2010 The Cefor NoMIS report...Source: IUMI ”Global Marine Insurance Report” by Astrid Seltmann,...
Transcript of 2010 The Cefor NoMIS report...Source: IUMI ”Global Marine Insurance Report” by Astrid Seltmann,...
Th 2010Th 2010 C fC fCefor The 2010 The 2010 CeforCeforNoMISNoMIS ReportReportNoMISNoMIS ReportReport
Nordic Marine Insurance StatisticsUnderwriting Years 1996–2010, as of 31 December 2010
If not indicated otherwise, data in this report is on accident year basis(i e claims allocated to the calendar year in which the accident occured)(i.e. claims allocated to the calendar year in which the accident occured)
All figures as reported by 31 December 2010(i.e. without ”IBNR” loading for claims not yet registered or incurred by this date)
Included are only vessels with a registered IMO-nr.(i.e. not small coastal tonnage)
Issued by The Nordic Association of Marine Insurers (Cefor)
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part Part Part 1 Introduction
CeforPart 1 – Introduction
•Contents•NoMIS•Explanations
Part 2 – NoMIS position in the Global insurance market•Global Marine Hull Insurance Market 2009•Cefor Marine Hull Insurance Market 2010•Cefor Marine Hull Insurance Market 2010
Part 3 – NoMIS portfolio Key figures •Number of vessels by year of exposure•Development of average insured values and gross ton•Change in av. insured value, renewed vessels, by month of renewal •Average age•Average standard deductible•Average standard deductible•Average change in standard deductible, renewed vessels•Claims in claim bands – claim per vessel•Number and cost of claims by type•Claim frequency•Claim per vessel•Claim per Sum Insured•Claim per gross ton•Claim per gross ton•Claim per Vessel – accumulated quarterly development•Claim frequency – accumulated quarterly development•Claim per vessel as reported per 4th quarter of each uw year
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 1Part 1
Cefor Part 4 – Key figures by age group •Distribution of number of vessels•Claim frequency•Claim per vessel•Claim per Sum Insured•Claim per gross ton•Claim per gross ton
Part 5 – Key figures by vessel type group•Distribution of number of vessels•Claims frequency•Claim per vessel•Claim per Sum Insured•Claim per gross ton•Claim per gross ton
Part 6 – Key figures by size group •Distribution of number of vessels•Claims frequency•Claim per vessel•Claim per Sum Insured•Claim per gross ton•Claim per gross ton
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 1Part 1
CeforPart 7 – Distribution by flag and classification societyPart 7 Distribution by flag and classification society
•Distribution of number of vessels by flag, 16 largest•Distribution of number of vessels by classification society, 6 largest
Part 8 – Exposure curves •Sum Insured bands (<5, <20, <100, and >100 Mio USD)
•Partial claims only•All claimsAll claims
•Explanations
Part 9 – 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 y y g p pselection 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.
With reference to Commission Regulation (EU) No 267/2010 of 24 March 2010 (EU Block Exemption) it isWith reference to Commission Regulation (EU) No 267/2010 of 24 March 2010 (EU Block Exemption), it is further stressed that the statistical data presented in this publication is non-binding in its character.
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 1Part 1
Cefor 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 and administered by Cefor.p p y
Since 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 i idi d t il f h l i Whil th H ll A t di ti d i 1996insurer providing details of each claim. While the Hull Agreement was discontinued in 1996, the statistics cooperation continued.
In 1998 steps were taken to update the NoMIS’ database electronically. Thus from December 1999, Cefor could produce up-to-date hull figures on a monthly basis and extend the database1999, Cefor could produce up to date hull figures on a monthly basis and extend the database substantially by including non-lead business. From 2000, also business back to underwriting year 1995 was updated electronically. In the following years, several new major Ceformembers joined the NoMIS cooperation, reporting retrospective data from1995 underwriting year.year.
In 2009, data from Gjensidige and Tryg was integrated, including retrospective data back to underwriting years 2000 and 2003 respectively.
By 31st December 2010 in all 157 316 vessel years (vessels with IMO-number) and 48 820By 31st December 2010, in all 157,316 vessel years (vessels with IMO number) and 48,820 claims were registered on underwriting years 1985 through 2010.
