Key statistics Non-life insurance 2015

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1 Key statistics Non-life insurance 215

2 About non-life insurance Unlike life insurance, non-life insurance is usually limited to annual policies. These normally renew automatically at the end of each year until cancelled by one of the parties. Non-life insurance can cover both property and people. Editors: Kari Mørk, Harald Moseby and Stein Haakonsen at Finance Norway

3 Contents Chapter 1 ACCOUNTING STATISTICS 4 Chapter 2 MARKET AND PREMIUM STATISTICS 7 a. Property & casualty insurance 8 b. Accident & health insurance 1 c. Commercial insurance 12 CHAPTER 3 CLAIMS STATISTICS 13 a. Property & casualty insurance 13 b. Accident & health insurance 14 c. Commercial insurance 15 d. Natural perils 15 CHAPTER 4 TOTAL REVENUE AND EXPENSES 17 a. Property & casualty insurance 17 b. Occupational injury insurance 18 The data in this report are those submitted by Finance Norway s member companies, which account for the vast bulk of the Norwegian non-life insurance market. Some figures may subsequently be adjusted if a company reports errors or shortcomings in its submissions. Numbers are rounded. Non-life insurance is defined here as insurance of Norwegian policyholders land-based activities; maritime, offshore and aviation insurance is excluded. Technical terms are defined in the relevant sections of the report. This document is a condensed version of Finance Norway s full non-life insurance statistics. More detailed data, as well as statistics in other areas, can be found on Finance Norway swebsite which includes a number of interactive databases. 3

4 CHAPTER 1 ACCOUNTING STATISTICS Member companies submit accounting data directly to Statistics Norway, which is therefore the source of the figures in the table below. NON-LIFE INSURANCE RESULTS NOK million or per cent. Source: Statistics Norway. Year 214* INCOME STATEMENT Gross premiums Premiums earned, after reinsurance Claims incurred, after reinsurance Net investment income Net operating costs Profit on ordinary activities BALANCE SHEETE Premium and loss reserves Contingency reserves Equity KEY RATIOS Loss ratio, after reinsurance 65,2 69,1 69,4 72,4 71,4 72,9 Cost ratio, after reinsurance 18,3 16,9 17,7 19,3 2,8 22,8 Combined ratio, after reinsurance 83,5 86, 87,1 91,7 92,2 95,7 Profit margin 29,6 24, 26,1 12,3 2,2 19,2 Solvency ratio 133,3 127,6 136,1 131,5 148,8 138,4 Reserves ratio 158, 163,1 16,2 166,1 16,4 158,8 TOTAL ASSETS * Provisional figures The provisions shown in the table above are needed to safeguard the companies financial strength and ensure that customers claims can be settled. Most of these provisions are a statutory requirement. Note that insurers operating costs have been falling for a number of years (see figure 1 on page 6). 4

5 CHAPTER 1 ACCOUNTING STATISTICS DEFINITIONS: Gross premiums: All premiums falling due for payment during the year. Often referred to as premiums written. Premiums earned: The portion of premiums written that is intended to cover losses occurring during the financial year. In other words, the accrued portion of premiums written. This is the definition of revenue in non-life insurance. Claims incurred: Liability for claims resulting from losses occurring during the financial year. Reinsurance: Insurers can pass on part of their liability for claims to other insurers in return for a share of the premiums. The figures presented after reinsurance are the net amounts remaining on the insurers books. Loss ratio: Claims incurred during the year as a percentage of premiums earned. Cost ratio: The year s operating costs as a percentage of premiums earned. Combined ratio: The sum of the loss ratio and the cost ratio. A score above 1 per cent normally indicates a loss on underwriting activities, while the number of points below 1 per cent will generally give the percentage profit on underwriting activities. 5

