THE 2018 CEFOR NOMIS OCEAN HULL REPORT · 2019. 4. 10. · The Nordic Marine Insurance Statistics...

THE 2018 CEFOR NOMIS OCEAN HULL REPORT(VESSELS WITH REGISTERED IMO NUMBER)

Nordic Marine Insurance Statistics as of 31 December 2018

OCEAN HULL REPORT – INCLUDED DATA

• Underwriting years 1996-2018

• Vessels with a registered IMO-number.

(For statistics on small coastal tonnage, see

«The 2018 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 2018 (i.e. without IBNR loading for claims not yet registered or incurred by this date).

Introduction (Contents / NoMIS history / Definitions)

Page 9 Cefor position in the global hull insurance market 2017/

Cefor hull insurance market 2018/ 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

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

(

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. From December 1999, Cefor

could produce up-to-date hull figures on regular basis. The scope of reporting was extended 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 Cefor members joined the NoMIS cooperation, reporting retrospective data from 1995 underwriting year.

In 2009, data from Gjensidige and Tryg was integrated, dating back to underwriting years 2000 and 2003 respectively.

In 2012, data from Alandia was added, starting with underwriting year 2005. Further, If extended their scope of reporting to

include all Nordic business.

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

In 2016, data from Skuld was added, dating back to underwriting year 2011.

From 2016, all member report according to the modernized reporting format.

In 2018, revised claims codes were implemented for more specific coding of the initial cause of a casualty.

By 31st December 2018, in all 279,806 vessel-years and 77,357 claims were registered on underwriting years 1985 through

2018 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 2018

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

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 TRR, TTA, TUV

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

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

OCEAN HULL REPORT – DEFINITIONS NoMISNordic Marine


8

China

10.6%France4.0%

Germany

1.5%

Italy4.5%

Japan7.3%

Korea, Republic of2.8%

Latin America5.8%

Netherlands2.0%

Singapore12.1%

Spain1.6%

USA3.3%

Other14.7%

UK (IUA)5.1%

UK (Lloyd's)16.4%

Nordic (Cefor)8.2%

Alandia

Insurance5.5%

Codan

6.0%

Gard31.3%

Fender Marine1.2%

Gjensidige4.0%

If5.9%

Møretrygd1.5%

Norwegian Hull Club

26.1%

The Swedish Club7.8%

Skuld10.1%

Tromstrygd

0.7%

Breakdown of Global Marine Hull* Premium 2017

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 2018, and Cefor Annual Report 2018

**

9

Gard38.2%

Norwegian Hull

Club24.6%

Alandia Insurance7.3%

Skuld6.9%

The Swedish Club6.4%

If5.2%

Codan4.6%

Gjensidige3.9%

Møretrygd1.5%

Fender Marine0.8% Tromstrygd

0.6%

Breakdown of Cefor Marine Hull* Premium 2018

* 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 claims trends for small craft & fishing vessels check ‘The Cefor NoMIS COASTAL Hull report

2018’

Total Cefor marine hull* premium 2018:

641.8 USD million

10

Source: Cefor Annual Report 2018

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 2017 & 2018, 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 2019.

1)

