The Role of a Lead Marine Insurance Market in the Maritime Cluster
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1 The Role of a Lead Marine Insurance Market in the Maritime Cluster IMSF Annual Meeting Oslo Helle Hammer Managing Director
2 About Cefor Our Mission: To serve the interests of our Nordic members by promoting quality marine insurance, through comprehensive statistics, competence building, agreed all risks insurance conditions, a common public voice.
3 Cefor - Gross written premium (USDm) 2011 Total sum = 1,623.4 USDm Offshore Energy / 8.3% Cargo 31.2 / 1.9% Hull / 50.9% P&I / 38.8%
4 Distribution of Global Marine Hull Premium 2010 Rest of the World 22% UK (IUA) 4% UK (Lloyd's) 13% Swedish Club 8% Tromstrygd 0.6% Tryg 5% Alandia 3% Codan 11% USA 5% Spain 4% Netherlands 4% Korea, Republic of 4% Japan 9% Italy 5% France Germany 6% 2% Nordic (Cefor) 12% China (new 2010) 10% Norwegian Hull Club 23% Møretrygd 1% If 5% Gjensidige 4% Gerling 8% Gard 32% World Cefor Source: IUMI Global Marine Insurance Report by Astrid Seltmann, published September 2011
5 P&I Clubs International Group Gross calls 2010 (Premium) Operational location 7% 3% 28% 62% Calls 2010: UK: 2.07 Nordic: 0.92 Japan: 0.23 US: 0.11 Total: 3.33 (USD billion) UK Nordic Japan US
6 About insurance... The difference between a bet and a counter bet What would fall heavily on one falls lightly on the many A risk management tool The law of large numbers making the unpredictable predictable Assured must be exposed to a possibility of economic loss capable of being quantified
7 Underwriters worry...
8 Container vessels
9 Typical damages resulting from a marine casualty Damage to hull Personal injury Damage to machinery Pollution Marine casualty Damage to cargo Wreck removal Loss of income
10 Role of marine insurers - Capacity only or something more? Shipowner Loss prevention Technical guidance??? Claims handling Emergency response Provide large and stable risk carrying capacity to the shipping industry Develop innovative solutions to solve important risk management and mitigation needs Recognise quality operations and price accordingly Create value for owners
11 Example: Risk factors in the High North
12 Clients Shipping companies Cargo owners Ship yards Brokers Regulations IMO EU/EMSA Port States, Flag States, Coastal States Class societies Rating agencies Other shipping Banks Lawyers Average Adjusters Training / education Manufacturers / suppliers Seafarers Reinsurers
13 Nordic Marine Insurance Plan of based on the Norwegian Marine Insurance Plan of 1996, Version 2010 Comprehensive all risks conditions Agreed document with five signatory parties Effective as of 1 January 2013
14 Nordic claims handling model Hands on supportive claims service Extensive in-house maritime expertise Role of Claims leader Emergency response Repairs Disputes with third parties The adjustment
15 Can we prevent this?
16 Iceberg theory / Root cause analysis Risk Assessment, Loss Prevention and Technical Assistance 16
17 Causes of ship losses Poor level of training and experience among officers and crew in the merchant fleet Fatigue Lack of communication / bridge management systems / safety culture Poor design / quality of yards and inspections Inadequate equipment / faulty new technologies Skimped maintenance and deferred / incomplete repairs Overloading and incorrect loading
18 Learning from our mistakes...
19
20 Main drivers for change Operating costs > capital costs o Shipowners looking for energy efficiency Legislation
21 More expensive risks Increase in insured value More advanced vessels Younger vessels Larger vessels Market conditions
22 22 Predicting the future can be difficult...
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