Marine Claims Trends in the light of an increasing exposure to Major Single Loss Events

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1 IMSF 2012 Oslo Marine Claims Trends in the light of an increasing exposure to Major Single Loss Events Astrid Seltmann Analyst The Nordic Association of Marine Insurers ()

2 Contents 1. Cost and frequency loss trends before and after the financial crisis as of December Partial and total losses 2. by type of vessel 3. by type of casualty 2. Major claims impact as of December and then Costa Concordia went down 4. Risk exposure by increasing vessel values 5. Addendum: Data definitions The Nordic Association of Marine Insurers 2

3 1. Claim cost per vessel as of December 2011 Ultimate partial and total claim cost per vessel (USD) by date of loss 120, ,000 80,000 60,000 40,000 20,000 After costly years , Claim cost stabilizes at high level Date of loss Ultimate claim per vessel incl. IBNR Ultimate partial claim per vessel incl. IBNR The Nordic Association of Marine Insurers 3

4 1. Cost driving factors Cost driving factors inflation index, 2000 = 100% 275.0% 250.0% 225.0% 200.0% 175.0% 150.0% 125.0% 100.0% 75.0% USD against EUR Claim per vessel, by date of loss (incl. IBNR) Cru Steel Price Index (CRUspi) Ship operating costs, tank Partial claim per vessel, by date of loss (2009 incl. IBNR) Sources: Claim index: NoMIS data as of 31 December 2011; Exchange rates: Norges Bank, Ship operation costs: Moore Stephen s, Steel: CRU Steel Price Index (http://www.cruonline.crugroup.com/steel/cruspi.aspx)

5 Average individual claim cost Average claim amount per individual claim (USD), by date of loss 400, , , , ,000 Cost level pre-2006 Cost level post , ,000 50,000 0 Date of loss All claims - ocean hull excl. total losses - ocean hull All claims - coastal hull The Nordic Association of Marine Insurers 5

6 Claim frequency stable to positive trend 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Claim frequency, by date of loss 0.30% 0.25% 0.20% 0.15% 0.10% 0.05% 0.00% partial claims (left axis) partial claims incl. IBNR TLO claims (right axis) The Nordic Association of Marine Insurers

7 1. Claim cost per vessel by vessel type Claim per vessel per vessel type group 250, , , ,000 50,000 0 Bulk Cargo Cont./Car/ RoRo Passenger Tank Supply/Off ,261 75, , ,512 76,836 68, ,359 47,287 75, ,450 53,656 33, ,260 65,032 95, ,801 64,446 51,098

8 1. Av. single claim cost by vessel type 900, , , , , , , , ,000 0 Average claim amount per vessel type group Bulk Cargo Cont./Car/ RoRo Passenger Tank Supply/Off , , , , , , , , , , , , , , , , , ,184

9 1. Claim frequency by vessel type Claim frequency per vessel type group Bulk Cargo Cont./Car/ RoRo Passenger Tank Supply/Off Notes: - Tank includes in this and the following slides: Chemical/Product, LNG/LPG, OBO and other tank vessels - Claims < 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

10 1. Claims by type of casualty Numbers Claims Number by Claims of claims type Inner ring: Outer ring: 2011 Engine 18.1% Fire/Explosion Collision 1.8% 0.6% 3.0% 0.4% 15.5% 37.2% 37.2% Contact Grounding 9.1% 9.8% Ice Heavy weather 19.6% 20.3% 1.9% 12.0% 1.6% Other 12.0% Totals : 17, : 2,004

11 1. Claims by type of casualty Cost Claims Cost by of Claims claims type Inner ring: Outer ring: 2011 Engine 0.3% 1.4% 5.9% Fire/Explosion Collision 22.0% 0.2% 2.4% 12.1% 31.1% 33.0% Contact Grounding 20.9% Ice Heavy weather 9.1% 8.8% 14.1% 10.4% 7.9% Other 20.4% Totals : 5,528.1 MUSD 2011: MUSD

12 Cost of claims by type of casualty 4,000 3,500 3,000 2,500 2,000 1,500 1, Average claim amount per type of casualty (USD 1,000) by date of loss Fire/Explosion Collision, Contact, Grounding Engine Heavy Weather Ice Other Date of loss The Nordic Association of Marine Insurers 13

13 Claims trends pre- and post-financial crisis Positive post-financial crisis claims development (both cost and frequency) Average claims cost stabilises at high level after peak years Some recent costly fire/explosion claims Trend towards more costly nautical-related claims The Nordic Association of Marine Insurers 14