THE CEFOR FLEET AS OF END 2019 NoMISNordic MarineInsurance Statistics

11

Gross tonnage

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

Cefor share

2013-2018 12.2% 24.9% 17.3% 50.6% 38.5%

2008-2012 16.5% 32.5% 37.1% 52.5% 41.1%

2003-2007 20.3% 25.8% 42.4% 59.6% 44.1%

1998-2002 24.3% 22.5% 26.3% 49.8% 37.6%

1993-1997 15.0% 11.5% 14.5% 32.6% 20.7%

1988-1992 8.4% 13.5% 12.7% 26.3% 12.7%

OCEAN HULL – NUMBER OF VESSELS

as of 31 December 2018

NoMISNordic Marine


12

5,867

6,8277,291

6,9646,572

6,9727,562

8,310

9,572

10,655

11,887

13,131

12,325

10,446

9,622

10,741

13,189

15,055

16,07115,97215,540

15,848

16,722

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

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

Number of vessels, by year of exposure

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

Average sum insured, by underwriting year

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

OCEAN HULL – INSURED VALUES


NoMISNordic Marine


13

80%

90%

100%

110%

120%

130%

140%

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

Index Average Sum Insured Index Average gross ton

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

OCEAN HULL – INDEX


NoMISNordic Marine


14

6.2%

2.1%

8.8%

2.4%

-15.5%

-7.5%

-4.6%

-6.7% -6.1%-5.9%

-9.2%-7.6%

-6.0%

-3.1%

-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

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


15

OCEAN HULL – AGE


NoMISNordic Marine


16

13.0

13.5

13.914.1

14.014.114.113.9

13.7

13.313.4

13.213.4

13.2

13.0

12.011.811.8

12.012.012.1

12.4

13.1

13.6

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

Average age, by underwriting year

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

OCEAN HULL - DEDUCTIBLES


NoMISNordic Marine


17

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

Average Std. Deductible 187,171 156,251 144,218 136,619 138,527 136,773 143,708 139,636 124,158 126,867 127,021 144,770 143,609 156,614 171,828 183,150 179,422 179,941 216,254 215,411 171,219 177,807 185,115 207,698

Av.Std. Ded.

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

> 50 MUSD 0 0 0 0 0 0 0 0 6,896 0 13,238 4,119 0 0 11,934 0 29,581 4,121 0 3,132 0 0 0

30

41.2%

2.3%11.4%

19.8%

8.4%

1.9%

14.9%

2013-2017

Machinery

Fire/Explosion

Collision

Contact

Grounding

Heavy weather

Other / unknown

44.7%

1.9%9.2%

19.6%

7.5%

2.4%

14.7%

2018

Machinery

Fire/Explosion

Collision

Contact

Grounding

Heavy weather

Other / unknown

Breakdown of number of claims by type of claim

Total number of claims:

2013-2017: 17,208 2018: 3,096


NoMISNordic Marine


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

38.2%

13.0%12.4%

7.8%

14.8%

3.2%

10.6%

2013-2017

Machinery

Fire/Explosion

Collision

Contact

Grounding

Heavy weather

Other / unknown

42.4%

11.6%

11.4%

8.5%

14.0%

1.7%

10.5%

2018

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:

2013-2017: 4,710.9 2018: 734.5


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

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% 26.3% 23.2% 23.4% 22.9% 23.0% 22.3% 22.0% 21.9%

> 10,000 USD 13.6% 13.0% 14.3% 14.1% 12.9% 13.5% 13.2% 13.6% 14.3% 14.7% 15.4% 16.7% 16.8% 13.4% 12.7% 13.6% 11.9% 12.2% 11.6% 11.9% 11.1% 11.7% 11.9%

>500,000 USD 2.7% 2.3% 2.2% 2.0% 1.9% 2.1% 2.1% 1.9% 2.6% 2.5% 3.1% 3.4% 3.4% 2.9% 2.5% 2.8% 2.3% 2.4% 2.2% 2.5% 2.2% 2.3% 1.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

Claims frequency by date of loss (%)

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


NoMISNordic Marine



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

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% 26.3% 23.2% 23.4% 22.9% 23.0% 22.3% 22.0% 21.9%

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% 23.3% 22.9% 22.8% 22.2% 21.9% 21.9%

TLO claims (right axis) 0.2% 0.2% 0.2% 0.1% 0.2% 0.2% 0.2% 0.1% 0.2% 0.1% 0.2% 0.1% 0.1% 0.1% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0%

0.0%

0.1%

0.1%

0.2%

0.2%

0.3%

0.3%

0.4%

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

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% 5.1% 5.3% 4.9% 4.5% 4.6% 4.3% 4.2% 3.8% 3.6%

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% 3.3% 3.3% 3.5% 3.5% 3.1% 3.5% 3.4% 2.7%

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% 2.2% 1.7%

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% 2.5% 2.0% 1.8% 2.1% 1.9% 1.8% 1.9% 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% 0.5% 0.4% 0.4% 0.4% 0.3% 0.4%

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% 0.4%

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

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

NoMISNordic Marine



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

all claims 68,477 59,739 58,171 67,342 50,819 54,612 64,043 49,613 79,279 66,691 96,164 106,86 87,154 70,168 66,718 63,476 94,613 73,143 57,165 67,777 46,274 56,403 51,186

partial claims 49,397 47,116 48,369 61,321 38,836 45,362 45,336 41,686 61,120 60,181 70,273 89,269 75,338 59,194 57,462 57,139 53,969 64,696 52,331 56,412 43,580 50,265 47,856

TLO claims 19,079 12,623 9,803 6,021 11,983 9,249 18,708 7,927 18,159 6,510 25,891 17,600 11,817 10,974 9,257 6,337 40,645 8,447 4,834 11,365 2,694 6,137 3,330

