Report on marine insurance premiums 2005 and 2006
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- Poppy Washington
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1 Global Marine Insurance Report 27 Astrid Seltmann, Facts & Figures Committee Analyst/Actuary, CEFOR, Norway Thanks also to Pamela Frood and Cédric Charpentier
2 Report on marine insurance premiums 25 and 26 By end of August 27, 45 of 53 (ex 47 of 54) members reported their country s marine premium figures for accounting years 25 and 26. Reported figures represent approx. 97% of the total marine premium written by all IUMI members in 25 and 26. Total premium for 26 is therefore estimated to reach approx. USD 2.3 billion*. (excluding P&I from mutual P&I Clubs). * Strong exchange rate effects on premium volume, see explanations in presentation.
3 World Merchant Fleet and Global Marine Hull & Liability Premium Index of evolution, vessels > 1 GT, 1995 = 1% 175% 15% 125% 1% 75% 5% No. Ships Gross tonnage Global Marine Hull & Liab. Premium Average insured vessel value (CEFOR) 25% Sources: Indicators for World Fleet from ISL Bremen, Vessel value index: CEFOR
4 World Seaborne Trade Volume and Trade Values, Global Cargo Premium Index of evolution, 1995 = 1% 25% 2% 15% 1% 5% Source: Indicators for World Trade Volume from ISL Bremen Total World Trade Volume Global Cargo Premium Total World Trade Values A major part of the increase 21-4 and 6 and decrease is due to change in exchange rate against USD! (Cargo mostly written in local currency)
5 Index of evolution of Exchange rates between US$ and selected currencies (as of December each year) 14% 13% 12% 11% 1% USD weaker stronger weaker EUR GBP JPY 9% NOK 8% 7% 6% Source: Norges Bank Exchange Rates Statistics
6 Exchange rates against US$ (as of December each year for selected currencies) Currency against USD: USD EUR GBP JPY NOK Source: Norges Bank Exchange Rates Statistics
7 Global premiums reported 22 to 26 (accounting years) Global Hull Transport / Cargo Marine Liability Offshore / Energy Total USD (millions) Increase 1-4 and 5-6 partly due to weakening of USD against major European and Asian currencies. Stagnation 5 due to strengthening of USD against major European and Asian currencies.
8 Report on marine insurance premiums Global premiums (USD billions, as reported per end of August 27) Global Hull Transport/Cargo Marine Liability Offshore/Energy Total Index 24-25* 1.5% -7.% 6.2% 8.5% -.6% Index 25-26* 9.6% 9.3% 16.9% 68.2% 15.5% *Index based on figures from Associations who have reported in both years. The index reflects changes in country activity, exchange rates in addition to premium increases and is thus not a renewal index! As some countries only report total marine premium without splitting into classes, the sum of these classes might in some cases be slightly less than the total sum.
9 Market Shares % 2.% Europe Asia/Pacific North America Rest of World 22.4% 63.9% Europe : Albania, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom (IUA + Lloyds) Asia/Pacific : Australia, Chinese Taipei, Hong Kong, India, Japan, North Korea, South Korea, Malaysia, New Zealand, Singapore North America : Bermuda, Canada, USA Rest of the World : Congo, Egypt, Israel, Kenya, Lebanon, Mexico, Morocco, Nigeria, South Africa,Tunisia, United Arab Emirates Countries in italics did not report in 27
10 Report on marine insurance premiums by economic areas (USD Millions) Europe, Asia: Exchange rate effects due to weakening/strengthening of USD Accounting Year Europe Asia/Pacific North America Rest of the World
11 Report on marine insurance premiums by economic areas (USD 1,) Region Premiums Premiums Premiums Variation Variation Market share Market share Market share Europe 12,546,677 1,89,543 1,929, % -1.9% 63.86% 62.61% 62.87% Asia/Pacific 4,397,644 3,963,48 4,261, % -7.% 22.38% 22.96% 24.52% North America 2,33,427 2,137,171 1,848, % 15.63% 11.72% 12.38% 1.63% Rest of the world 4, , , % 3.67% 2.4% 2.6% 1.97% Europe : Albania, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom (IUA + Lloyds) Asia/Pacific : Australia, China, Hong Kong, India, Japan, North Korea, South Korea, Malaysia, New Zealand, Singapore North America: Bermuda, Canada, USA Rest of the World : Congo, Egypt, Israel, Kenya, Lebanon, Mexico, Morocco, Nigeria, South Africa, Tunisia, United Arab Emirates Countries in italics did not report in 27.
12 Global Marine Premium - 26 (USD Million), as reported 25, 2, Total 15, 1, Cargo 5, Accounting Year Hull Energy Liability
13 Global Hull Premium Major Markets, - 26 (USD Million) France Italy Japan Norway Spain UK (ILU/IUA) UK (Lloyd's) USA Accounting Year From 24 building risk is officially included in figures.
14 Global Cargo Premium Major Markets, - 26 (USD Million) Accounting Year Belgium Chinese Taipei France Germany Italy Japan Netherlands Spain Sweden UK (ILU/IUA) UK (Lloyd's) USA Europe/Asia: exchange rate effects.