6 chapter 1 ACCOUNTING STATISTICS FIGURE 1 COST RATIO 3 % 28 % 26 % 24 % 22 % 2 % 18 % 16 % 25 % 2 % 15 % 1 % 5 % % -5 % -1 % -15 % * * Provisional figures Despite a slight increase in 214, insurers costs have come down significantly in recent years, thanks largely to the introduction of new and more efficient technology. These days, for example, most insurers have online solutions for reporting claims and for buying and amending policies. FIGURE 2 PROFIT MARGIN, SELECTED SEGMENTS Motor Home Travel Profit margins vary from year to year, as can be seen here from three of the main segments of the household market. Profitability was particularly weak in 1999 because premiums were too low in relation to claims. The severe cold at the beginning of 21 led to unusually high water losses, and this coincided with a large number of fire losses. Profit margins are often cyclical, and in recent years insurers have focused on correct pricing (risk premiums) to minimise fluctuations. 6

7 chapter 2 MARKET AND PREMIUM STATISTICS The measure of premiums used here is premiums in force in other words, total premiums for the current period for policies on insurers books at a specific point in time. Natural disaster premiums are excluded. FIGURE 1 MARKET SHARE, NON-LIFE PREMIUMS, ,2 % 22,8 % 13,8 % 1,1 % 28,1 % Gjensidige If Tryg SpareBank 1 Others FIGURE 2 MARKET SHARE, NON-LIFE PREMIUMS, BIG FOUR AND THE REST If Skadeforsikring Gjensidige Tryg SpareBank 1 Forsikring Others 35 % 3 % 25 % 2 % 15 % 1 % 5 % % The market has been dominated for many years by four companies. New players have entered the fray in recent years, however, and some of the smaller insurers have grown, with the result that the Others category now accounts for around 28 per cent of the market. Besides the big four, there are now no fewer than 25 other companies with a slice of the market, making it fiercely competitive. Some of the larger companies have also made strategic decisions to concentrate their portfolios in specific product areas. 7

8 CHAPTER 2 MARKET AND PREMIUM STATISTICS FIGURE 3 MARKET SHARE, NON-LIFE PREMIUMS, SMALL COMPANIES DNB Eika Codan Protector Frende Storebrand KLP JFG AIG Vardia 6 % 5 % 4 % 3 % 2 % 1 % % FIGURE 4 PREMIUMS BY SEGMENT, 214 Commercial property 14 % Home 19 % Accident & health 16 % Other 8 % Travel 6 % Goods in transit 1 % Building defects 1 % Livestock % Pets 1 % Motor 37 % Liability 3 % Other 1 % Fish farming % Leisure boats 1 % The chart above breaks down land-based non-life premium volumes by segment. Motor insurance is the largest segment, followed by home policies (buildings and contents). Accident & health insurance in particular has increased its share of the market, rising from 11 per cent in 213 to 18 per cent in

9 CHAPTER 2 MARKET AND PREMIUM STATISTICS A. PROPERTY & CASUALTY INSURANCE Number of policies Premiums in force (NOK m) Premium growth (%) Cars and vans < 3.5t , , ,4 7,9 % 3,6 % Home , , ,7 8, % 4,7 % Travel , , ,8 18,3 % 6,2 % Motorcycles ,6 558,5 577,8 6,1 % 3,5 % Leisure boats ,9 767,2 788,6 3,2 % 2,8 % FIGURE 5 MOTOR PREMIUMS NOK million Other Liability Liability denotes thirdparty cover, while Other refers to own damage, fire, theft and recovery ,2 % 39, % 39, % 38,4 % There has been a steady increase in motor premiums, especially for comprehensive policies, as a result of continued growth in the number of cars on the road. FIGURE 6 AVERAGE PREMIUM Car Motorcycle Home buildings Home contents Travel Boat Premiums for typical property & casualty covers have been relatively stable over time once allowance is made for inflation. The increase in motor premiums is due largely to more people opting for comprehensive policies for new cars. The main reason for the growth in home buildings premiums is a rise in housing standards. The rebuilding cost for homes insured on that basis is index-linked and adjusted each year. 9