The NoMIS statistics in this report comprise data from the following marine insurers: Bluewater (until 2008), Codan Group (Codan, Denmark and Norway; Trygg-Hansa, Sweden), Gjensidige (coastal), If, Gard, NEMI (until 2009), Norwegian Hull Club, Swedish Club, Tryg(until 2009), Zurich (until 2002).
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 1Part 1
CeforAll t t d i USDAll 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 transactionP id l i thl t f h f th th f t tiPaid claims: average monthly rate of exchange of the month of transactionOutstanding claims: average monthly rate of exchange of December 2010
Underwriting year = year in which the insurance policy attaches
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
IBNR (”Incurred but not reported”) = reserve for claims adjustments and registration backlog
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 1Part 1
Cefor 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 URRCAR/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, UCRCONTAINER Container UCC, UCR
FISHING Fishing vessels FFC, FFF, FFP, FFS,FTR,FWF,FWH
LNG/LPG Gas Carriers LNG LPG LNG/LPG LNG LPG LNPLNG/LPG Gas Carriers LNG, LPG, LNG/LPG LNG, LPG, LNP
OBO Combined Vessels Bulk, Ore, Oil COO, CBO
OTHER any other ships and floating units, any codes not specifically defined otherwise,like Barges, Cranes, Floating Storage, Floating Production, Pollution ControlVessels, Mud boat, Research vessels, Cable, Seismic Search vessel, Flo/Flo, etc.
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 1Part 1
CeforTypes of vessels specified contd.
Vessel Type group Vessels included Lloyds Conf. Index Code
PASSENGER All t f l d f i LOF LOP MPR OFY OHFPASSENGER 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
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 2Part 2
Cefor Distribution of Global Marine Hull Premium 2009
UK (IUA)Alandia4% Codan
11%Swedish Club
8%
Tromstrygd1%
TrygVesta9%Rest of the World
23%
UK (IUA)4% UK (Lloyd's)
14%
Gard
Norwegian Hull Club19%Spain
5%
USA5%
Nordic (Cefor)
14%
30%
Gerling7%
Gjensidige4%
If5%
Møretrygd1%
NEMI1%
France7%
Germany3%Italy
6%Japan9%
Korea, Republic of5%
Netherlands5%
5%
World CeforWorld Cefor
Source: IUMI ”Global Marine Insurance Report” by Astrid Seltmann, published September 2010
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 2Part 2
Cefor Distribution of Cefor Marine Hull Premium 2010
If5%
Gjensidige4% Alandia
3%
Møretrygd1% Tromstrygd
0.6%
Gard32%
Swedish Club
Tryg5%
5%
Gerling
Swedish Club8%
Codan
Gerling8%
Norwegian Hull Club23%
Codan11%
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 !
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 20102010
CeforIndex of evolution of average Sum insured and gross ton
250%
g g1995=100%
150%
200%
100%
150%
50%
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2
Index Average Sum Insured Index Average gross ton
Includes all insured vessels per underwriting year (renewed and new business).
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 20102010
Cefor Average change in Sum Insured for all renewals by month, compared to the previous underwriting year
120%
130%
110%
90%
100%
70%
80%
1 2 3 4 5 6 7 8 9101112 1 2 3 4 5 6 7 8 9101112 1 2 3 4 5 6 7 8 9101112 1 2 3 4 5 6 7 8 9101112 1 2 3 4 5 6 7 8 9101112 1 2 3 4 5 6 7 8 9101112 1 2 3 4 5 6 7 8 9101112
2004 2005 2006 2007 2008 2009 2010
Based on renewals in respective month – excluding new business.
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 20102010
Cefor
16.0
Average Age per underwriting year
13.013.6
14.0 14.1 14.0 14.1 14.1 13.9 13.713.3 13.2
12.9 13.1 12.8
14.0
12.111.812.0
10.0
8.0
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 20102010
CeforAverage Standard Deductible Development
250,000
g pAll business, 100%, in USD
Average Std. Deductible
150,000
200,000Av.Std. Ded. <= 500,000 USD
100,000
0
50,000
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Average Std. Deductible 195,900 161,182 145,151 137,371 140,907 139,094 141,909 131,326 128,640 132,792 132,177 147,640 154,110 175,847 200,225 214,544
Av.Std. Ded. <= 500,000 USD 120,301 114,245 103,549 111,716 112,526 108,467 104,896 111,078 110,497 114,351 113,862 111,610 122,725 123,529 135,075 135,107
0
Includes all insured vessels per underwriting year (renewed and new business).