15 MARINE MUTUAL MARKET SECTOR Gross Calls (Premium) Operational location Per accounting year USD Million Accounting Year Japan Norway Sweden UK US Source: Standard & Poors Marine Mutual Report 27
16 MARINE MUTUAL MARKET SECTOR Gross Calls (Premium) Operational location Per accounting year - USD 1 Ranking Average Annual variation Difference over period Operational Japan 135, , ,585 17,539 97,27 38, % 4 3 Norway 444, ,929 39, ,723 34, , % 2 2 Sweden 117,549 11,57 82,618 84,472 61,317 56, % 5 4 UK 1,614,769 1,562,123 1,448,285 1,285,5 1,19, , % 1 1 US 162, ,62 118,959 63,749 53,4 19, % 3 5 Total 2,474,323 2,381,143 2,167,112 1,858,533 1,76, ,2 29.1% Source: Standard & Poors Marine Mutual Report 27
17 Report on marine insurance premiums Accounting year 25 (in USD 1) Name of association Global Hull Transp./ Marine Offshore/ Total Cargo Liability Energy Albania (Albanian Ass. of Marine Insurers) Australia (Insurance Council of Australia Ltd.) 73, ,17 21,198 2,779 24,159 Austria (Verband der Versicherungsunternehmen Oesterreichs) 141,83 141,83 Belgium (ABAM_/BVT Belgian Association of Marine Insurers) 21, ,28 266,53 Bermuda (Bermuda Institute of Marine Underwriters) not rep. Bulgaria (BULSTRAD Insurance and Reinsurance PLC) 6,311 9, ,369 Canada (The Canadian Board of Marine Underwriters) 118,53 116, ,852 Chinese Taipei (The Non-Life Ins. Ass. of the Republic of China) 42,993 16,13 23,123 Congo (Société Nationale d'assurances SONAS) not rep. Croatia (Croatian Insurance Bureau) 16,5 7,5 1,5 5, 3,5 Cyprus (Insurance Association of Cyprus) 454 6,47 7 6,869 Czech Republic (Ceska Pojistovna AS) 29 21, ,78 Denmark (Foreningen af Danske Soeassurandoerer) 8,689 67, ,37 Egypt (Insurance Federation of Egypt) 11,981 33, ,297 87,46 Finland (Finnish Marine Underwriters' Association) NA NA NA NA 73,7 France (FFSA-Féd.Francaise des Sociétés d'ass.transports) 374,21 71,332 1,75,532 Germany (Gesamtverband der Deutschen Versicherungswirtschaft e.v.) 135,547 1,291,656 1,427,23 Greece (Greece Association of Insurance Companies-Greece) 23,135 45,714 6,393 75,242 Hong Kong (The Hong Kong Federation of Insurers) 91, ,318 incl. in hull 216,614 Hungary (Association of Hungarian Insurance Companies) NA NA NA NA 15,7 Comments: NA = split not available, not rep. = country did not report
18 Report on marine insurance premiums Accounting year 25 (in USD 1) Name of association Global Hull Transp./ Marine Offshore/ Total Cargo Liability Energy India (Tariff Advisory Committee) 47,63 145,122 1,828 55,783 25,337 Ireland (The Irish Institute of Marine Underwriters) 7,245 29,51 1,335 38,9 Israel (Israel Insurance Association) 7,9 32,5 4,4 Italy (ANIA-Associazione Nazionale fra le Imprese Assicuratrici) 39,32 643,376 25,752 41,425 1,19,874 Japan (The Marine and Fire Insurance Association of Japan, Inc. 436,726 1,584,723 3,419 67,742 2,119,61 Kenya (The Association of Kenya Insurers) not rep. Korea, (Korea Foreign Ins. Co.) not rep. Korea, (Korea Non-life Ins. Assocn.) 213, ,856 2,981 8,1 46,685 Lebanon (Lebanese Ins. Comp. Ass.) NA NA NA NA 14,5 Malaysia (General Ins. Association of Malaysia) 38,29 13,734 78,819 22,843 Mexico (Zurich) 3,681 28,538 3,153 2,454 37,826 Morocco (Comité des Assureurs Maritime du Maroc CAMM ) 23,73 39,42 62,115 Netherlands (Association of Insurers) 117, 398, 46, 561, New Zealand (Insurance Council of New Zealand) 25,96 38,547 1,555 66,8 Nigeria (Nigerian Insurers Association) ,431 19,564 Norway (The Central Union of Marine Underwriters) 614,2 63,1 NA 677,3 Comments: NA = split not available, not rep. = country did not report
19 Report on marine insurance premiums - Accounting year 25 (in USD 1) Name of association Global Hull Transp./ Marine Offshore/ Total Cargo Liability Energy Poland ("WARTA" Insurance & Reinsurance Company Ltd.) 32,44 63,718 2, ,884 Portugal (Associacão Portuguesa de Seguradores) 2,39 43, ,238 Romania (National Union - Insurance and Reinsurance Comp.) 6,477 6,999 2,42 15,878 Russia (Russia Ingosstrakh Insurance Company Ltd.) 3,68 119,6 26,2 NA 176,48 Singapore (General Insurance Association of Singapore) 77,8 18,3 incl. in hull 186,1 Slovenia (Slovenian Insurance Association) 1,427 7, ,781 South Africa (Association of Marine Underwriters in South Africa) 9, 85, 94, Spain (Comité de Transportes de UNESPA) 232,84 331, ,682 Sweden (Sjöassuradörernas Förening) 127, ,713 1, ,949 Switzerland (Swiss Association of Marine Underwriters) NA NA NA NA 263,3 Tunisia (Fédération Tunisienne des Sociétés) not rep. Turkey (Ass. of the Ins. and Reins. Companies of Türkiye) 39,76 168,2 27,725 Ukraine(Marine Insurance Bureau of Ukraine) 4, NA 3,8 NA 7,8 United Arab Emirates ( Emirates Insurance Association) not rep. United Kingdom (Int'l Underwriting Association of London - IUA) 271, ,448 31,28 86, ,745 United Kingdom (Lloyd's Underwriters' Association.) 637, , ,871 1,96,58 2,92,965 U S A (American Institute of Marine Underwriters) 296, ,62 588, ,537 1,92,319 Total sum 4,628,9 9,268,468 1,267,294 1,734,198 17,266,59 UK Lloyd s: Projected ultimate underwriting year premium, after deduction of acquisition costs, but including proportional and facultative reinsurance. Acquisition cost ratio is estimated to be ca. 2-25% for most years. Marine Liability includes P&I premium via International Group s reinsurance programme, which is estimated to be about 65% of the reported liability premium. All historical figures revised in 27. Comments: NA = split not available, not rep. = country did not report