10 CHAPTER 2 MARKET AND PREMIUM STATISTICS B. ACCIDENT & HEALTH INSURANCE ABOUT ACCIDENT & HEALTH INSURANCE General Insurers may require some health information before issuing accident & health policies. Child insurance These policies generally combine a range of covers, such as disability endowment, disability pension, medical invalidity and critical illness. Critical illness insurance These policies pay a lump sum if the insured is diagnosed with one of the medical conditions listed in the policy. Private health insurance These policies entitle the insured to medical treatment within a certain period of time. Personal accident insurance These policies provide cover for sudden and unforeseen injuries. Occupational injury insurance All employers in Norway must take out insurance for their employees covering work-related accidents and diseases. Premiums and claims data include payments to the Norwegian Labour and Welfare Administration to cover the additional cost to the state from an occupational injury. The data for occupational injury insurance include only the statutory cover. Extended occupational injury insurance These policies extend the statutory occupational injury cover to include travel to and from work, diseases and accidents outside work. Counting the number of insured under these policies is meaningless because these employees already have the statutory occupational injury cover. 1

11 CHAPTER 2 MARKET AND PREMIUM STATISTICS ACCIDENT & HEALTH INSURANCE, HOUSEHOLD Individual policies Number of insured Premiums in force (NOK m) Premium growth (%) Child , ,3 1 23,4 24 % 9 % Accident ,4 921,7 98,7 23 % 6 % Health ,9 12,1 136,1 27 % 13 % Critical illness ,5 426,2 487,3 2 % 14 % Other N/A ,3 69,1 N/A 1196 % ACCIDENT & HEALTH INSURANCE, COMMERCIAL Group policies Number of insured Premiums in force (NOK m) Premium growth (%) Child ,8 6,6 5,8 61 % -12 % Accident ,8 318,4 362,3-23 % 14 % Occupational injury , , ,8 % -2 % Health ,6 718,4 872,1 49 % 21 % Critical illness ,3 17,5 2,6 26 % 18 % Other (incl. extended occupational injury*) 1 533, , ,2 23 % 6 % *) Number of insured is meaningless for this product see box on previous page. FIGURE 8 NUMBER OF INSURED UNDER HEALTH,CRITICAL ILLNESS AND CHILD POLICIES Health Critical illness Child The number of children who are insured has grown by almost 8 per cent since 27. The average annual premium for these policies is now just over NOK 2,. The degree of cover differs somewhat between insurers and may vary over time. More and more businesses are taking out private health insurance for their employees. Critical illness products are generally sold to the individual. The number of private health and critical illness policies has increased manifold during the period. 11

12 CHAPTER 2 MARKET AND PREMIUM STATISTICS C. COMMERCIAL INSURANCE Number of policies/ Sum insured (NOK m) Premiums in force (NOK m) Premium growth (%) Motor , , ,4 6 % 5 % Fire/comprehensive (incl. agriculture) , ,7 7 85,2 5 % 2 % Liability , , 1 747,8 15 % 1 % Fish farming ,4 191,3 22,6-2 % 6 % In the table above, the figures for Motor show the number of vehicles insured (trucks, buses, tractors, plant etc), while the data for Fire/comprehensive show the sum insured in millions of NOK. Commercial insurance premiums have generally stagnated. One exception is fish farming, where there has been substantial new business and where recent years claims levels have also necessitated a certain increase. In addition, there has been significant growth in the number of liability policies in the past two years. FIGURE 9 NUMBER OF LIABILITY POLICIES More and more businesses are choosing to take out insurance against claims for compensation arising from their activities. The most common liability covers are: business and product liability insurance for injuries and damage to property; financial loss insurance for where there is no physical loss; directors insurance for liability under the Companies Act; and professional indemnity insurance for malpractice. 12