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 20102010
CeforAverage change in standard deductible on renewal,
20 0%
25.0%compared to the previous underwriting year
15.0%
20.0%
5 0%
10.0%
0.0%
5.0%
2004 2005 2006 2007 2008 2009 2010
Underwriting year
Change in average standard deductible on renewed vessels
Based on renewals per year – excluding new business.
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported + + additionaladditional IBNR reserveIBNR reserve
Cefor120,000
Claim per vessel (USD), by date of loss
80 000
100,000
60,000
80,000
> 50 MUSD
Claim bands:
20 000
40,000
30‐50 MUSD
10‐30 MUSD
5‐10 MUSD
1‐5 MUSD
1MUSD
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
> 50 MUSD 0 0 0 0 0 0 0 0 7 286 0 4 651 3 985 4 522 0 8 575
0
20,000 <= 1 MUSD
IBNR
> 50 MUSD 0 0 0 0 0 0 0 0 7,286 0 4,651 3,985 4,522 0 8,575
30‐50 MUSD 6,298 0 4,055 9,712 0 0 9,517 0 0 0 2,870 11,304 2,611 4,047 0
10‐30 MUSD 5,713 5,782 5,318 8,953 3,019 7,125 8,671 6,655 17,085 8,812 19,013 20,267 15,047 8,567 10,344
5‐10 MUSD 9,123 9,178 6,411 9,755 11,865 1,716 7,277 4,796 9,009 13,529 8,551 11,454 10,762 6,558 5,557
1‐5 MUSD 24,016 22,062 18,487 18,504 15,163 21,669 17,163 16,437 24,273 19,735 27,133 29,091 29,502 25,683 18,586
<= 1 MUSD 23,784 20,413 21,934 20,227 19,638 22,203 20,860 21,739 21,772 24,538 26,929 32,057 31,961 25,646 23,72123,784 20,413 21,934 20,227 19,638 22,203 20,860 21,739 21,772 24,538 26,929 32,057 31,961 25,646 23,721
IBNR 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,905
Date of loss
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor Claims by Claims type
Number of claimsInner ring: 2005-2009Outer ring: 2010
17.6%
Engine
Fire/Explosion
Collision
37.0%
10.2%
0.3%3.2%
15.4%36.7%
7.8%
0.7%2.9%
Contact
Grounding
Ice
1.9%11.8%
20.2%
2 4%
7.8%
Heavy weather
Other
2.4%
11.3%20.6%
Totals 2005-09: 16,6312010: 1,814
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor Claims by Claims type
Cost of claimsInner ring: 2005-2009Outer ring: 2010
26.8%21.9%
Engine
Fire/Explosion
Collision
30.4%0.2%2.8%
13.0%26.8%
0.3%2.0%
Contact
Grounding
Ice
8.7%
14.0%8.8%
22.0%
12.7%12.2%
Heavy weather
Other
15.9%8.3%
Totals S2005-09: 5,041.5 MUSD
2010: 579.6 MUSD
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor0.35
Claim frequency by date of loss
0.25
0.30
0.35
0.15
0.20
0.05
0.10
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
all claims 0.30 0.29 0.31 0.31 0.29 0.28 0.28 0.28 0.28 0.27 0.28 0.31 0.32 0.25 0.21
> 10,000 USD 13.55 12.48 13.46 14.02 12.37 0.13 0.13 0.13 0.14 0.14 0.15 0.17 0.17 0.13 0.12
0.00
>500,000 USD 2.67%2.24%2.19%2.05%1.76% 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03 0.02
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
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
CeforClaim frequency by date of loss
0.30%
0.35%
30.00%
35.00%
0.20%
0.25%
20.00%
25.00%
0.10%
0.15%
10.00%
15.00%
0 00%
0.05%
0.10%
0 00%
5.00%
10.00%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
all claims (left axis) 0.30 0.29 0.31 0.31 0.29 0.28 0.28 0.28 0.28 0.27 0.28 0.31 0.32 0.25 0.21
partial claims (left axis) 29.7% 28.9% 31.2% 31.0% 28.9% 27.6% 27.9% 27.9% 27.7% 27.1% 27.6% 30.4% 31.9% 25.2% 20.8%