20 Report on marine insurance premiums - Accounting year 26 (in USD 1) Name of association Global Hull Transp./ Marine Offshore/ Total Cargo Liability Energy Albania (Albanian Ass. of Marine Insurers) estimated Australia (Insurance Council of Australia Ltd.) 96,28 199,2 33,2 33,2 361,88 Austria (Verband der Versicherungsunternehmen Oesterreichs) 124,18 124,18 Belgium (ABAM_/BVT Belgian Association of Marine Insurers) 27, , ,517 Bermuda (Bermuda Institute of Marine Underwriters) not rep. Bulgaria (BULSTRAD Insurance and Reinsurance PLC) 12,342 11,934 1,482 25,758 Canada (The Canadian Board of Marine Underwriters) 127, ,698 24,546 Chinese Taipei (The Non-Life Ins. Ass. of the Republic of China) 48, , ,974 Congo (Société Nationale d'assurances SONAS) not rep. Croatia (Croatian Insurance Bureau) 16,6 7,8 1,5 5,3 31,2 Cyprus (Insurance Association of Cyprus) 478 7, ,16 Czech Republic (Ceska Pojistovna AS) 47 34, ,66 Denmark (Foreningen af Danske Soeassurandoerer) 96,666 72, ,9 Egypt (Insurance Federation of Egypt) 13,483 34, ,89 97,23 Finland (Finnish Marine Underwriters' Association) NA NA NA NA 65,43 France (FFSA-Féd.Francaise des Sociétés d'ass.transports) 389, ,166 1,171,34 Germany (Gesamtverband der Deutschen Versicherungswirtschaft e.v.) 156,154 1,431,21 1,587,175 Greece (Greece Association of Insurance Companies-Greece) 29,49 52,756 8,84 89,89 Hong Kong (The Hong Kong Federation of Insurers) 112, ,187 incl. in hull 239,14 Hungary (Association of Hungarian Insurance Companies) NA NA NA NA 16,9 Comments: NA = split not available, not rep. = country did not report
21 Report on marine insurance premiums Accounting year 26 (in USD 1) Name of association Global Hull Transp./ Marine Offshore/ Total Cargo Liability Energy India (Tariff Advisory Committee) 4,5 142,771 1,643 75,54 259,969 Ireland (The Irish Institute of Marine Underwriters) 7,39 26,56 1,268 35,218 Israel (Israel Insurance Association) 9, 36, 45, Italy (ANIA-Associazione Nazionale fra le Imprese Assicuratrici) 325, ,979 25,66 98,775 1,61,24 Japan (The Marine and Fire Insurance Association of Japan, Inc. 458,829 1,647,74 32,712 83,773 2,222,388 Kenya (The Association of Kenya Insurers) not rep. Korea, (Korea Foreign Ins. Co.) not rep. Korea, (Korea Non-life Ins. Assocn.) 273, ,8 28,336 9, ,398 Lebanon (Lebanese Ins. Comp. Ass.) NA NA NA NA 18, Malaysia (General Ins. Association of Malaysia) 63,157 18, , ,195 Mexico (Zurich) 9,889 29,667 4,944 4,944 49,444 Morocco (Comité des Assureurs Maritime du Maroc CAMM ) 24,366 43,447 67,813 Netherlands (Association of Insurers) 146, 421, 49, 616, New Zealand (Insurance Council of New Zealand) 23,288 34,651 1,397 59,336 Nigeria (Nigerian Insurers Association) ,289 24,457 Norway (The Central Union of Marine Underwriters) 715,1 58,1 NA 773,2 Comments: NA = split not available, not rep. = country did not report
22 Report on marine insurance premiums Accounting year 26 (in USD 1) Name of association Global Hull Transp./ Marine Offshore/ Total Cargo Liability Energy Poland ("WARTA" Insurance & Reinsurance Company Ltd.) 39,71 66,529 2,712 1,69 11,2 Portugal (Associacão Portuguesa de Seguradores) 22,835 4,717 1,92 64,644 Romania (National Union - Insurance and Reinsurance Comp.) 8,57 7,699 2,149 17,95 Russia (Russia Ingosstrakh Insurance Company Ltd.) 38,5 128,1 26,5 NA 193,1 Singapore (General Insurance Association of Singapore) 94,3 11,1 incl. in hull 24,4 Slovenia (Slovenian Insurance Association) 1,93 15,724 1,116 18,742 South Africa (Association of Marine Underwriters in South Africa) 8,5 9, 98,5 Spain (Comité de Transportes de UNESPA) 27, , ,475 Sweden (Sjöassuradörernas Förening) 116, , ,892 Switzerland (Swiss Association of Marine Underwriters) NA NA NA NA 264,1 Tunisia (Fédération Tunisienne des Sociétés) not rep. Turkey (Ass. of the Ins. and Reins. Companies of Türkiye) 44, ,92 235,875 Ukraine(Marine Insurance Bureau of Ukraine) 4, NA 3,8 NA 7,8 estimated United Arab Emirates ( Emirates Insurance Association) not rep. United Kingdom (Int'l Underwriting Association of London - IUA) 288, ,28 44,48 112, ,417 United Kingdom (Lloyd's Underwriters' Association.) 7,96 834, ,323 1,893,25 3,944,695 U S A (American Institute of Marine Underwriters) 32,15 81, ,14 277,477 2,62,881 Total sum 5,12,35 9,962,161 1,461,197 2,758,163 19,647,985 UK Lloyd s: Projected ultimate underwriting year premium, after deduction of acquisition costs, but including proportional and facultative reinsurance. Acquisition cost ratio is estimated to be ca. 2-25% for most years. Marine Liability includes P&I premium via International Group s reinsurance programme, which is estimated to be about 65% of the reported liability premium. All historical figures revised in 27. Comments: NA = split not available, not rep. = country did not report