0

20,000

40,000

60,000

80,000

100,000

120,000

Claim per vessel by date of loss (USD)


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

all claims 0.399 0.362 0.311 0.349 0.254 0.257 0.298 0.227 0.338 0.260 0.347 0.348 0.259 0.201 0.188 0.180 0.286 0.232 0.181 0.218 0.155 0.193 0.179

partial claims 0.288 0.286 0.259 0.318 0.194 0.213 0.211 0.191 0.261 0.235 0.254 0.291 0.224 0.170 0.162 0.162 0.163 0.205 0.166 0.181 0.146 0.172 0.167

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 0.031 0.026 0.018 0.123 0.027 0.015 0.037 0.009 0.021 0.012

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 (%)


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

all claims 2.46 2.24 2.20 2.41 1.75 1.88 2.22 1.74 2.80 2.38 3.43 3.86 3.13 2.39 2.14 2.00 3.01 2.27 1.73 2.02 1.34 1.60 1.47

partial claims 1.78 1.77 1.83 2.20 1.34 1.56 1.57 1.46 2.16 2.15 2.51 3.22 2.70 2.02 1.85 1.80 1.72 2.01 1.58 1.68 1.26 1.42 1.37

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 0.34 0.08 0.17 0.10

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)


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

all claims 227,638 199,141 173,254 208,622 166,320 190,091 213,170 172,073 266,441 226,663 319,648 337,824 267,404 256,280 270,296 241,687 407,402 313,063 249,515 295,271 207,785 256,299 233,822

excl. total losses 165,525 157,987 144,887 190,819 127,995 158,768 151,903 145,126 206,573 205,323 234,769 283,417 232,015 217,340 233,187 217,944 233,301 277,859 228,976 247,108 196,141 229,595 218,971

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

26.9%

27.7%

17.3%

11.7%

16.2%

0.1%

2013-2017

0-5 years

5-10 years

10-15 years

15-20 years

20-100 years

> 100 years

17.9%

30.3%

22.3%

12.2%

17.1%

0.1%

2018

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:

2013-2017: 78,486 2018: 16,722


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


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

2013-2015 0.20 0.24 0.26 0.28 0.20

2016-2018 0.17 0.21 0.23 0.23 0.19

2013-2018 0.19 0.22 0.24 0.26 0.19

0.00

0.05

0.10

0.15

0.20

0.25

0.30

Claims frequency per age group


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


years

15-20

years

20-100

years

2013-2015 57,467 64,943 85,965 78,746 54,524

2016-2018 39,823 54,222 57,051 56,077 38,593

2013-2018 50,073 59,168 70,115 67,085 46,548

010,00020,00030,00040,00050,00060,00070,00080,00090,000

100,000

Claim per vessel (USD) per age group


NoMISNordic Marine



years

15-20

years

20-100

years

2013-2015 0.125% 0.185% 0.311% 0.411% 0.476%

2016-2018 0.091% 0.162% 0.235% 0.278% 0.328%

2013-2018 0.111% 0.173% 0.272% 0.341% 0.401%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%

0.60%

Claim per Sum Insured (%) per age group


NoMISNordic Marine


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

years

2013-2015 1.3 1.9 2.4 2.8 4.2

2016-2018 0.8 1.4 1.6 1.7 3.0

2013-2018 1.1 1.6 2.0 2.2 3.6

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Claim per gross ton (USD) per age group


NoMISNordic Marine



years

15-20

years

20-100

years

2013-2015 285,627 272,714 331,281 277,233 277,346

2016-2018 236,276 256,788 246,516 238,638 201,881

2013-2018 267,037 264,613 287,227 259,207 240,096

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

Average claim cost (USD) per age group

Breakdown of vessels by vessel type, by year of exposure


NoMISNordic Marine

Insurance StatisticsOCEAN HULL – BY VESSEL TYPE


2013-2017: 78,486 2018: 16,722

22%

5%

9%

13%17%

2%

4%

5%

5%

11%

7%

2013-2017

Bulk

Car/RoRo

Cargo

Chem./Prod.

Container

Fishing

LNG/LPG

Other

Passenger

Suppl./Off.

Tank

23%

4%

8%

14%15%

2%

4%

6%

5%

11%

8%

2018

Bulk

Car/RoRo

Cargo

Chem./Prod.

Container

Fishing

LNG/LPG

Other

Passenger

Suppl./Off.