TLO claims (right axis) 0.25% 0.16% 0.20% 0.14% 0.19% 0.14% 0.20% 0.11% 0.17% 0.11% 0.14% 0.15% 0.08% 0.14% 0.07%
0.00%0.00%
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
CeforClaim per vessel by date of loss
100,000
120,000
p y
80,000
40,000
60,000
996 99 998 999 2000 200 2002 2003 200 200 2006 200 2008 2009 20 00
20,000
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
all claims 68,9 57,4 56,2 67,1 49,6 52,7 63,4 49,6 79,4 66,6 89,1 108, 94,4 70,5 66,7
partial claims 49,3 46,1 45,9 61,2 38,8 44,1 40,2 41,8 59,9 60,1 73,4 90,5 84,7 58,2 53,6
TLO claims 19,6 11,2 10,2 5,92 10,8 8,56 23,2 7,74 19,4 6,47 15,6 17,6 9,60 12,2 13,1
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR IBNR addedadded
CeforClaim per Sum Insured by date of loss
0.350%
0.400%
0.250%
0.300%
0 100%
0.150%
0.200%
0.000%
0.050%
0.100%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
all claims 0.37 0.31 0.28 0.33 0.24 0.24 0.28 0.22 0.33 0.25 0.30 0.33 0.26 0.18 0.18
partial claims 0.26 0.25 0.23 0.30 0.18 0.20 0.18 0.18 0.25 0.22 0.25 0.28 0.23 0.15 0.14
TLO claims 0.10 0.06 0.05 0.03 0.05 0.03 0.10 0.03 0.08 0.02 0.05 0.05 0.02 0.03 0.03
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR IBNR addedadded
CeforClaim per gross ton by date of loss
3.50
4.00
p g y
2.50
3.00
1.50
2.00
0 00
0.50
1.00
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
all claims 2.41 2.08 2.06 2.33 1.66 1.76 2.12 1.69 2.75 2.30 3.07 3.77 3.26 2.27 2.06
partial claims 1.72 1.68 1.68 2.13 1.29 1.47 1.34 1.43 2.08 2.08 2.53 3.15 2.93 1.88 1.66
TLO claims 0.68 0.41 0.38 0.21 0.36 0.29 0.78 0.26 0.67 0.22 0.54 0.62 0.33 0.39 0.41
0.00
The Nordic Association of Marine Insurers 23
0.68 0.41 0.38 0.21 0.36 0.29 0.78 0.26 0.67 0.22 0.54 0.62 0.33 0.39 0.41
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported
M i H ll Cl i l
Cefor120,000
Marine Hull Claim per vessel-accumulated quarterly development
60,000
80,000
100,000
2005
2006
2007
2008
100,000
Marine Hull Claim per vessel-accumulated quarterly development
0
20,000
40,000
1 2 3 4 5 6 7 8 9 10 11 12 13
2009
2010
70,000
80,000
90,000
,
2005
2006
All claims, including total losses.
30,000
40,000
50,000
60,0002007
2008
2009
0
10,000
20,000
30,000
1 2 3 4 5 6 7 8 9 10 11 12 13
2010
1 2 3 4 5 6 7 8 9 10 11 12 13
Partial claims – excluding total losses.
Claims by date of loss (claims occured in respective year)
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 20102010 –– paid+outstandingpaid+outstanding as as reportedreported
CeforMarine Hull - Claim frequency
quarterly development
0.35
quarterly development
0.25
0.30
2005
0.15
0.20 2006
2007
2008
2009
0.05
0.10
2009
2010
0.001 2 3 4 5 6 7 8
All claims. Claims by date of loss (claims occured in respective year)
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 3Part 3As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported
Cefor80,000
Claim per vessel - as reported as of 4th quarter of each year
40 000
60,000
20,000
40,000
02000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Claim frequency - as reported f 4th t f h
Partial claims – excluding total losses.
