9%
Oil tankers
Dry bulk carriers
General cargo
Container ships
Other ships
Key Indicators
The Most Important
Maritime Countries
(total dwt tonnage > 20 Mio)
(in percentage of world total dwt tonnage, as at 1 january 2000)
Graph 3
Japan
12.76%
Greece
18.21%
Republic of Korea
3.44%
Norway
7.64%
United States
6.67%
Germany
4.00%
Hong-Kong (China)
4.31%
China
5.39%
Source : UNCTAD - Lloyd's Maritime Information Services (London)
Key Indicators
Maritime Engagement of 10
Major Trading Nations
(as at the end of 1999)
Table 3
Percentage share of world trade
generated,
in terms of value
Percentage share of world fleet in
terms of dwt
United States
15.30
6.67
Germany
8.80
4.00
Japan
6.40
12.76
United Kingdom
5.10
2.60
France
5.10
0.74
Italy
3.90
1.85
Canada
4.00
0.43
Hong-Kong (China)
3.10
4.31
Netherlands
3.40
0.83
Belgium - Luxembourg
3.10
1.04
Source : UNCTAD - WTO
Report on marine insurance
premiums 1999 and 2000
 By end of August 2001, 45 of 55 members
reported their country’s marine premium figures
for accounting year 1999 and 41 in addition for
accounting year 2000.
 Reported figures represent approx. 95% of the
total marine premium written by all IUMI
members for 1999 and approx. 93% for 2000
 Total premiums for 1999 is estimated to reach
approx. USD 11.63 billion and for 2000 approx.
USD 11.59 billion
Global premiums reported
1999 and 2000
Global Hull
Transport / Cargo
Marine Liability
2000
1999
1998
Offshore / Energy
Total
0
2000
4000
6000
8000 10000 12000 14000
USD (millions)
Report on marine insurance
premiums (USD billions)
Global premiums 1998-2000 (as rep. per end of
August 2001)
2000
1999
1998
Index 98-99*
Index 99-00*
Global Hull
2.605
2.770
3.073
89%
97%
Transport/Cargo Marine Liability Offshore/Energy
6.487
1.016
0.719
6.805
0.763
0.611
7.347
0.879
0.706
92%
96%
87%
133%
89%
119%
*Index based on figures from Associations who have reported in both years
Total
10.835
11.045
12.112
91%
100%
Report on marine insurance premiums Breakdown by economic areas
(USD million)
Region
Europe
Asia/Pacific
North America
Rest of the world
Premiums Premiums Premiums Variation Variation Market share Market share Market share
2000
1999
1998
98-99
99-00
2000
1999
1998
6,199,054 6,383,871 7,289,581 87.58% 97.10%
2,620,117 2,931,691 2,791,345 105.03% 89.37%
1,658,672 1,327,400 1,587,852 83.60% 124.96%
357,504 402,363 443,321 90.76% 88.85%
57.21%
24.18%
15.31%
3.30%
57.80%
26.54%
12.02%
3.64%
60.18%
23.05%
13.11%
3.66%
Global Marine Premium
1992 - 2000 (USD Million)
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
Global Hull
Cargo
Liability
Energy
Total
1992 1993 1994 1995 1996 1997 1998 1999 2000
Accounting Year
Global Hull Premium - Major
Markets 1992 - 2000 (USD Million)
1400
France
Italy
Japan
Norway
Spain
UK (ILU/IUA)
UK (Lloyd's)
USA
1200
1000
800
600
400
200
0
1992 1993 1994 1995 1996 1997 1998 1999 2000
Accounting Year
Global Cargo Premium - Major
Markets 1992 - 2000 (USD Million)
2500
2000
1500
1000
500
0
1992 1993 1994 1995 1996 1997 1998 1999 2000
Accounting Year
Belgium
China
France
Germany
Italy
Japan
Netherlands
Spain
Sweden
Switzerland
UK (ILU/IUA)
UK (Lloyd's)
USA
MARINE MUTUAL MARKET SECTOR
STATISTICS
Gross Calls (Premium) - Fiscal Domicile
Per accounting year - USD 1000
Ranking
Average Annual
Fiscal
Bermuda
Japan
Luxembourg
Norway
Sweden
UK
US
Total
Difference
00-96
variation over
2000
1999
1998
1997
1996
537,110