Tank

Bulk CargoCont./Car/

RoRoPassenger Tank Supply/Off

2013-2015 0.17 0.33 0.30 0.29 0.20 0.16

2016-2018 0.16 0.30 0.29 0.31 0.16 0.13

2013-2018 0.16 0.32 0.29 0.30 0.18 0.15

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


NoMISNordic Marine

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


NoMISNordic Marine




2013-2015 59,302 46,827 77,190 162,619 55,917 42,702

2016-2018 46,021 41,033 65,771 77,489 45,584 29,096

2013-2018 52,507 44,088 71,714 118,697 50,547 35,990

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Claim per vessel (USD) per vessel type group


NoMISNordic Marine




2013-2015 0.230% 0.387% 0.218% 0.219% 0.165% 0.169%

2016-2018 0.215% 0.453% 0.212% 0.116% 0.131% 0.142%

2013-2018 0.223% 0.413% 0.215% 0.169% 0.147% 0.157%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

Claim per Sum Insured (%) per vessel type group


NoMISNordic Marine




2013-2015 1.4 4.9 1.8 6.3 1.2 16.7

2016-2018 1.0 4.8 1.4 3.1 0.9 10.3

2013-2018 1.2 4.8 1.6 4.7 1.1 13.4

0

2

4

6

8

10

12

14

16

18

Claim per gross ton (USD) per vessel type group


NoMISNordic Marine


Bulk CargoCont./Car/R

oRoPassenger Tank Supply/Off

2013-2015 353,387 142,439 258,062 559,969 281,205 268,501

2016-2018 296,688 134,941 228,731 248,633 285,524 218,047

2013-2018 325,492 139,040 244,283 393,855 283,213 245,815

0

200,000

400,000

600,000

Average claim cost (USD) per vessel type group

9.1%

15.0%

9.5%

10.6%

14.3%

11.1%

7.6%

4.7%

8.5%

5.6%

3.7%0.3%

2013-2017

< 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

9.3%

14.7%

9.0%

9.5%

14.2%

11.2%

8.2%

4.0%

8.5%

6.8%

4.1%0.5%

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

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

Gross ton:


NoMISNordic Marine

Insurance StatisticsOCEAN HULL – BY SIZE GROUP


2013-2017: 78,486 2018: 16,722

< 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

2013-2015 0.18 0.24 0.35 0.28 0.28 0.25 0.18 0.16 0.15 0.11 0.11 0.06

2016-2018 0.17 0.20 0.32 0.29 0.24 0.23 0.16 0.15 0.15 0.12 0.11 0.14

2013-2018 0.18 0.22 0.34 0.29 0.26 0.24 0.17 0.16 0.15 0.12 0.11 0.11

0.0

0.1

0.2

0.3

0.4

Claims frequency per GT size group

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



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

2013-2015 18,885 49,634 74,256 76,952 69,294 83,665 67,938 63,640 74,991 75,580 63,286 529,709

2016-2018 13,739 39,058 60,650 58,887 50,288 62,896 44,685 32,372 52,620 68,254 68,455 36,477

2013-2018 16,393 44,266 67,740 68,537 59,786 73,133 55,682 49,405 63,816 71,435 66,145 247,436

0

100,000

200,000

300,000

400,000

500,000

600,000

Claim per vessel (USD) per GT size group


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

2013-2015 0.443% 0.291% 0.318% 0.317% 0.272% 0.287% 0.187% 0.166% 0.147% 0.088% 0.071% 0.429%

2016-2018 0.386% 0.299% 0.303% 0.251% 0.212% 0.277% 0.143% 0.096% 0.119% 0.093% 0.085% 0.031%

2013-2018 0.418% 0.295% 0.312% 0.287% 0.243% 0.283% 0.165% 0.136% 0.134% 0.091% 0.079% 0.206%

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


NoMISNordic Marine



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

2013-2015 45.9 17.2 9.9 5.1 2.7 2.4 1.6 1.2 1.0 0.8 0.4 2.8

2016-2018 34.5 13.7 8.1 3.9 2.0 1.8 1.0 0.6 0.7 0.7 0.4 0.2

2013-2018 40.5 15.4 9.1 4.5 2.3 2.1 1.3 0.9 0.9 0.7 0.4 1.3

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


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

2013-2015 105,306 205,228 209,840 270,634 250,669 339,046 377,965 395,551 501,861 679,758 552,532 8,322,313

2016-2018 79,822 197,945 191,324 205,533 213,470 278,215 276,610 215,203 343,947 557,161 636,501 255,610