Claims by date of loss. (claims occured in respective year)0 20
0.25
0.30as of 4th quarter of each year
(claims occured in respective year)
0.10
0.15
0.20
0.00
0.05
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 4Part 4As of 31 As of 31 DecemberDecember 20102010
Cefor Number of vessels per age group, by year of exposure
Inner ring: 2005-2009Outer ring: 2010
19.5%
0 5 years27.8%25.9%
32.8%
9.9%
0-5 years
5-10 years
10-15 years
20.5%15.6%
10.3% 15-20 years
20-100 years
20.3%17.5%
Total number of vessels 2005-09: 57,8332010: 8,679
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 4Part 4As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
CeforClaim frequency per age group
0 3
0.4
Claim frequency per age group
0.2
0.3
0.3
0.1
0.1
0.2
0-5 years 5-10 years 10-15 years
15-20 years
20-100 years
2005-2007 0.25 0.32 0.33 0.30 0.27
0.0
Comment: Claims < 10 000 USD account for about half of all claims Registration of these
2008-2010 0.23 0.28 0.33 0.30 0.252005-2010 0.24 0.30 0.33 0.30 0.26
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
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 4Part 4As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor
120,000
Claim per vessel per age groupin USD
60,000
80,000
100,000
20,000
40,000
,
0-5 years 5-10 years 10-15 years
15-20 years
20-100 years
2005-2007 92,268 102,935 87,048 88,397 78,427
0
2008-2010 61,524 94,575 85,894 94,696 78,0972005-2010 76,839 99,170 86,491 91,302 78,287
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 4Part 4As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor
0.8%
Claim per Sum Insured per age group
0 4%0.5%0.6%0.7%
0 1%0.2%0.3%0.4%
0-5 years 5-10 years 10-15 years
15-20 years
20-100 years
2005 2007 0 194% 0 280% 0 337% 0 471% 0 704%
0.0%0.1%
2005-2007 0.194% 0.280% 0.337% 0.471% 0.704%2008-2010 0.115% 0.205% 0.273% 0.404% 0.548%2005-2010 0.152% 0.242% 0.303% 0.436% 0.629%
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 1Part 1As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor
4 55.0
Claim per gross ton per age groupin USD
2 53.03.54.04.5
0 51.01.52.02.5
0-5 years 5-10 years 10-15 years 15-20 years 20-100 years
2005 2007 2 5 3 2 2 9 3 2 4 4
0.00.5
2005-2007 2.5 3.2 2.9 3.2 4.42008-2010 1.7 2.5 2.8 3.2 4.42005-2010 2.1 2.9 2.9 3.2 4.4
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 1Part 1As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor
400,000
Average claim amount per age groupin USD
200 000250,000300,000350,000
50,000100,000150,000200,000
0-5 years 5-10 years 10-15 years
15-20 years
20-100 years
2005-2007 374 688 317 307 263 539 293 237 293 745
050,000
2005 2007 374,688 317,307 263,539 293,237 293,7452008-2010 269,765 337,599 258,911 319,734 310,7902005-2010 324,045 325,716 261,298 305,341 300,692
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 5Part 5As of 31 As of 31 DecemberDecember 20102010
CeforInner ring: 2005-2009
Number of vessels per vessel type, by year of exposure
Inner ring: 2005-2009Outer ring: 2010
B lk
19 6%8.5%
17.6%
11.8%
9.2%BulkCar/RoRoCargoChem./Prod.19.6%
5.4%3 7%0.5%3.5%4.6%
7.9%6.0%
6.0%
Chem./Prod.ContainerFishingLNG/LPG
13.5%
12.2%18.5%
2.2%3.7%
7.8%
1 8%3.8%
0.3%4.1%
OBOOtherPassengerSuppl /Off12.8%
18.7%
1.8% Suppl./Off.Tank
Total number of vessels 2005-09: 57,8332010: 8,679
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 5Part 5As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
CeforClaim frequency per vessel type group
0.4
0.5
Claim frequency per vessel type group
0.2
0.3
Bulk Cargo Cont./Car/RoRo Passenger Tank Supply/Off
0.0
0.1
2005-2007 0.20 0.36 0.38 0.38 0.22 0.242008-2010 0.21 0.33 0.35 0.29 0.23 0.172005-2010 0.21 0.35 0.36 0.33 0.22 0.20
