MAT and Space Insurance. November 2013

Transcription

1 MAT and Space Insurance November 2013 Key data 2012

2 This document is the exclusive property of FFSA and GEMA and is protected by copyright. Any reproduction, representation and distribution of all or part of this document is prohibited, outside the intended recipient company or organization, unless specific authorization of the issuing direction of FFSA or GEMA. Contacts : Direction des études et des statistiques FFSA-GEMA 26, boulevard Haussmann Paris Cedex 09 Tél : +33(0) Fax : +33(0) statdom@ffsa.fr -

3 CONTENTS SUMMARY OF TRANSPORT INSURANCE IN SHARE OF MAT AND SPACE INSURANCE IN NON-LIFE INSURANCE BUSINESS... 3 PART I : FRENCH MAT AND SPACE INSURANCE PREMIUM INCOME... 4 PART II : FRENCH HULL AND CARGO PREMIUM INCOME... 6 PART III : FRENCH AVIATION AND SPACE INSURANCE PREMIUM INCOME... 8 PART IV : BREAKDOWN OF PREMIUM INCOME BY UNDERWRITING GROUPS PART V : WORLDWIDE FIGURES PART VI : LOSS RATIO

4 SUMMARY OF TRANSPORT INSURANCE IN 2012 Prelude Year 2012 was marked by important movements of portfolio between few actors on the maritime market. These transfers generated a period of waiting-game and had a not measurable incidence explaining partly the reduction in contributions of the branch. Premium Income The total premium income for MAT insurance amounts to 2.1 billion euro in 2012, representing a year-on-year down 3.0 %. It includes direct domestic, cross-border and inwards businesses. Aviation and marine hull insurances, very competitive markets, record a reduction in their collections in 2012 (respectively % and % with regard to 2011). On the other hand, space insurance knows a new upturn ( %) in 2012, carried by a market rapidly expanding ant the taking of contracts upstream for affairs coming true in two or three years (what could lead to predict a reduction in the contributions in the next years). Also, cargo insurance, supported by the international business, sees its contributions progressing of % in % 10.0% 5.0% 0.0% -5.0% -10.0% -15.0% -20.0% -25.0% -30.0% -35.0% -40.0% -33.2% growth of premium income growth of premium income in constant exchange rate -10.5% +11.8% -5.4% -8.6% +9.0% -2.8% +2.2% +1.6% -3.0% -2.1% The EUR/USD rate for 2012 was slightly unfavorable to the Marine and Transport insurance (dollar being the change used in many contracts, in particular for hulls). At constant exchange rate, the premium income would have been limited to %. US Dollars (USD) to 1 Euro (EUR) 1,8 1,7 1,6 1,5 1,4 1,3 1,2 1,1 1,0 0,9 0, Source : ECB Loss ratio (*) (Domestic French direct business) In 2012 for hull and cargo insurance, the loss ratio* (71 % at the end of the first year) find his level of 2008, while that of 2011 at the end of the second year deteriorates of almost 3 points to become established in 73 %. This phenomenon and the evolution of the triangle confirm that after four exercises in the encouraging results ( ), the loss ratio* degraded, but stabilizes. In aviation insurance, following several important air crashes, year 2008 constituted a record of loss ratio* over the last ten years (104 % at the end of the fifth year). Those at the end of the first year of the following four exercises, included 2012, are of level comparable to that of the At the end of the second year the loss ratio had fallen appreciably for the exercises 2010 and 2011 while it had been necessary to wait for the end of the third year to see 2

5 that of the 2009 decreasing. Nevertheless, the acceleration of the payments on the recent exercises does not weaken. (*) based on gross premiums before deduction of acquisition costs SHARE OF MAT & SPACE INSURANCE IN NON-LIFE INSURANCE BUSINESS 1) Share of MAT and Space insurance Premium Income in the leading non-life European market, 2011 Source: European insurance and reinsurance federation 16.0% 14.0% +14.7% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% +2.3% +2.0% +1.7% +1.7% +1.6% +1.5% +1.5% 0.0% 2) Breakdown of Premium Income in commercial Property and Casualty insurance (direct production - France), 2012 Car fleet - Commercial vehicles 10 % 3

