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CEFOR - The 2005 NoMIS Report

CEFOR - The 2005 NoMIS Report. No rwegian M arine I nsurance S tatistics Underwriting Years 1995–2005, as of 31 December 2005. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 1 As of 31 December 2005. Part 1 – Introduction Contents NoMIS Explanations

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CEFOR - The 2005 NoMIS Report

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  1. CEFOR - The 2005 NoMIS Report Norwegian Marine Insurance StatisticsUnderwriting Years 1995–2005, as of 31 December 2005

  2. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 1As of 31 December 2005 • Part 1 – Introduction • Contents • NoMIS • Explanations • Part 2 – NoMIS position in the Global insurance market • Global Marine Hull Insurance Market 2004 • Norwegian Marine Hull Insurance Market 2005 • Average gross share written in the NoMIS market • Part 3 – NoMIS portfolio Key figures, underwriting years 1995-2005 • Number of vessels • Development of average insured values, DWT and premium • Average age • Average standard deductible • Loss Ratio (including IBNR), 1985-2006 • Premiums and claims (including IBNR) per vessel • Number and cost of claims by type • Claim frequency • Claim per vessel • Claim per Sum Insured • Key figures (table)

  3. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 1As of 31 December 2005 • 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 disclaimerCEFOR 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.

  4. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 1As of 31 December 2005 • 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 2004) • 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

  5. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 1As of 31 December 2005 IntroductionThe Norwegian 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, also dating back to underwriting year 1995. In 2004, the database was extended by data from two new members and in 2005 from another new member. This includes data written from other Nordic countries. The number of registered vessels reached in 2005 an all-time high of 8,751 vessels. Compared to the world fleet, the NoMIS database covers in 2005 about 20% of the world fleet above 300 GT in terms of numbers and 40% in terms of tonnage.By 31st December 2005, in all 90,211 vessel years (vessels with IMO-number) and 27,645 claims were registered for the underwriting years 1985 through 2005. 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, Zurich Protektor Forsikring AS.

  6. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 1As of 31 December 2005 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 2005 All premiums are net of all rebates and commissions. All claims are net of any deductiblesapplicable. 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

  7. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 1As of 31 December 2005 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, 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 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.

  8. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 1As of 31 December 2005 Types of vessels specified contd. Vessel Type group Vessels included Lloyds Conf. Index Code PASSENGER All types of passenger vessels and ferries, MPR, OFY, OHF, OHS, PRR Passenger/Roro, Highspeed Craft 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, TTA Naval Auxiliary

  9. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 2 Distribution of Global Marine Hull Premium 2004 (Business written from Norway only) World Norway

  10. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 2 Distribution of Norwegian Marine Hull Premium 2005(Norwegian and International business) (Business written from Norway only) 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 !

  11. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 2As of 31 December 2005 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)

  12. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005 • Comments: • Decline in portfolio from 1997 to 2000 due to members concentrating on target business • Increase 2000->2004 due to both market growth and three new members joining the NoMIS datapool. From 2001 database comprises business underwritten from all Nordic countries in addition to Norway.

  13. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005

  14. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005

  15. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005

  16. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005

  17. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005 CBNI = Covered But Not yet Incurred IBNR = Incurred But Not yet ReportedOutstanding = Incurred and reported, but not yet paid

  18. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005 Claims by Claims type Total 2004: 2,042

  19. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005 Claims by Claims type Total 2004: USDm 728

  20. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005 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

  21. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005

  22. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005

  23. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 3As of 31 December 2005 Only vessels with valid IMO-No. are included.

  24. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 4 As of 31 December 2005 Number of vessels per age group Total number of vessels 2000-2004: 34,328 2004: 8,751

  25. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 4As of 31 December 2005 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

  26. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 4As of 31 December 2005

  27. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 4As of 31 December 2005

  28. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 4As of 31 December 2005

  29. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 4As of 31 December 2005

  30. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 5As of 31 December 2005 Number of vessels per vessel type Comment: The increase in Chem./Prod and decrease in Tank vessels is mainly due to more differentiated coding of vessel types in Lloyd’s Confidential Index (LMIU) from 2002, rather than to portfolio changes. Total number of vessels 2000-2004: 34,328 2004: 8,751

  31. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 5As of 31 December 2005 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

  32. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 5As of 31 December 2005

  33. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 5As of 31 December 2005

  34. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 5As of 31 December 2005

  35. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 5As of 31 December 2005

  36. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 6As of 31 December 2005 Number of vessels per Size Group Total number of vessels 2000-2004: 34,328 2004: 8,751

  37. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 6As of 31 December 2005 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

  38. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 6As of 31 December 2005

  39. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 6As of 31 December 2005

  40. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 6As of 31 December 2005

  41. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 6As of 31 December 2005

  42. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 7As of 31 December 2005 Number of vessels per flag, 16 largest Total number of vessels 2000-2004: 34,328 2004: 8,751

  43. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 7As of 31 December 2005 Vessel distribution by flag Based on Paris MOU classification 2004

  44. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 7As of 31 December 2005 Number of vessels per classification society Total number of vessels 2000-2004: 34,328 2004: 8,751

  45. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 8As of 31 December 2005

  46. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 9As of 31 December 2005 PA claims in % of all claims :0-5 Mio USD: 63% 5-20 Mio USD: 74% 20-75 Mio USD: 78% > 75 Mio USD: 100% Sum Insured

  47. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 9As of 31 December 2005 • 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

  48. 2005 CEFOR Norwegian Marine Insurance Statistics – Part 9As of 31 December 2005 • Links to other marine insurance statistics: • CEFOR Annual Report 2005:http://www.cefor.no/ • CEFOR Seminar on recent claims trends, November 2005,with special focus on nautical-related claims:http://www.cefor.no/statistics/documents/2005%20Recent%20H&M%20Claim%20Trends%201.ppt • CEFOR website, Statistics section: (CEFOR and IUMI statistics for download, including historical data) • http://www.cefor.no/statistics/statistics.htm • IUMI (International Union of Marine Insurance): Presentations at the Facts & Figures Committee’s Open Forum and all other conference presentations available for download fromhttp://www.iumi.com/ , check > conferences on menu

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