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 timeand in each company and will thus influence the registered frequency.In addition any increase/decrease of insurance deductibles has impact on the registered frequency
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 5Part 5As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
CeforClaim per essel per essel t pe gro p
200 000
250,000
Claim per vessel per vessel type group
100 000
150,000
200,000
0
50,000
100,000
Bulk Cargo Cont./Car/RoRo Passenger Tank Supply/Off
2005-2007 87,803 63,606 100,287 222,781 75,931 68,7272008 2010 78 740 66 510 92 771 168 586 61 659 39 3172008-2010 78,740 66,510 92,771 168,586 61,659 39,3172005-2010 83,904 64,764 96,669 195,078 69,324 52,639
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 5Part 5As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor
0 600%0.700%
Claim per Sum Insured per vessel type group
0.300%0.400%0.500%0.600%
Cont /Car/0.000%0.100%0.200%
Bulk Cargo Cont./Car/RoRo Passenger Tank Supply/Off
2005-2007 0.383% 0.658% 0.321% 0.239% 0.201% 0.536%2008-2010 0.238% 0.549% 0.256% 0.191% 0.139% 0.177%2005-2010 0.307% 0.608% 0.287% 0.216% 0.170% 0.293%
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 5Part 5As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor
10
Claim per gross ton per vessel type group
6
8
0
2
4
Bulk Cargo Cont./Car/RoRo Passenger Tank Supply/Off
2005-2007 2.6 8.0 3.2 7.4 1.6 42.92008 2010 2 2 7 5 2 7 6 0 1 2 19 9
0
2008-2010 2.2 7.5 2.7 6.0 1.2 19.92005-2010 2.4 7.8 3.0 6.7 1.4 29.1
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 5Part 5As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor
600 000700,000
Average claim amount per vessel type group
300 000400,000500,000600,000
0100,000200,000300,000
Bulk Cargo Cont./Car/RoRo Passenger Tank Supply/Off
2005-2007 434,271 175,088 264,792 586,807 350,972 286,4802008-2010 373 777 203 699 268 516 583 422 268 187 229 271
0
2008 2010 373,777 203,699 268,516 583,422 268,187 229,2712005-2010 407,636 185,774 266,499 585,307 311,392 259,974
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 6Part 6As of 31 As of 31 DecemberDecember 20102010
Cefor Number of vessels per GT Size Group, by year of exposure
Inner ring: 2005-2009Outer ring: 2010
Gross ton:
8.4%2.5%2.8%0.1%
10.3%
9.5%
3.7% 3.4%0.2%< 1,0001,000-5,0005 000 10 000
Gross ton:
16.3%
5.1%
5.2% 7.7% 14.8%
6 1%
5.4%
5,000-10,00010,000-20,00020,000-30,00030,000-40,000
10.3%
14.9%15.7%
10.9%9.4%
10.6%
6.1% 30,000 40,00040,000-50,00050,000-60,00060,000-90,000
12.3%14.2%
90,000-120,000120,000-170,000>= 170,000
Total number of vessels 2005-09: 57,8332010: 8,679
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 6Part 6As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
CeforClaim freq enc per GT si e gro p
0.4
0.5
Claim frequency per GT size group
0.2
0.3
<1 000 1,000- 5,000- 10,000- 20,000- 30,000- 40,000- 50,000- 60,000- 90,000- 120,000- >=
0.0
0.1
< 1,000 5,000 10,000 20,000 30,000 40,000 50,000 60,000 90,000 120,000 -170,000 170,000
2005-2007 0.26 0.35 0.42 0.31 0.28 0.25 0.24 0.20 0.18 0.18 0.14 0.232008-2010 0.17 0.28 0.43 0.32 0.31 0.25 0.24 0.23 0.18 0.14 0.11 0.142005-2010 0.21 0.32 0.42 0.31 0.29 0.25 0.24 0.22 0.18 0.16 0.13 0.18
Comment: Claims < 10 000 USD account for about half of all claims Registration of theseComment: 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
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 6Part 6As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
CeforClaim per vessel per GT size group
250,000
300,000
Claim per vessel per GT size group
100 000
150,000
200,000
< 1 000 1,000- 5,000- 10,000- 20,000- 30,000- 40,000- 50,000- 60,000- 90,000- 120,000 >= 0
50,000
100,000
< 1,000 ,5,000
,10,000
,20,000
,30,000
,40,000
,50,000
,60,000
,90,000
,120,000 -
170,000 170,000