23 Marine Hull Evolution of Paid Claims, Gross Premiums as reported, U/W Year 1999 to 26 (USD) 3 USD 1999 underwriting year 25 3 USD underwriting year 25 3 USD 21 underwriting year 25 3 USD 22 underwriting year end of ult end of ult end of ult end of ult 3 USD 23 underwriting year 25 3 USD 24 underwriting year 25 3 USD underwriting year 3 USD 26 underwriting year end of ult end of ult end of ult end of ult Blue line = Gross Premium; Red line = Paid Claims Totals of 9 IUMI members Belgium, France, Germany, Italy, Netherlands, Norway, Spain, UK Lloyds, UK IUA
24 26 Gross premiums 2,382,465,992 Paid claims 242,723,42 Loss ratio paid 1.19% Total loss ratio.% Marine Hull Ladder Table I. (USD) Totals of 9 IUMI members Belgium, France, Germany, Italy, Netherlands, Norway, Spain, UK Lloyds, UK IUA (not necessarily 1% of market income) Underwriting year 1) months 2) Gross premiums 3) 1,786,669,887 2,253,734,298 2,32,53,492 2,297,73,123 2,269,155,127 2,269,19,355 2,284,6,987 2,312,884,742 Paid claims 4) 232,988,445 92,874,168 1,33,48,114 1,488,982,359 1,564,246,56 1,63,199,459 1,629,996,568 1,676,923,627 Loss ratio paid 6) 13.4% 4.86% 56.15% 64.8% 68.94% 7.65% 71.36% 72.5% Total loss ratio 7).%.%.%.%.%.%.%.% ,327,411,527 2,297,514,22 2,326,122,13 1,696,385,3 1,674,239,989 1,7,779, % 72.87% 73.12%.%.%.% 1997 Gross premiums 1,453,341,48 1,99,292,982 1,948,834,617 1,928,79,266 1,928,171,8 1,938,395,219 1,966,894,238 1,979,651,632 Paid claims 254,91,494 98,136,541 1,398,845,75 1,565,152,695 1,64,45,792 1,698,584,946 1,728,64,249 1,744,846,69 Loss ratio paid 17.48% 51.34% 71.78% 81.15% 85.8% 87.63% 87.86% 88.14% Total loss ratio.%.%.%.%.%.%.%.% 1998 Gross premiums 1,26,552,592 1,688,124,737 1,736,646,364 1,735,425,226 1,75,981,976 1,788,967,514 1,87,655,711 1,779,653,26 Paid claims 292,142,741 1,156,3,294 1,686,534,497 1,87,449,757 1,954,884,435 2,21,312,544 2,53,914,95 2,41,796,26 Loss ratio paid 23.18% 68.5% 97.11% 17.78% % % % % Total loss ratio.%.%.%.%.%.%.%.% 1,951,31,385 1,974,525,686 1,686,58,174 1,751,11, % 88.68%.%.% 1,89,148,498 2,43,426, %.% 1999 Gross premiums 1,182,461,895 1,583,966,979 1,665,59,437 1,682,619,937 1,71,977,76 1,723,238,639 1,695,337,888 1,719,68,66 Paid claims 264,916,144 1,126,71,842 1,649,521,368 1,86,988,518 1,995,597,858 2,54,69,945 2,47,58,629 2,1,173,115 Loss ratio paid 22.4% 71.13% 99.4% 11.6% % 119.2% 12.77% % Total loss ratio.%.%.%.%.%.%.%.% Gross premiums 1,147,954,69 1,562,396,556 1,655,572,772 1,68,945,471 1,691,257,483 1,669,526,583 1,692,894,81 Paid claims 246,18, ,267,966 1,413,578,345 1,61,177,456 1,679,12,954 1,7,81,693 1,744,86,31 Loss ratio paid 21.43% 61.4% 85.38% 95.25% 99.28% 11.87% 13.2% Total loss ratio.%.%.%.%.%.%.% 21 Gross premiums 1,34,817,76 1,72,577,831 1,817,345,854 1,834,772,314 1,812,951,149 1,847,552,814 Paid claims 21,383, ,75,566 1,23,888,927 1,358,339,595 1,423,739,262 1,47,335,271 Loss ratio paid 15.43% 48.75% 67.73% 74.3% 78.53% 79.58% Total loss ratio.%.%.%.%.%.% 22 Gross premiums 1,538,272,44 1,948,261,912 1,987,221,1 1,953,967,64 1,993,839,922 Paid claims 245,816, ,356,1 1,396,475,351 1,68,39,51 1,736,23,872 Loss ratio paid 15.98% 5.94% 7.27% 82.31% 87.7% Total loss ratio.%.%.%.%.% 23 Gross premiums 1,856,61,68 2,34,919,214 2,359,147,628 2,377,82,27 Paid claims 293,514,346 92,481,455 1,254,819,224 1,421,43,549 Loss ratio paid 15.81% 38.55% 53.19% 59.8% Total loss ratio.%.%.%.% 24 Gross premiums 2,77,691,824 2,572,862,514 2,669,964,759 Paid claims 279,855,929 1,18,86,716 1,53,916,146 Loss ratio paid 13.47% 43.1% 56.33% Total loss ratio.%.%.% 25 Gross premiums 2,26,674,612 2,728,327,28 Paid claims 258,456,989 1,96,53,729 Loss ratio paid 11.71% 4.19% Total loss ratio.%.%
25 Marine Hull Evolution of Paid and Total Claims, Gross Premiums as reported, U/W Year 1999 to 26 (USD) 3 USD underwriting year 3 USD underwriting year 25 3 USD 21 underwriting year 25 3 USD 22 underwriting year end of end of end of end of USD 23 underwriting year 25 3 USD 24 underwriting year 25 3 USD 25 underwriting year 25 3 USD 26 underwriting year end of end of end of end of Blue line = Gross Premium; Red line = Paid Claims, Yellow line = Paid+Outstanding claims Totals of 8 IUMI members Belgium, France, Germany, Italy, Netherlands, Norway, Spain, UK Lloyds