584,507
625,503
697,642
778,990
-241,880
-6.21%
1
1
103,048
122,224
114,511
122,047
123,428
-20,380
-3.30%
5
5
271,508
286,455
299,947
322,618
334,863
-63,355
-3.78%
4
4
352,988
362,656
375,778
422,450
427,816
-74,828
-3.50%
3
3
57,424
61,717
77,932
96,092
108,655
-51,231
-9.43%
6
6
532,040
586,720
591,537
635,415
617,792
-85,752
-2.78%
2
2
30,004
1,884,122
29,221
2,033,500
24,822
2,110,030
30,427
2,326,691
34,618
2,426,162
-4,614
-542,040
-2.67%
7
7
period 96-00
-4.47%
Source: Standard & Poors Marine Mutual Report 2001
2000 1996
MARINE MUTUAL MARKET SECTOR
STATISTICS
Gross Calls (Premium) - Operational location
Per accounting year - USD 1000
Ranking
Average Annual
Operational
Japan
Norway
Sweden
UK
US
Total
2000
1999
1998
1997
1996
103,048
122,224
114,511
122,047
123,428
352,988
362,656
375,778
422,450
427,816
57,424
61,717
77,932
96,092
108,655
1,340,658 1,457,682 1,516,987 1,655,675 1,731,645
30,004
29,221
24,822
30,427
34,618
1,884,122 2,033,500 2,110,030 2,326,691 2,426,162
Difference
00-96
-20,380
-74,828
-51,231
-390,987
-4,614
-542,040
variation over
period 96-00
-3.30%
-3.50%
-9.43%
-4.52%
-2.67%
-4.47%
2000 1996
3
2
4
1
5
Source: Standard & Poors Marine Mutual Report 2001
3
2
4
1
5
Report on marine insurance premiums Accounting year 1999 (in USD 1000)
Name of association
Australia (Insurance Council of Australia Ltd.)
Austria (Verband der Versicherungsunternehmen Oesterreichs)
Belgium (ABAM_/BVT Belgian Association of Marine Insurers)
Bermuda (Bermuda Institute of Marine Underwriters)
Bulgaria (BULSTRAD Insurance and Reinsurance PLC)
Canada (The Canadian Board of Marine Underwriters)
China (The Non-Life Ins. Ass. of the Republic of China)
Congo (Société Nationale d'Assurances SONAS)
Croatia (Croatian Insurance Bureau)
Cyprus (Insurance Association of Cyprus)
Czech Republic (Ceska Pojistovna AS)
Denmark (Foreningen af Danske Soeassurandoerer)
Egypt (Insurance Federation of Egypt)
Finland (Finnish Marine Underwriters' Association)
France (AFSAT-Ass.Francaise des Sociétés d'Ass.Transports)
Germany (Gesamtverband der Deutschen Versicherungswirtschaft e.V.)
Greece (Greece Association of Insurance Companies-Greece)
Hong Kong (The Hong Kong Federation of Insurers)
Hungary (Association of Hungarian Insurance Companies)
Global Hull
Transp./
Cargo
Marine
Liability
Offshore/
Energy
Total
46,800
0
18,359
93,000
84,385
128,459
15,000
0
0
2,000
0
0
156,800
84,385
146,817
3,000
53,500
37,260
4,000
55,700
117,925
100
0
0
0
0
0
7,100
109,200
155,184
not rep.
not rep.
15,500
28
250
39,000
6,700
4,918
4,150
41,000
4,600
32
0
0
700
0
0
6,000
27,500
4,977
4,400
86,000
not rep.
26,862
347,382
75,972
10,335
28,920
NA
41,056
659,169
957,185
35,668
97,130
NA
168
2,666
0
2,800
0
NA
0
64,178
0
0
0
NA
68,086
1,073,395
1,033,157
48,803
126,050
8,137
Report on marine insurance premiums Accounting year 1999 (in USD 1000)
Name of association
India (Tariff Advisory Committee)
Indonesia (Insurance Council of Indonesia)
Ireland (The Irish Institute of Marine Underwriters)
Israel (Israel Insurance Association)
Italy (ANIA-Associazione Nazionale fra le Imprese Assicuratrici)
Ivory Coast ( Ass. des Sociétés d'Assurances de Côte d'Ivoire ASA-CI )
Japan (The Marine and Fire Insurance Association of Japan, Inc.
Kenya (The Association of Kenya Insurers)
Korea, (Korea Foreign Ins. Co.)
Korea, (Korea Non-life Ins. Assocn.)
Liban (Lebanese Ins. Comp. Ass.)