2005-2007 21,518 62,748 83,379 77,929 107,854 89,942 105,585 75,585 132,976 285,327 122,834 282,5022008-2010 14,039 66,756 112,522 75,569 86,856 93,369 80,264 112,388 91,032 100,749 52,304 54,3282005-2010 17,609 64,546 96,954 76,920 98,637 91,521 93,179 92,535 112,232 184,507 87,584 152,984
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 6Part 6As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
Cefor
0.80%0.90%
Claim per Sum Insured per GT size group
0.40%0.50%0.60%0.70%0.80%
0.00%0.10%0.20%0.30%0.40%
< 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
2005-2007 0.830% 0.606% 0.507% 0.397% 0.429% 0.290% 0.266% 0.157% 0.196% 0.209% 0.143% 0.247%2008-2010 0.398% 0.399% 0.480% 0.287% 0.279% 0.235% 0.169% 0.220% 0.128% 0.073% 0.057% 0.029%
0.00%
2005-2010 0.572% 0.488% 0.492% 0.342% 0.355% 0.261% 0.214% 0.187% 0.162% 0.135% 0.098% 0.097%
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 6Part 6As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
CeforCl i GT GT i
50.0
60.0
Claim per GT per GT size group
30.0
40.0
50.0
0.0
10.0
20.0
< 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
2005-2007 53.2 21.5 11.2 5.2 4.3 2.5 2.4 1.4 1.8 2.9 0.8 1.32008-2010 35.3 22.6 15.0 5.0 3.4 2.7 1.9 2.1 1.2 1.0 0.3 0.32005-2010 43.9 21.9 13.0 5.1 3.9 2.6 2.2 1.7 1.5 1.9 0.6 0.8
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 6Part 6As of 31 As of 31 DecemberDecember 2010 2010 –– paid+outstandingpaid+outstanding as as reportedreported, , nono IBNR reserve IBNR reserve addedadded
CeforA Cl i t GT i
1,600,000
1,800,000
Average Claim amount per GT size group
800,000
1,000,0001,200,000
1,400,000
0
200,000400,000
600,000
< 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
2005-2007 83,640 179,067 199,172 250,906 387,147 354,530 444,457 372,965 722,793 1,551,10 876,999 1,224,172008-2010 83,566 237,120 260,379 239,189 279,612 380,982 336,521 483,658 509,074 744,170 457,167 397,3692005-2010 83,609 202,012 228,167 245,849 337,043 366,494 391,463 427,724 618,616 1,172,04 688,329 862,447
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 7Part 7As of 31 As of 31 DecemberDecember 20102010
Cefor Number of vessels per largest flags, by year of exposure
Inner ring: 2005-2009Outer ring: 2010
BHS - BahamasCYP - CyprusGRC - Greece
7%4%21%
7%3%
3%18%
GRC GreeceLBR - LiberiaNIS - Norway int.reg.NOR - NorwayPAN - Panama%
4%
9%
5%3%4%3%
21%11%
6%2%
5%
4%PAN PanamaUSAATG - Antigua&BarbudaDIS - DenmarkDEU- Germany
5%
10%1%4%3%3%4%
5%6%
3% 6%
8%
6%5%
7%
2% DEU GermanyHKG - HongkongMLT - MaltaMHL - Marshall IslandsNLD - Netherlands6%
1%3%4%2%4% NLD - Netherlands
SGP - SingaporeGBR - UKother
Total number of vessels 2005-09: 57,8332010: 8,679
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 7Part 7As of 31 As of 31 DecemberDecember 20102010
Cefor Number of vessels per classification society, by year of exposure
Inner ring: 2005-2009Outer ring: 2010
11 1%11 4%
12.2%9.3%
11.1%
9.2%
23.1%
11.4% 8.3%
26.7%
American Bureau
Bureau Veritas
Germanischer Lloyd
18.0%
7.8%
%
17.5%
Lloyd's Register
Nippon Kaiji Kyokai
Det Norske Veritas
others
19.4%
19.9%
6.1%
Total number of vessels 2005-09: 57,8332010: 8,679
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 8Part 8As of 31 As of 31 DecemberDecember 2010 2010 –– paidpaid & & outstandingoutstanding as as reportedreported
CeforExposure curves by Sum Insured
Partial Claims only (<75%SI)
BasedBased onon claimsclaims occuredoccured in in yearsyears 20052005--20102010PA claims in % of all claims : 0-5 Mio USD: 73%5-20 Mio USD: 85%
100%
110%
of c
laim
s Partial Claims only (<75%SI) 20-75 Mio USD: 82%> 75 Mio USD: 100%
80%
90%
100%et
entio
n o
l cla
ims)
60%
70%
80%
pany
's re
% o
f tot
a
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
0-5 Mio USD 0 609 0 786 0 877 0 936 0 969 0 991 0 999 1 000 1 000 1 000
50%
60%
ding
com (in
%
Sum Insured