26 26 Gross premiums 2,7,899,72 Paid claims 226,38,599 Total claims incl. outstanding 964,549,661 Loss ratio paid 1.91% Total loss ratio 46.58% Marine Hull Ladder Table II. (USD) Totals of 8 IUMI members Belgium, France, Germany, Italy, Netherlands, Norway, Spain, UK Lloyds (not necessarily 1% of market income) Underwriting year 1) months 2) Gross premiums 3) 1,36,761,296 1,658,44,745 1,72,59,677 1,677,43,525 1,645,5,41 1,65,262,575 1,667,42,79 1,699,691,386 Paid claims 4) 178,528, ,867,68 967,863,214 1,87,779,159 1,133,25,99 1,161,931,95 1,183,46,714 1,216,228,972 Total claims incl. outstanding 5) 697,577,22 1,122,416,91 1,243,493,925 1,243,28,696 1,221,218,194 1,227,952,54 1,243,4,964 1,27,971,632 Loss ratio paid 6) 13.12% 41.72% 56.85% 64.86% 68.87% 7.41% 7.97% 71.56% Total loss ratio 7) 51.26% 67.68% 73.4% 74.13% 74.24% 74.41% 74.55% 74.78% ,715,966,94 1,687,296,33 1,715,94,113 1,233,158,325 1,211,86,838 1,237,625,878 1,285,,9 1,255,186,695 1,279,293, % 71.78% 72.13% 74.88% 74.39% 74.56% 1997 Gross premiums 1,168,83,591 1,472,613,257 1,49,837,22 1,465,972,589 1,469,5,419 1,482,725,15 1,515,168,962 1,53,125,376 Paid claims 197,672, ,739,941 1,83,446,75 1,196,666,754 1,252,4,969 1,31,59,995 1,334,434,384 1,347,73,74 Total claims incl. outstanding 671,351,21 1,263,29,83 1,383,663,548 1,387,363,615 1,38,783,386 1,383,913,731 1,41,885,371 1,46,99,19 Loss ratio paid 16.91% 52.27% 72.67% 81.63% 85.26% 87.78% 88.7% 88.8% Total loss ratio 57.44% 85.79% 92.81% 94.64% 93.99% 93.34% 92.52% 91.95% 1998 Gross premiums 1,5,291,8 1,34,36,868 1,361,597,722 1,365,399,69 1,386,565,785 1,426,176,653 1,446,463,8 1,419,713,958 Paid claims 246,498,41 916,518,694 1,31,563,571 1,436,824,484 1,5,539,763 1,556,158,761 1,582,964,865 1,567,354,385 Total claims incl. outstanding 733,,827 1,419,672,676 1,596,32,3 1,618,475,652 1,63,791,268 1,667,185,65 1,661,957,976 1,629,379,296 Loss ratio paid 23.47% 68.38% 95.59% 15.23% 18.22% 19.11% 19.44% 11.4% Total loss ratio 69.79% 15.92% % % % 116.9% 114.9% % 1,52,895,52 1,529,443,887 1,286,59,915 1,349,875,339 1,332,715,851 1,394,116, % 88.26% 88.68% 91.15% 1,449,39,76 1,58,552,832 1,635,712, % % 1999 Gross premiums 991,498,665 1,279,83,618 1,358,72,736 1,383,454,6 1,416,317,373 1,429,887,185 1,42,667,87 1,427,851,668 Paid claims 216,724, ,922,327 1,364,58,288 1,543,684,246 1,655,419,36 1,77,594,63 1,693,453,11 1,744,822,48 Total claims incl. outstanding 81,719,826 1,511,838,159 1,73,824,567 1,787,989,381 1,841,422,379 1,85,448,81 1,85,52,428 1,849,499,676 Loss ratio paid 21.86% 71.65% 1.44% % % % 12.73% 122.2% Total loss ratio 8.86% % % % 13.1% % % % Gross premiums 998,452,973 1,312,374,363 1,394,75,766 1,424,31,84 1,434,843,554 1,414,594,894 1,438,557,77 Paid claims 27,291,412 81,712,875 1,187,771,94 1,338,542,499 1,41,541,151 1,415,62,213 1,452,342,242 Total claims incl. outstanding 713,749,914 1,328,96,95 1,538,549,24 1,577,786,627 1,573,15,367 1,533,489,737 1,55,928,49 Loss ratio paid 2.76% 61.77% 85.16% 93.98% 97.68% 1.7% 1.96% Total loss ratio 71.49% 11.26% 11.31% 11.78% 19.64% 18.4% 17.81% 21 Gross premiums 1,17,85,2 1,433,738,783 1,524,724,114 1,542,719,691 1,52,876,611 1,556,728,91 Paid claims 183,47, ,43,481 1,64,72,91 1,172,569,392 1,228,244,11 1,27,726,835 Total claims incl. outstanding 72,327,51 1,216,497,841 1,38,622,986 1,365,969,181 1,336,231,839 1,353,623,22 Loss ratio paid 16.56% 51.22% 69.83% 76.1% 8.76% 81.63% Total loss ratio 63.4% 84.85% 9.55% 88.54% 87.86% 86.95% 22 Gross premiums 1,349,239,186 1,693,21,967 1,731,35,58 1,73,345,138 1,744,986,935 Paid claims 216,37, ,16,799 1,254,437,95 1,428,892,968 1,545,7,412 Total claims incl. outstanding 867,567,987 1,526,838,385 1,665,165,384 1,638,646,83 1,689,75,93 Loss ratio paid 16.3% 53.4% 72.46% 83.89% 88.54% Total loss ratio 64.3% 9.18% 96.18% 96.2% 96.83% 23 Gross premiums 1,622,953,395 2,33,355,274 2,5,276,86 2,7,95,85 Paid claims 272,991, ,418,459 1,145,67,25 1,293,38,22 Total claims incl. outstanding 776,193,382 1,338,267,82 1,422,442,967 1,474,55,943 Loss ratio paid 16.82% 4.74% 55.88% 62.45% Total loss ratio 47.83% 65.82% 69.38% 71.18% 24 Gross premiums 1,83,197,35 2,242,763,49 2,345,823,649 Paid claims 25,4, ,692,155 1,316,83,498 Total claims incl. outstanding 93,92,414 1,594,766,854 1,673,626,887 Loss ratio paid 13.68% 43.5% 56.14% Total loss ratio 5.82% 71.11% 71.34% 25 Gross premiums 1,855,43,247 2,277,56,52 Paid claims 221,38, ,423,7 Total claims incl. outstanding 811,811,1 1,529,827,688 Loss ratio paid 11.93% 39.27% Total loss ratio 43.75% 67.17%
27 Marine Hull Gross Loss Ratio paid claims, Actual and estimated towards ultimate U/W Year 1996 to 25 14% 12% Technical break even is achieved when the gross loss ratio does not exceed 1% minus the expense ratio (between 2% and 3%, acquisition costs, capital costs and management expenses) 1% 8% 6% /5/ % % % Ultimate Ultimate calculation based on figures of 9 IUMI members: Belgium, France, Germany, Italy, Netherlands, Norway, Spain, UK Lloyds, UK IUA
28 Transport/Cargo Evolution of Paid Claims, Gross Premiums as reported, U/W Year 1999 to 26 (USD) underwriting year USD 45 5 USD underwriting year USD 21 underwriting year USD 22 underwriting year end of ult end of ult end of ult end of ult 5 USD 23 underwriting year 45 5 USD 24 underwriting year 45 5 USD 25 underwriting year 45 5 USD 26 underwriting year end of ult end of ult end of ult end of ult Blue line = Gross Premium; Red line = Paid Claims Totals of 8 IUMI members Belgium, France, Germany, Italy, Netherlands, Spain, UK Lloyds, UK IUA