6 Commercial General Liability 17 % Commercial Property 37 % Decennial Liability 12 % Other * Commercial 19 % MAT and Space 5 % Other*: natural disasters, commercial risks, PART I : FRENCH MAT AND SPACE INSURANCE PREMIUM INCOME IN 2012 Domestic and cross-border production - including inwards business 1) Breakdown of MAT and Space Insurance Premium Income by line of business, 2012 Space other * 4 % Hull and cargo other * 21 % Hull and cargo Direct domestic business 48 % Aviation Direct domestic business 11 % Aviation other * Space 14 % Direct domestic business 2 % other*: direct cross-border business and inwards business 2) Evolution of MAT and Space Insurance Premium Income,

7 Premium income growth ( %) 45.0% 30.0% 15.0% 0.0% +11.8% +9.0% +2.2% +1.6% -15.0% -10.5% -5.4% -8.6% -2.8% -3.0% -30.0% -45.0% -33.2%

8 PART I (continued) Domestic and cross-border production - including inwards business 3) MAT and Space Premium Income by class of insurance business in EUR million Variation 2012 / 2011 Hull % Cargo % Aviation % Space % Total 2, , % 4) Breakdown of MAT and Space Premium Income by class of insurance business, 2012 Cargo 43% Aviation 25% Space 6% Hull 26% 6

9 PART II : HULL AND CARGO INSURANCE PREMIUM INCOME OF THE FRENCH MARKET IN 2012 FRENCH MARKET - Direct domestic business only 1) Evolution of Hull and Cargo Insurance Premium Income, % Growth of premium income ( %) 10.0% 5.0% +6.5% +5.2% +6.1% +3.9% +1.0% 0.0% -5.0% -4.6% -1.1% -2.7% -0.2% -1.8% -10.0% ) Hull and Cargo Insurance Premium Income in EUR million Variation 2012 / 2011 Hull (1) % Cargo (2) % Total 1, , % (1) Ocean hull, energy/offshore, fishing vessels, inland hull, pleasure craft and hull liabilities (2) Marine cargo, air cargo, inland waterways cargo, cargo carried by road, CMR 7

10 PART II (continued) FRENCH MARKET - Direct domestic business only 3) Breakdown of Hull and Cargo Premium Income by type of policy, 2012 Road carrier s liability 14 % Ocean Hull 22 % Energy/Offshore 0 % All cargo 50 % Pleasure craft 14 % 4) Hull and Cargo Insurance Premium Income by type of policy in EUR million Variation 2012/2011 Ocean Hull % Hull Energy/Offshore ε - - Pleasure Craft Total % All Cargo % Cargo Road carrier s liability % Total % 8

11 PART III : FRENCH AVIATION AND SPACE INSURANCE PREMIUM INCOME IN 2012 Domestic and cross-border direct business - including inwards business 1) Evolution of Aviation Insurance Premium Income, % +20 % +10 % +0 % +19 % Premium income growth (%) +8 % +4 % -10% -20% -30% -19 % -9 % -27 % -5 % -6 % -5 % -40 % -50 % -60 % -54 % ) Aviation Insurance Premium Income by type of policy in EUR million Variation 2012 / 2011 Hull % Third party liabilities % Manufacturers (hull) % Manufacturers/Products /Repair liabilities % Other aviations risks % Total % 9

12 PART III (continued) Domestic and cross-border business - including inwards business 3) Breakdown of Aviation Premium Income by type of policy, 2012 General aviation and others 18 % Airline companies 66 % Hull and manufacturers/ Products/ Repair liabilities 16 % 4) Aviation Insurance Premium Income by line of business in EUR million Variation 2012 / 2011 Domestic business % Cross-border business % Total % 10

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14 PART III (continued) Domestic and cross-border direct business, including inwards business 5) Space Insurance Premium Income by line of business in EUR million Variation 2012 / 2011 Direct business % Inwards business % Total % * in comparable field 6) Evolution of Space Insurance Premium Income, % +30 % +30 % Premium income growth (%) +20 % +10 % +0 % +9 % +13 % +15 % -10% -20% -30% -40% -50% -4% -9% -8% -21% -31% -37%