2013-2018 93,226 201,902 201,479 240,183 233,544 309,530 327,246 316,446 422,049 607,496 597,663 2,272,285

0

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

9,000,000

Average Claim cost (USD) per GT size group

67.1%

17.6%

11.3%

3.6%0.4%

2013-2017

300 MUSD

72.9%

14.0%

9.4%

3.3%0.5%

2018

300 MUSD

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

Insured values:


NoMISNordic Marine


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


2013-2017: 78,486 2018: 16,722

300 MUSD All

2013-2015 0.24 0.21 0.20 0.21 0.09 0.23

2016-2018 0.21 0.18 0.20 0.18 0.14 0.20

2013-2018 0.23 0.20 0.20 0.20 0.11 0.22

0.00

0.05

0.10

0.15

0.20

0.25

0.30

Claims frequency by Sum Insured layer

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:


NoMISNordic Marine



300 MUSD All

2013-2015 53,473 71,225 70,751 238,699 146,553 65,871

2016-2018 42,881 47,880 71,484 98,500 131,814 48,700

2013-2018 47,914 60,629 71,093 170,828 138,743 57,194

0

50,000

100,000

150,000

200,000

250,000

300,000

Claim per vessel (USD) per Sum Insured layer

Insured values:


NoMISNordic Marine



300 MUSD All

2013-2015 0.379% 0.184% 0.105% 0.160% 0.033% 0.210%

2016-2018 0.321% 0.124% 0.105% 0.064% 0.029% 0.167%

2013-2018 0.349% 0.157% 0.105% 0.113% 0.031% 0.189%

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:


NoMISNordic Marine



300 MUSD All

2013-2015 2.7 1.5 1.0 2.9 1.4 2.0

2016-2018 1.9 0.9 0.9 1.2 1.6 1.4

2013-2018 2.2 1.2 1.0 2.1 1.5 1.7

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Claim per GT (USD) per Sum Insured layer

Insured values:


NoMISNordic Marine



300 MUSD All

2013-2015 222,602 333,292 356,936 1,145,888 1,700,009 288,008

2016-2018 202,688 273,596 357,524 539,983 950,880 239,154

2013-2018 212,783 309,118 357,211 872,582 1,217,237 264,739

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

Average Claim cost (USD) per Sum Insured layer

Insured values:


NoMISNordic Marine



5.1%3.4%

2.4%

11.6%

3.3%

5.5%

7.9%

2.8%3.0%

2.3%1.2%

1.2%1.1%4.9%

5.8%

9.6%

1.7%

5.8%

2.2%

19.1%

2013-2017 BHS - BahamasCYP - 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)

5.1%3.1%

2.3%

10.4%

3.2%

4.9%

5.6%

3.5%

2.6%2.4%

1.2%1.1%

0.6%4.7%6.9%

11.8%

1.3%

5.4%

2.2%

21.9%

2018 BHS - BahamasCYP - 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)

Breakdown of vessels by largest flags, by year of exposure

OCEAN HULL – BY FLAG


NoMISNordic Marine



2013-2017: 78,486 2018: 16,722

12.8%

9.5%

35.5%

14.2%

9.0%

12.7%

6.3%

2013-2017

American Bureau

Bureau Veritas

DNV GL

Lloyd's Register

Nippon Kaiji Kyokai

others

unknown

16.1%

10.4%

33.2%

14.7%

8.4%

8.9%

8.3%

2018

American Bureau

Bureau Veritas

DNV GL

Lloyd's Register

Nippon Kaiji Kyokai

others

unknown

Breakdown of vessels by classification society, by year of exposure

OCEAN HULL – BY CLASS SOCIETY


NoMISNordic Marine



2013-2017: 78,486 2018: 16,722

Sources: Claim indices: Cefor NoMIS data as of 31.12.2018; Exchange rates: Norges Bank, Ship operation costs: Moore Stephen’s

OCEAN HULL – COST DRIVING FACTORS


NoMISNordic Marine


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

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

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

(check the ‘NoMIS’ section)

• Cefor Annual Report 2018

• The 2018 Cefor NoMIS OCEAN Hull Report

• The 2018 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 2019

55

NoMISNordic Marine

http://www.cefor.no/statisticshttps://iumi.com/statistics

THE 2018 CEFOR NOMIS OCEAN HULL REPORT · 2019. 4. 10. · The Nordic Marine Insurance Statistics...

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