29 26 Gross premiums 2,846,67,662 Paid claims 572,278,532 Loss ratio paid 2.1% Total loss ratio.% Transport / Cargo Ladder Table I. (USD) Totals of 8 IUMI members Belgium, France, Germany, Italy, Netherlands, Spain, UK Lloyds, UK IUA (not necessarily 1% of market income) Underwriting year 1) months 2) Gross premiums 3) 1,715,336,275 2,369,741,991 2,482,419,723 2,461,868,481 2,511,547,928 2,514,16,974 2,548,771,96 2,587,549,826 2,66,6,723 Paid claims 4) 46,272,552 1,216,978,94 1,521,84,85 1,569,94,624 1,648,696,15 1,661,32,753 1,686,771,946 1,711,367,529 1,726,811,33 Loss ratio paid 6) 26.83% 51.35% 61.3% 63.77% 65.64% 66.7% 66.18% 66.14% 66.26% Total loss ratio 7).%.%.%.%.%.%.%.%.% ,572,886,928 2,6,692,514 1,78,791,455 1,725,163, % 66.33%.%.% 1997 Gross premiums 1,879,213,489 2,611,28,58 2,684,18,892 2,727,55,714 2,673,45,968 2,76,29,126 2,74,846,512 2,757,21,434 2,725,499,815 Paid claims 63,13,162 1,598,811,679 1,898,828,245 2,37,751,523 2,12,975,894 2,54,622,883 2,9,194,51 2,11,536,299 2,78,311,25 Loss ratio paid 32.9% 61.23% 7.75% 74.71% 75.31% 75.92% 76.26% 76.22% 76.25% Total loss ratio.%.%.%.%.%.%.%.%.% 2,75,948,994 2,99,199, %.% 1998 Gross premiums 1,86,117,319 2,626,62,449 2,716,958,474 2,655,34,92 2,697,65,83 2,746,861,326 2,768,73,681 2,732,55,884 2,761,818,434 Paid claims 599,82,66 1,612,631,175 2,26,195,983 2,7,788,75 2,151,63,48 2,27,212,193 2,226,6,992 2,24,52,895 2,229,253,88 Loss ratio paid 32.25% 61.4% 74.58% 77.99% 79.74% 8.35% 8.4% 8.68% 8.72% Total loss ratio.%.%.%.%.%.%.%.%.% 1999 Gross premiums 1,78,561,79 2,476,96,45 2,596,416,75 2,648,948,55 2,688,599,95 2,698,496,625 2,667,494,332 2,697,126,456 Paid claims 525,552,461 1,61,676,37 1,985,824,882 2,146,246,992 2,217,365,896 2,27,929,51 2,256,346,139 2,284,41,16 Loss ratio paid 3.76% 64.66% 76.48% 81.2% 82.47% 84.16% 84.59% 84.7% Total loss ratio.%.%.%.%.%.%.%.% Gross premiums 1,672,634,87 2,449,14,19 2,79,375,362 2,769,948,999 2,81,13,224 2,73,742,41 2,763,419,323 Paid claims 51,899,695 1,524,184,636 2,26,955,864 2,185,483,863 2,231,24,682 2,23,386,248 2,233,276,888 Loss ratio paid 3.54% 62.24% 74.81% 78.9% 79.65% 81.68% 8.82% Total loss ratio.%.%.%.%.%.%.% 21 Gross premiums 1,746,583,85 2,716,543,567 2,884,33,542 2,913,198,846 2,861,47,452 2,92,781,139 Paid claims 448,959,114 1,425,2,676 1,767,725,423 1,868,311,675 1,865,41,49 1,99,23,53 Loss ratio paid 25.7% 52.46% 61.29% 64.13% 65.18% 65.77% Total loss ratio.%.%.%.%.%.% 22 Gross premiums 2,133,298,179 3,121,781,522 3,261,656,294 3,29,625,41 3,276,857,371 Paid claims 45,248,237 1,424,868,72 1,717,855,488 1,767,74,294 1,837,466,311 Loss ratio paid 21.11% 45.64% 52.67% 55.6% 56.7% Total loss ratio.%.%.%.%.% 23 Gross premiums 2,466,23,455 3,556,952,39 3,599,723,24 3,684,225,193 Paid claims 538,637,221 1,49,451,284 1,672,46,91 1,798,856,638 Loss ratio paid 21.84% 39.63% 46.46% 48.83% Total loss ratio.%.%.%.% 24 Gross premiums 2,612,525,843 3,726,97,131 3,939,872,215 Paid claims 511,18,581 1,489,154,83 1,94,56,815 Loss ratio paid 19.56% 39.96% 48.33% Total loss ratio.%.%.% 25 Gross premiums 2,582,397,435 3,728,648,564 Paid claims 487,346,482 1,58,982,26 Loss ratio paid 18.87% 4.47% Total loss ratio.%.%
30 Transport/Cargo Paid and Total Claims, Gross Premiums as reported, U/W Year 1999 to 26 (USD) underwriting year USD 4 45 USD underwriting year USD 21 underwriting year USD 22 underwriting year end of end of end of end of USD 23 underwriting year underwriting year underwriting year 4 45 USD 26 underwriting year end of end of end of end of Blue line = Gross Premium; Red line = Paid Claims, Yellow line = Paid+Outstanding claims Totals of 7 IUMI members Belgium, France, Germany, Italy, Netherlands, Spain, UK Lloyds
31 26 Gross premiums 2,585,146,593 Paid claims 561,54,32 Total claim s incl. outstanding 1,65,24,7 Loss ratio paid 21.72% Total loss ratio 63.84% Transport / Cargo Ladder Table (USD) Totals of 7 IUMI members Belgium, France, Germany, Italy, Netherlands, Spain UK Lloyds (not necessarily 1% of market income) Underwriting year 1) months 2) Gross premiums 3) 1,531,345,828 2,2,17,334 2,9,373,779 2,59,983,269 2,13,866,135 2,16,113,982 2,141,39,791 2,179,655,245 Paid claims 4) 423,835,152 1,73,584,822 1,299,734,369 1,323,166,344 1,39,58,959 1,398,565,367 1,424,44,13 1,447,113,838 Total claim s incl. outstanding 5) 1,162,58,586 1,53,587,93 1,54,858,169 1,459,332,657 1,487,847,963 1,487,125,614 1,499,551,86 1,518,421,612 Loss ratio paid 6) 27.68% 53.14% 62.18% 64.23% 66.7% 66.41% 66.51% 66.39% Total loss ratio 7) 75.91% 74.43% 73.71% 7.84% 7.72% 7.61% 7.4% 69.66% ,197,677,275 2,164,987,35 2,192,98,968 1,459,643,537 1,441,255,536 1,457,4,939 1,527,147,253 1,54,933,533 1,519,68, % 66.57% 66.46% 69.49% 69.51% 69.3% 1997 