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16 PART IV : BREAKDOWN OF PREMIUM INCOME BY TOP UNDERWRITING GROUPS List of Top Transport Insurers (premium income of more than 5 millions) Direct domestic business Source: ACP in EUR 1000 Overall Transport insurance premium income Rank 2012 Premium income 2012 aviation & space excluded Groupe AXA* 519, ,067 1 ALLIANZ* 213, ,794 3 HELVETIA 175, ,782 2 GENERALI 113, ,869 4 COVEA* 86, ,676 5 GROUPAMA 38, ,036 7 TOKIO MARINE EUROPE* 31, ,229 6 ACE EUROPEAN GROUP LIMITED* 30, ,198 8 RSA Insurance* 13, ,820 9 AIG EUROPE LTD* 13, na na XL INSURANCE COMPANY LTD* 9, , Groupe MACIF 9, , CNA INS CY LTD* 8, , SAMAP* 7, , SAM BRETAGNE OCEAN 6, , AVIVA 6, , Rank na : not available * Source: FFSA-GEMA 14

17 PART V : WORLDWIDE MARKET MARINE AND TRANSPORT INSURANCE IN ) Evolution of worldwide Premium Income by class of insurance business Source: IUMI in USD million 2012 Variation 2012/2011 Variation 2011/2010 Hull 8, % % Cargo 17, % % Other (marine liability ; energy/ offshore) 6, % % Total 33, % % 2) Breakdown of worldwide Premium Income by class of insurance business, 2012 Source: IUMI Other (Marine liability and Energy/Offshore) 21 % Hull 26 % Cargo 53 % 15

18 PART V (continued) 3) Marine and Transport Premium Income by geographical segment Source: IUMI in USD million 2012 Variation 2012/2011 Variation 2011/2010 Europe 16, % % Asia / Pacific 9, % % North America 1, % % Other 5, % % 4) Marine and Transport Premium Income by major markets Source: IUMI MARITIME AND TRANSPORT INSURANCE (Hull, Cargo, Marine Liability and Energy/Offshore) Country Market Market Premium* Rank Rank share share United Kingdom (Lloyd s) 6, % 1 18 % Japan 2, % 2 9 % China 2, % 3 8 % USA 1, % 4 6 % Germany 1, % 5 4 % France 1, % 6 4 % Brasil 1, % 7 3 % Nordic 1, % 9 3 % United Kingdom (IUA) % 10 3 % Italy % 8 3 % Total 19,829 /// 61 % /// 62 % * in USD million 16

19 PART V (continued) Source: IUMI Cargo Country Market Market Premium* Rank Rank share share Japan 1, % 1 11 % China 1, % 2 9 % United Kingdom (Lloyd s) 1, % 4 7 % Germany 1, % 3 7 % France % 5 5 % USA % 6 5 % Brasil % 7 4 % Russia % 10 3 % Italy % 8 3 % Belgium % 11 2 % Total 9,898 /// 56 % /// 57 % Hull Country Market Market Premium* Rank Rank share share United Kingdom (Lloyds ) 1, % 1 15 % China % 2 11 % Nordic % 3 10 % Japan % 4 8 % France % 5 6 % United Kingdom (IUA) % 10 3 % Netherlands % 8 4 % Korea % 9 4 % Italy % 6 4 % USA % 7 3 % Total 5,703 /// 67 % /// 70 % * in USD million 17

20 PART VI : LOSS RATIO ) Loss ratio (gross premiums*) evolution in Marine and Transport Insurance 2nd year 1st year 100% 75% 73% 73% 70% 69% 74% 70% 71% 69% 70% 69% 50% 25% 0% Direct domestic business 2) Loss ratio (gross premiums**) evolution in Aviation Insurance 2nd year 1st year 125% 100% 75% 73% 73% 87% 74% 87% 72% 79% 76% 77% 78% 50% 25% 0%

21 Direct domestic and cross-border businesses - including inwards business *Before 2007 : loss ratio at the end of year six ** before deduction of acquisition costs 19