13 CHAPTER 3 CLAIMS STATISTICS A. PROPERTY & CASUALTY INSURANCE Number of claims Estimated claims expenses (NOK m) Change (%) Cars and vans < 3.5t , ,3 1 52,6 5 % % Home , ,1 6 87,4 15 % 4 % Travel ,9 1 81, ,3 1 % 3 % Motorcycles ,5 26,6 261,3 1 % % Leisure boats ,8 44,5 477,6 21 % 18 % The data include commercial policies to some extent but consist mainly of household policies and provide a good overall picture of property & casualty insurance claims. Recent years have seen more claims on travel insurance than on home insurance. Claims on leisure boat policies vary from year to year, with more in years with good summers. Greater use of insured property normally results in a higher risk of loss. Claims expenses for property & casualty insurance flattened out in 214, with the exception of leisure boat policies where claims expenses continued to grow rapidly. FIGURE 1 NUMBER OF CLAIMS, 214 FIGURE 2 ESTIMATED CLAIMS EXPENSES, 214 Motorcycles Travel Leisure boats Motorcycles Travel Leisure boats Home Cars and vans < 3.5t Home Cars and vans < 3.5t Each year, claims are made on more than 2 per cent of motor policies and around 7 per cent of home policies. Fire claims increased substantially in 214, due partly to the big heather fires on the west coast in January and an unusually large number of lightning strikes. 13

14 CHAPTER 3 CLAIMS STATISTICS B. ACCIDENT & HEALTH INSURANCE Individual and group Number of claims Estimated claims expenses (NOK m) Change (%) Accident ,8 625,9 644, 5 % 3 % Occupational injury , , ,7 5 % -5 % Extended occupational injury , ,5 1 7,2 8 % % Child ,8 91, 24 % Critical illness ,1 29,8 125 % Health ,2 698,6 24 % FIGURE 3 NUMBER OF CLAIMS, 213 FIGURE 4 ESTIMATED CLAIMS EXPENSES, 213 Accident Occupational injury Extended occupational injury Child Critical illness Health Claims on private health insurance are high in number but are dominated by physiotherapy and chiropractic treatment, which do not result in especially large claims. C. COMMERCIAL INSURANCE Number of claims Estimated claims expenses (NOK m) Change (%) Commercial motor ,5 92,6 999,8 8 % 9 % Fire/comprehensive (incl. agriculture) ,2 4 91,7 5 57,5 1 % 3 % Liability ,2 849, ,4 27 % 38 % Fish farming ,1 134,6 238,1 14 % 77 % 14

15 CHAPTER 3 CLAIMS STATISTICS FIGURE 5 NUMBER OF CLAIMS, 213 FIGURE 6 CLAIMS EXPENSES, 213 Liability Commercial motor Fire/ comprehensive (incl. agriculture) Fish farming Liability Fire/comprehensive (incl. agriculture) Fish farming Commercial motor Occasional major fires in industry can result in major variations in claims expenses. There has been a significant increase in claims expenses for commercial insurance, especially for liability and fish-farming policies. The rise in fish-farming claims is due mainly to disease and storm damage. D. NATURAL PERILS 1. Claims under the Natural Disasters Act Number of claims Estimated claims expenses (NOK m) Change (%) Storm ,7 575,3 225,1 39 % -61 % Surge ,4 16, 5,4-26 % -66 % Flood ,6 471,6 479,9 17 % 2 % Slide ,9 63,3 3,9-79 % -51 % Other/unknown ,4,2,3-44 % 4 % Total , ,4 741,6 2 % -34 % FIGURE 7 NUMBER OF CLAIMS, 214 FIGURE 8 CLAIMS EXPENSES, 214 Slide Unknown Slide Unknown Flood Storm Storm Flood Surge Surge Floods generally cause greater damage to buildings and contents than storms do. 15