Gross premiums 1,727,548,973 2,299,384,536 2,336,482,726 2,366,911,34 2,39,328,844 2,341,869,348 2,376,536,113 2,392,753,467 Paid claims 546,879,862 1,44,652,878 1,624,62,466 1,735,128,586 1,73,718,344 1,736,89,77 1,768,115,473 1,781,869,386 Total claims incl. outstanding 1,44,796,288 1,93,391,77 1,897,567,676 1,933,346,38 1,829,332,735 1,84,892,37 1,864,247,52 1,871,821,455 Loss ratio paid 31.66% 61.9% 69.53% 73.31% 73.78% 74.17% 74.4% 74.47% Total loss ratio 81.32% 82.78% 81.21% 81.68% 79.21% 78.61% 78.44% 78.23% 1998 Gross premiums 1,744,667,567 2,358,698,742 2,416,742,125 2,354,289,861 2,396,571,68 2,444,15,934 2,463,786,714 2,429,474,739 Paid claims 561,227,766 1,459,154,384 1,797,962,66 1,828,792,947 1,93,753,39 1,957,343,847 1,974,912,283 1,952,55,22 Total claims incl. outstanding 1,461,163,434 1,969,546,769 2,115,61,627 2,31,217,359 2,49,26,776 2,68,236,832 2,77,48,221 2,45,28,842 Loss ratio paid 32.17% 61.86% 74.4% 77.68% 79.44% 8.8% 8.16% 8.37% Total loss ratio 83.75% 83.5% 87.54% 86.28% 85.5% 84.62% 84.3% 84.18% 2,361,984,141 2,387,32,51 1,758,97,577 1,779,787,726 1,845,566,32 1,865,124, % 74.55% 78.14% 78.13% 2,458,558,22 1,977,23,213 2,66,239, % 84.4% 1999 Gross premiums 1,593,84,484 2,215,239,569 2,291,438,685 2,348,16,769 2,388,235,23 2,41,634,11 2,37,634,633 2,4,22,695 Paid claims 485,197,61 1,42,66,394 1,736,164,225 1,874,496,796 1,94,494,555 1,982,718,739 1,964,668,45 1,992,437,31 Total claims incl. outstanding 1,354,923,357 1,994,463,556 2,78,446,821 2,16,436,232 2,116,928,77 2,138,894,787 2,12,676,425 2,126,317,246 Loss ratio paid 3.44% 64.13% 75.77% 79.83% 81.25% 82.56% 82.88% 83.1% Total loss ratio 85.1% 9.3% 9.7% 89.71% 88.64% 89.6% 88.7% 88.59% Gross premiums 1,594,128,256 2,235,277,126 2,473,957,761 2,535,475,2 2,567,547,592 2,498,69,212 2,53,863,15 Paid claims 494,248,195 1,421,974,951 1,872,415,24 2,1,836,815 2,49,774,174 2,42,698,845 2,39,912,177 Total claims incl. outstanding 1,39,39,398 2,68,681,161 2,279,264,28 2,299,274,123 2,232,195,97 2,171,852,9 2,163,42,531 Loss ratio paid 31.% 63.62% 75.69% 79.31% 79.83% 81.75% 8.6% Total loss ratio 87.21% 92.55% 92.13% 9.68% 86.94% 86.92% 85.48% 21 Gross premiums 1,628,945,864 2,452,857,695 2,62,142,212 2,63,173,263 2,579,955,217 2,621,974,87 Paid claims 434,266,614 1,339,238,299 1,635,912,48 1,723,219,942 1,717,736,562 1,76,822,74 Total claims incl. outstanding 1,347,377,698 1,93,89,25 2,11,485,328 1,951,735,5 1,885,762,3 1,895,424,6 Loss ratio paid 26.66% 54.6% 62.87% 65.52% 66.58% 67.16% Total loss ratio 82.71% 78.69% 77.3% 74.21% 73.9% 72.29% 22 Gross premiums 1,987,19,848 2,858,468,664 2,988,753,471 2,937,72,772 3,5,166,418 Paid claims 432,362,494 1,357,932,63 1,625,942,259 1,668,477,642 1,734,364,943 Total claims incl. outstanding 1,39,41,36 2,32,876,271 1,992,736,649 1,95,359,3 1,919,815,339 Loss ratio paid 21.76% 47.51% 54.4% 56.81% 57.71% Total loss ratio 69.95% 71.12% 66.67% 64.87% 63.88% 23 Gross premiums 2,317,239,512 3,299,315,42 3,325,474,68 3,413,42,21 Paid claims 513,858,671 1,349,119,437 1,585,8,898 1,72,983,217 Total claims incl. outstanding 1,523,82,346 2,29,451,844 1,995,629,911 1,977,777,933 Loss ratio paid 22.18% 4.89% 47.66% 49.9% Total loss ratio 65.76% 61.51% 6.1% 57.95% 24 Gross premiums 2,467,69,833 3,445,455,23 3,647,189,365 Paid claims 54,786,293 1,431,623,998 1,799,987,33 Total claims incl. outstanding 1,584,324,661 2,244,532,186 2,295,277,52 Loss ratio paid 2.46% 41.55% 49.35% Total loss ratio 64.2% 65.14% 62.93% 25 Gross premiums 2,291,826,28 3,31,714,69 Paid claims 471,762,73 1,393,838,8 Total claims incl. outstanding 1,52,24,12 2,237,92,948 Loss ratio paid 2.58% 42.22% Total loss ratio 66.33% 67.78%
32 1% Transport/Cargo, Gross Loss Ratio paid claims, Actual and estimated towards ultimate U/W Year 1996 to 26 Technical break even is achieved when the gross loss ratio does not exceed 1% minus the expense ratio (between 2% and 3%, acquisition costs, capital costs and management expenses) 9% 8% 7% 6% 5% 4% 3% 2% 1% % Ultimate 22/4/5/6 Ultimate calculation based on totals of 8 IUMI members Belgium, France, Germany, Italy, Netherlands, Spain, UK Lloyds, UK IUA
33 Marine Hull and Cargo/Transport Gross Ultimate Loss Ratio Technical break even is achieved when the gross loss ratio does not exceed 1% minus the expense ratio (acquisition costs, capital costs and management expenses, usually between 2% and 3%). 14% 12% 1% 8% 6% U/W Year 1996 to 26 Impact of major claims in 27 attaching to 26 + further increase in partial claims costs in 27 Marine Hull Cargo/Transport 4% 2% %
34 Examples of Major Hull claims in 27, attaching to Underwriting year 26 Date Vessel Name Casualty MSC Napoli Grounding MSC Joanna Collision W.D. Fairway Collision Repubblica de Genova other Sea Diamond Grounding Bourbon Dolphin Capsize Claims xs 2 MUSD occurred in 27, but attaching to 26, are estimated to sum up to about 6 USD million, adding roughly additional 18% to the 26 hull gross loss ratio.