Malaysia (General Ins. Association of Malaysia)
Morocco (Comité des Assureurs Maritime du Maroc CAMM )
Mexico (Zurich)
Netherlands (Association of Insurers)
New Zealand (Insurance Council of New Zealand)
Nigeria (Nigerian Insurers Association)
Norway (The Central Union of Marine Underwriters)
Pakistan (Insurance Association of Pakistan)
Global Hull
Transp./
Cargo
Marine
Liability
Offshore/
Energy
Total
16,579
4,223
6,700
170,510
33,794
16,000
29,000
381,179
0
683
0
17,288
0
0
0
5,295
50,372
20,906
35,700
574,272
505,590
1,785,986
27,669
16,044
2,335,289
not rep.
as rep. in 2000
not rep.
not rep.
not rep.
not rep.
0
23,533
20,290
25
18,219
13,857
5,986
252,600
13,055
6,965
63,175
19,503
124
165,135
20,492
22,448
50,100
18,154
0
NA
0
8
26,963
829
1,497
235,000
0
0
NA
0
6
NA
0
0
63,200
0
6,965
86,708
39,793
163
210,317
35,178
29,930
600,900
31,209
Report on marine insurance premiums Accounting year 1999 (in USD 1000)
Name of association
Poland ("WARTA" Insurance & Reinsurance Company Ltd.)
Portugal (Associacão Portuguesa de Seguradores)
Romania (National Union - Insurance and Reinsurance Comp.)
Russia (Russia Ingosstrakh Insurance Company Ltd.)
Singapore (General Insurance Association of Singapore )
Slovenia (Slovenian Insurance Association)
South Africa (Association of Marine Underwriters in South Africa)
Spain (Comité de Transportes de UNESPA)
Sweden (Sjöassuradörernas Förening)
Switzerland (Swiss Association of Marine Underwriters)
Thailand (The General Insurance Association)
Tunisia (Fédération Tunisienne des Sociétés)
Turkey (Ass. of the Ins. and Reins. Companies of Türkiye)
Ukraine(Marine Insurance Bureau of Ukraine)
United Arab Emirates ( Emirates Insurance Association)
United Kingdom (Int'l Underwriting Association of London - IUA)
United Kingdom (Lloyd's Underwriters' Association.)
U S A (American Institute of Marine Underwriters)
Total sum
Global Hull
Transp./
Cargo
Marine
Liability
9,236
13,164
2,506
18,400
26,000
603
NA
103,257
57,000
20,382
4,389
8,569
13,020
27,697
1,907
54,500
64,000
5,010
NA
175,257
122,500
149,520
52,489
429
632
1,795
161
10,100
0
201
NA
0
0
6,991
NA
730
Offshore/
Energy
250
0
0
0
0
0
NA
0
1,000
0
NA
0
Total
23,137
42,656
4,574
83,000
90,000
5,814
87,991
278,513
180,500
176,893
56,878
9,728
as rep. in 2000
as rep. in 2000
not rep.
not rep.
49
155,389
318,400
278,200
2,769,876
57
132,776
415,800
647,100
6,804,561
7
37,662
153,900
215,800
763,283
0
100,404
275,300
77,100
611,477
113
426,231
1,163,400
1,218,200
11,045,325
as rep. in 2000
as rep. in 2000
Report on marine insurance premiums Accounting year 2000 (in USD 1000)
Name of association
Australia (Insurance Council of Australia Ltd.)
Austria (Verband der Versicherungsunternehmen Oesterreichs)
Belgium (ABAM_/BVT Belgian Association of Marine Insurers)
Bermuda (Bermuda Institute of Marine Underwriters)
Bulgaria (BULSTRAD Insurance and Reinsurance PLC)
Canada (The Canadian Board of Marine Underwriters)
China (The Non-Life Ins. Ass. of the Republic of China)
Congo (Société Nationale d'Assurances SONAS)
Croatia (Croatian Insurance Bureau)
Cyprus (Insurance Association of Cyprus)
Czech Republic (Ceska Pojistovna AS)
Denmark (Foreningen af Danske Soeassurandoerer)
Egypt (Insurance Federation of Egypt)
Finland (Finnish Marine Underwriters' Association)
France (AFSAT-Ass.Francaise des Sociétés d'Ass.Transports)
Germany (Gesamtverband der Deutschen Versicherungswirtschaft e.V.)
Greece (Greece Association of Insurance Companies-Greece)
Hong Kong (The Hong Kong Federation of Insurers)
Hungary (Association of Hungarian Insurance Companies)
Global Hull
Transp./
Cargo
Marine
Liability
Offshore/
Energy
48,000
0
10,461
95,000
87,199
104,035
15,000
0
0
2,000
0
0
Total
160,000
87,199
114,496
not rep.