0 5 Mio USD 0.609 0.786 0.877 0.936 0.969 0.991 0.999 1.000 1.000 1.000
5-20 Mio USD 0.729 0.862 0.923 0.956 0.979 0.994 1.000 1.000 1.000 1.000
20-75 Mio USD 0.802 0.898 0.942 0.972 0.988 0.997 1.000 1.000 1.000 1.000
> 75 Mio USD 0.903 0.970 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
Ced
100% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
Ceding company's retention as % of SI
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 8Part 8As of 31 As of 31 DecemberDecember 2010 2010 –– paidpaid & & outstandingoutstanding as as reportedreported
CeforExposure curves by Sum InsuredAll l i i l di t t l l
BasedBased onon claimsclaims occuredoccured in in yearsyears 20052005--20102010
100%
110%
clai
ms
All claims including total losses
80%
90%en
tion
of c
clai
ms)
60%
70%
pany
's re
te%
of t
otal
c
100 110 12040%
50%
ding
com
p(in
%
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
110%
120%
0-5 Mio USD 0.474 0.629 0.722 0.790 0.840 0.882 0.914 0.940 0.963 0.984 0.992 0.9935-20 Mio USD 0.635 0.764 0.832 0.875 0.909 0.937 0.958 0.973 0.987 0.998 1.000 1.00020-75 Mio USD 0.676 0.771 0.824 0.866 0.896 0.920 0.940 0.956 0.972 0.986 0.997 1.000> 75 Mio USD 0 908 0 963 0 994 1 000 1 000 1 000 1 000 1 000 1 000 1 000 1 000 1 000
Ced Sum Insured
> 75 Mio USD 0.908 0.963 0.994 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000All 0.686 0.788 0.845 0.883 0.912 0.935 0.952 0.967 0.980 0.991 0.998 1.000100% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
Ceding company's retention as % of SI
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 8Part 8As of 31 As of 31 DecemberDecember 20102010
Cefor Exposure Curves
• Exposure curves are used by reinsurers to price excess of loss reinsurance.p y p• 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
i il l d itt hsimilar 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.• The curves are based on USD claims amounts. Due to exchange ragteg g
fluctuations, the ratio between claim cost and insured value may deviate in the original currency.
E pos re C r es technicalitiesExposure Curves technicalities
• The curves are based on H&M covers only for vessels with valid IMO-No.• The curves are based on the years 2005-2010The curves are based on the years 2005 2010
(16,199 partial claims; 16,275 claims in all)• The curves are calculated as follows:
x = percentage retainedC I di id l l i 1)C = Individual claims 1)
V = Vessel valuef(x) = Σ min[C, V*x]/ Σ C
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics –– Part 9Part 9
Cefor Cost driving factors inflation index, 2000 = 100%
400.0%
500.0%
225.0%
250.0%
300.0%175.0%
200.0%
200.0%
125.0%
150.0%
0.0%
100.0%
75.0%
100.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010USD against EURShip operating costs, tankClaim per vessel, by date of loss (2010 incl. IBNR)P ti l l i l b d t f l (2009 i l IBNR)
Sources: Claim index: Cefor as of 31 December 2009, exchange rates: Norges Bank, Ship operation costs: Moore Stephen’s, Iron Ore: IUMI
Partial claim per vessel, by date of loss (2009 incl. IBNR)Iron ore & scrap metals, world market price and raw price (2nd axis right-hand)
2010 Nordic Marine Insurance 2010 Nordic Marine Insurance StatisticsStatistics
CeforCefor marine insurance statistics publications at http://www.cefor.no :p p
• Cefor Annual Report 2010
• The 2010 Cefor NoMIS Report & pThe 2010 Cefor NoMIS COASTAL Report
• Half-yearly Claims Update Fact Sheet
• All Cefor statistics, including previously published reports, are available for download from the statistics section of the Cefor website: http://www.cefor.no/statistics/statistics.htm
Other marine insurance statistics:
• IUMI (International Union of Marine Insurance): Statistics issued by IUMI’s Facts & Figures Committee:http://www.iumi.com/index.cfm?id=7165p