35 Marine Hull - Quarterly evolution Net loss ratio paid+outstanding claims Hull & Machinery insurance (excluding LOH, freight and hull interest, building risk) Source: CEFOR, Underwriting years 25 and 26 Net loss ratio* (net of acquisition costs) 12.% 1.% 8.% 6.% 4.% %.% * =(Paid+Outstanding claims) / Net premium Quarters
36 Summing up Marine Hull Underwriting years 24, 25: Few major claims But increase in average attritional claims amount Underwriting year 26: Increase in the number and severity of major claims Continuing trend towards higher attritional claims amounts Quo vadis? Transport/Cargo Exposures in values increases significantly, but not reflected in premium development Even so, stability in results since 22
37 Explanation of terms used in this presentation (1) Gross premium = Premium for insurance including the provision for anticipated losses (the pure premium) and for the anticipated expenses (loading), including also commission and brokerage but excluding taxes and other contributions on insurance premiums. Written premium = Complete premium due for insurance policies which start, i.e. are written, in a specific year (= the underwriting year of the policy). Does not give any information on actual premium payments/instalments, i.e. the cash flow. Paid claims = Amounts the insurer has paid for known and registered claims less recoveries. Outstanding claims reserve = Claims reserve for specific reported, but not yet (fully) paid claims, of which the insurer has an estimation of the total amount to be paid. Includes loss adjustment expenses. = Sum of total claims estimates minus any amounts already paid for these claims. Total claim = Paid amounts + outstanding claims reserve for specific reported claims. IBNR = Incurred but not reported = additional claims reserve on top of the outstanding claims reserve, and which for claims incurred, but not yet known or registered in the insurer s system. The necessary IBNR reserve is derived by statistical methods based on historical claims ladder statistics. Loss ratio = Claims divided by premiums. Indicator of whether premiums are calculated correctly to match claims and other expenses. Gross loss ratio (in this presentation) = Sum of total claims and IBNR reserves, divided by gross written premiums Underwriting year basis = Insurance figures are registered with the calender year in which the insurance policy starts, and to which the covered risks accordingly attach to. Example: a policy with cover period has underwriting year 26. Both claims occuring in 26 and 27 for risks attaching to this policy are thus attributed to underwriting year 26. The underwriting year is not closed, so underwriting year figures change as long as there are payments related to policies with this underwriting year. Accident year = Claims are registered with the calendar year in which an accident happens. Claims attaching to the same policy may thus be attributed to different accident years. Example: for the policy with cover period a claim occuring in 27 has accident year 27, but underwriting year 26. The accident year is not closed, so figures will change as long as there are claims payments related to claims occured in that accident year, e.g. a claim payment made in 29 for an accident which happened in 27 will be attributed to accident year 27. Accounting year (also booking year) = Insurance figures, regardless of their original source date, are booked into that year of account which is open at the time of actually entering the figures in the books. Contrary to the underwriting and accident year, the accounting year is closed at some point in time, usually at the end of one calendar year, such that figures do not change any more once the accounting year is closed. These give the insurance results usually published in companies annual reports.
38 Explanation of terms used in this presentation (2) Premium volumes shown in this report are (as defined in the Global Premium Report Form): Gross written premiums - for direct marine insurance in the national market - for the accounting years 25 and 26 - excluding: - all types of reinsurance (facultative and treaty, proportional as well as nonproportional), with the exception of facultative reinsurance from a captive, which would not be reported by another member association. - War risk premium. - including: - all marine premium from the national market, if possible also premium written by insurers who are not members of the national association. Above are the specifications of what IUMI members ideally should report. The actually reported figures may though possibly deviate from that. If such deviations and their impact on the figures is known to IUMI it is commented.
39 Explanation of terms used in this presentation (3) Classes of business the premium is reported for (as defined in the Global Premium Report Form): Global Hull = -Ocean (blue-water) Hull Insurance -Commercial vessels engaged in international trade under domestic or foreign flag. -Interests included are: hull and machinery (H&M), disbursements, increased value, freight or other ancillary interests, loss of hire (LOH), construction risks. -Coastal/Inland Marine Hull Insurance -Vessels not included in the above category, trading in domestic waters or inland waterways, e.g. coasters, fishing vessels, tugs, lighters, barges, etc. Only premium relating to commercial vessels, pleasure craft is excluded (where possible). -Interests included are: same as for ocean hull. Marine liabilities for this type of vessel are excluded (where possible), as these fall under Marine Liability. Transport/Cargo = all types of insurance relating to cargo, including freight forwarders, CMR and carriers liability, in transit whether on land, sea or air, domestic as well as international trade. Marine Liability = insurance covering marine liabilities in respect of vessels classified as coastal/inland marine and also marine liabilities covering charterers, shiprepairers, stevedores, wharfingers, terminal operators and similar legal liability insurances. P&I insurance placed with members of the International Group of P&I Clubs is excluded here (where possible). Offshore/Energy = insurance of all interests relating to offshore exploration and production activities, including both mobile and fixed units, construction risks. Figures relating to onshore (downstream) operations are excluded (where possible).
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