16 CHAPTER 3 CLAIMS STATISTICS FIGURE 9 NUMBER AND VALUE OF CLAIMS UNDER THE NATURAL DISASTERS ACT Claims expenses (NOK m) Number of claims Trend The Natural Disasters Act defines natural disasters as follows: STORM: Wind speed above 2.8 m/s (strong gale). SLIDE: Rock falls, landslides, avalanches etc. FLOOD: Streams, rivers and lakes breaking their banks. SURGE: Flooding caused by a combination of tides, low pressure and strong winds. EARTHQUAKE: Movements in the Earth s crust. Claims expenses (NOK m) Fire claims with possible natural causes More claims due to lightning strikes were reported in 214 than ever before, probably as a result of unusually high temperatures. The big heather fires in Flatanger and Lærdal in January burned out of control due to unusual conditions for the time of year, namely a lack of snow cover, extremely dry ground, and strong and shifting winds. FIGURE 1 FIRE CLAIMS FOLLOWING LIGHTNING STRIKES Number of claims ERUPTION: Release of volcanic material. Claims expenses (NOK m) Number of claims Other water claims Water infiltration and sewer backup claims have increased considerably in recent years and are no longer limited to events defined as natural disasters. Number of claims Estimated claims expenses (NOK m) Claims growth (%) Category Water infiltration from outside ,9 758,9 75, 63 % -1 % Sewer backup/blockage ,8 449,5 432,2 22 % -4 % Total ,8 1 28, ,2 45 % -2 % 16

17 CHAPTER 4 TOTAL REVENUE AND EXPENSES A. PROPERTY & CASUALTY INSURANCE The charts below present total revenue in the form of premiums and investment income, and total expenses in the form of claims and operating costs. The data are estimates but paint a fair picture of actual developments. Premiums Investment income Claims Costs Premiums Investment income Claims Costs 17 FIGURE 1 REVENUE AND EXPENSES, HOUSEHOLD MOTOR Inflation-adjusted, NOK m The number of motor claims has been stable despite an increase in cars on the roads. Safer vehicles and traffic systems are resulting in fewer injuries. Claims are rising nevertheless due to expensive repairs and a general increase in the size of personal injury claims. FIGURE 2 REVENUE AND EXPENSES, HOME Inflation-adjusted, NOK m Premium levels are largely a function of claims levels and therefore react with a slight lag to changes in claims levels.

18 CHAPTER 4 TOTAL REVENUE AND EXPENSES Premiums Investment income Claims Costs FIGURE 3 REVENUE AND EXPENSES, TRAVEL Inflation-adjusted, NOK m B. OCCUPATIONAL INJURY INSURANCE Insurance volumes have increased with travel activity. The number and value of claims are rising, especially claims for illness. The loss ratio for travel insurance is around 7 per cent. Operating costs tend to be somewhat higher than for other household covers because considerable support is often required to get the insured home. Inflation-adjusted claims per FTE insured Inflationadjusted premiums per FTE insured FIGURE 4 ESTIMATED CLAIMS AND PREMIUMS PER INSURED The Occupational Injuries Act was passed in 199. Back then, it was difficult to predict future claims levels, and this led to major variations in both premiums and claims. Benefits are index-linked in line with the welfare system. Claims have fallen from their peak in 25, which is reflected in premium levels. It is important to remember, however, that the claims figures for recent years are associated with the greatest uncertainty due to the long tail in this class of insurance. 18

19 CHAPTER 4 TOTAL REVENUE AND EXPENSES FIGURE 5 REPORTING PATTERN, OCCUPATIONAL INJURY Accident Disease 1 % 9 % 8 % 7 % 6 % 5 % 4 % 3 % 2 % 1 % % Years after loss event The chart above shows the time elapsing between an occupational accident or disease occurring and being reported to the insurer. As can be seen, diseases are reported later than accidents. The chart shows that it can take as long as 22 years for all cases to be reported to insurers. Because occupational injury insurance has such a long tail, calculating the correct premium is much more difficult than in segments where claims are reported more quickly, such as home policies. Why occupational injury claims are falling Changes in the welfare system. Changes in the workforce, with fewer jobs in high-risk professions and more jobs in low-risk professions (office work, etc). More high-risk workers are in ambiguous forms of employment that are not covered (foreign labourers, self-employed). The statutory occupational injury scheme has led to more and improved health and safety measures. Fewer people smoke, leading to fewer cases of COPD and other occupational diseases. More women are working, and women are more likely than men to suffer from complaints that are not covered by the statutory scheme (such as repetitive strain injuries). More employers are providing private health insurance, which can result in earlier treatment. 19

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