3,200
51,300
38,213
4,100
53,400
131,859
110
0
0
0
0
0
7,410
104,700
170,072
not rep.
14,300
46
330
7,000
4,912
3,620
4,000
97
0
550
0
0
25,850
5,055
3,950
NA
not rep.
31,345
392,033
61,656
10,504
17,540
NA
37,672
563,049
902,087
34,412
101,450
NA
0
0
0
3,293
0
NA
63
16,778
0
0
0
NA
69,080
971,860
963,743
48,209
118,990
9,254
Report on marine insurance premiums Accounting year 2000 (in USD 1000)
Name of association
India (Tariff Advisory Committee)
Indonesia (Insurance Council of Indonesia)
Ireland (The Irish Institute of Marine Underwriters)
Israel (Israel Insurance Association)
Italy (ANIA-Associazione Nazionale fra le Imprese Assicuratrici)
Ivory Coast ( Ass. des Sociétés d'Assurances de Côte d'Ivoire ASA-CI )
Japan (The Marine and Fire Insurance Association of Japan, Inc.
Kenya (The Association of Kenya Insurers)
Korea, (Korea Foreign Ins. Co.)
Korea, (Korea Non-life Ins. Assocn.)
Liban (Lebanese Ins. Comp. Ass.)
Malaysia (General Ins. Association of Malaysia)
Morocco (Comité des Assureurs Maritime du Maroc CAMM )
Mexico (Zurich)
Netherlands (Association of Insurers)
New Zealand (Insurance Council of New Zealand)
Nigeria (Nigerian Insurers Association)
Norway (The Central Union of Marine Underwriters)
Pakistan (Insurance Association of Pakistan)
Global Hull
Transp./
Cargo
Marine
Liability
Offshore/
Energy
Total
not rep.
not rep.
4,390
6,500
159,862
16,500
26,500
325,937
717
0
18,294
0
0
4,413
21,607
33,000
508,506
not rep.
426,911
1,620,043
23,672
16,181
2,086,807
not rep.
not rep.
not rep.
0
18,217
17,390
26
20,911
13,067
5,425
236,700
6,895
72,747
19,740
131
169,977
19,324
20,345
43,800
0
NA
0
13
27,332
782
1,356
233,900
0
NA
0
8
NA
0
0
74,600
6,895
90,963
37,130
178
218,220
33,173
27,127
589,000
not rep.
Report on marine insurance premiums Accounting year 2000 (in USD 1000)
Name of association
Poland ("WARTA" Insurance & Reinsurance Company Ltd.)
Portugal (Associacão Portuguesa de Seguradores)
Romania (National Union - Insurance and Reinsurance Comp.)
Russia (Russia Ingosstrakh Insurance Company Ltd.)
Singapore (General Insurance Association of Singapore )
Slovenia (Slovenian Insurance Association)
South Africa (Association of Marine Underwriters in South Africa)
Spain (Comité de Transportes de UNESPA)
Sweden (Sjöassuradörernas Förening)
Switzerland (Swiss Association of Marine Underwriters)
Thailand (The General Insurance Association)
Tunisia (Fédération Tunisienne des Sociétés)
Turkey (Ass. of the Ins. and Reins. Companies of Türkiye)
Ukraine(Marine Insurance Bureau of Ukraine)
United Arab Emirates ( Emirates Insurance Association)
United Kingdom (Int'l Underwriting Association of London - IUA)
United Kingdom (Lloyd's Underwriters' Association.)
U S A (American Institute of Marine Underwriters)
Total sum
Global Hull
9,237
16,273
1,702
21,100
25,000
609
6,000
105,419
46,750
15,223
3,476
Transp./
Cargo
11,228
31,891
2,740
56,400
72,000
5,342
54,000
186,567
101,470
152,349
52,808
Marine
Liability
734
1,808
1
14,200
0
199
minimal
0
0
6,978
NA
Offshore/
Energy
262
0
0
0
0
0
minimal
0
1,300
0
NA
Total
21,460
49,972
4,443
91,700
97,000
6,150
60,000
291,986
149,520
174,550
56,284
not rep.
not rep.
not rep.
not rep.
122,044
383,600
260,243
2,605,004
118,151
479,900
689,931
6,486,511
8,886
182,400
471,981
1,015,752
64,254
406,600
131,817
718,826
313,335
1,452,500
1,553,972
10,835,347