14 2. Cost per vessel major claims impact 120,000 USD Claim per vessel, by date of loss 100,000 80,000 Before 2004 no claims xs 50 MUSD 2011 free of claims xs 50 MUSD 60,000 40,000 20,000 Claim bands: > 50 MUSD , ,853 4,012 4, , <= 50 MUSD 6, ,055 9, , ,869 11,300 2,609 4,036 3,422 4, <= 30 MUSD 5,713 5,782 5,304 8,953 3,018 7,123 8,668 6,652 17,081 8,811 19,965 19,144 14,968 8,545 4,520 8,297 5 <= 10 MUSD 9,123 9,178 6,411 9,755 11,863 1,716 7,286 3,956 8,894 13,529 7,831 12,858 9,991 5,529 6,863 7,858 1 <= 5 MUSD 24,016 22,078 18,489 18,638 15,160 21,666 17,159 16,834 24,339 19,570 26,834 27,718 29,673 25,062 19,708 18,679 <= 1 MUSD 23,773 20,398 21,876 20,131 19,603 22,160 20,827 21,556 21,667 24,725 27,082 31,931 31,439 25,047 25,735 25,053 IBNR ,268

15 2. Cost of largest claims increasing as of December 2011 Cost of the three maximum claims per year (USD) by date of loss The Nordic Association of Marine Insurers

16 3.... and then Costa Concordia went down... The Nordic Association of Marine Insurers 17

17 Cost of largest claims jumping? as of Estimated cost of three maximum claims per year (USD) by date of loss From Carnival Corporations website: «In fiscal 2012 we expect to receive approx. $515 million of hull and machinery insurance proceeds for the loss of Costa Concordia.»? The Nordic Association of Marine Insurers 18

18 Will it get worse...? Increasing vessel size Increasing value accumulation per vessel The Nordic Association of Marine Insurers

19 Insured values reflect world fleet values increased vessel size, market values Index of evolution of average Sum insured and gross ton 1995=100% 250% 200% 150% 100% 50% Index Average Sum Insured Index Average gross ton Includes all insured vessels per underwriting year (renewed and new business).

20 Average sum insured per vessel age group Growing global trade and fleet years 5-10 years years years years New and bigger vessels 40% Number of vessels per age group in % of all by underwriting year Increasing vessel values 35% 30% 25% 20% 15% 10% 5% 0-5 years 5-10 years years years years

21 Major claims in % of ship values as of March % Cost of maximum three claims in % of total insured value 0.15% 0.10% 0.05% 0.00%

22 4. Outlook Costa Concordia may be a single event, but: bigger and newer vessels with higher values Increased accumulation onboard one vessel Increased risk for extraordinary single events (cost) Increase in global trade, traffic density and challenge to secure qualified seafarers may increase accident probability (frequency)

23 2011 Nordic Marine Insurance Statistics marine insurance statistics publications at : Annual Report 2011 The 2011 NoMIS Report & The 2011 NoMIS COASTAL Report Half-yearly Claims Update Fact Sheet All statistics, including previously published reports, are available for download from the statistics section of the website: Other marine insurance statistics: IUMI (International Union of Marine Insurance): Statistics issued by IUMI s Facts & Figures Committee: For more information, contact analyst Astrid Seltmann The Nordic Association of Marine Insurers

24 5. Definitions 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) as reported by 31 December 2011 (i.e. without IBNR loading for claims not yet registered or incurred by this date) includes vessels with a registered IMO-nr. The Nordic Association of Marine Insurers 25

25 5. Definitions 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 2011 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 = losses <= 75% of the Sum Insured IBNR ( Incurred but not reported ) = reserve for claims adjustments and registration backlog Claim frequency = Number of claims / number of vessels Claim per vessel = Total claim cost / number of vessels Average individual claim cost = Total claim cost / number of claims The Nordic Association of Marine Insurers

26 5. Nordic Marine Insurance Statistics The Nordic Marine Insurance Statistics (NoMIS) is a joint database project of members active on the Hull & Machinery market to compile insurance data and vessel characteristics for statistical purposes and administered by. Since its foundation in 1985 until 1997, the data was compiled by appointing 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. 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, 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 members joined the NoMIS cooperation, reporting retrospective data from1995 underwriting year. In 2009, data from Gjensidige and Tryg was integrated, including retrospective data back to underwriting years 2000 and 2003 respectively. By 31st December 2011, in all 166,673 vessel years (vessels with IMO-number) and 51,201 claims were registered on underwriting years 1985 through 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).

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