THE 2018 CEFOR NOMIS OCEAN HULL REPORT(VESSELS WITH REGISTERED IMO NUMBER)
Nordic Marine Insurance Statistics as of 31 December 2018
OCEAN HULL REPORT – INCLUDED DATA
• Underwriting years 1996-2018
• Vessels with a registered IMO-number.
(For statistics on small coastal tonnage, see
«The 2018 Cefor NoMIS COASTAL Hull report»)
• If not indicated otherwise on the slide, figures are presented
‐ on accident year basis (claims allocated to the calendar year in which the claim occurred).
‐ as reported by 31 December 2018 (i.e. without IBNR loading for claims not yet registered or incurred by this date).
Page 5 Introduction (Contents / NoMIS history / Definitions)
Page 9 Cefor position in the global hull insurance market 2017/
Cefor hull insurance market 2018/ Cefor share of World fleet
Page 12 Key figures – NoMIS ‘Ocean’ portfolio
Page 27 Key figures – by age group
Page 33 Key figures – by vessel type group
Page 39 Key figures – by size group
Page 45 Key figures – by sum insured layers
Key figures: Breakdown of number of vessels – Claims frequency – Claim cost per vessel/
per Sum Insured/ per gross ton – Average claim cost
OCEAN HULL REPORT – CONTENTSNoMISNordic Marine
Insurance Statistics
Page 51 Breakdown by flag and classification society
•Number of vessels by flag, 16 largest
•Number of vessels by classification society, 6 largest
Page 53 Exposure curves
•Sum Insured bands
(
The Nordic Marine Insurance Statistics (NoMIS) is a joint database project of Cefor members active in the Hull & Machinery
market to compile insurance data and vessel characteristics for statistical purposes, administered by Cefor.
From its foundation in 1985 until 1997, the data was compiled by appointing Cefor 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.
In 1996, the hull agreement was discontinued, but the statistics cooperation continued.
In 1998, steps were taken to update the NoMIS’ database electronically instead of manually. From December 1999, Cefor
could produce up-to-date hull figures on regular basis. The scope of reporting was extended 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 Cefor members joined the NoMIS cooperation, reporting retrospective data from 1995 underwriting year.
In 2009, data from Gjensidige and Tryg was integrated, dating back to underwriting years 2000 and 2003 respectively.
In 2012, data from Alandia was added, starting with underwriting year 2005. Further, If extended their scope of reporting to
include all Nordic business.
In 2015, the reporting format was modernized and the database migrated to a new technical platform.
In 2016, data from Skuld was added, dating back to underwriting year 2011.
From 2016, all member report according to the modernized reporting format.
In 2018, revised claims codes were implemented for more specific coding of the initial cause of a casualty.
By 31st December 2018, in all 279,806 vessel-years and 77,357 claims were registered on underwriting years 1985 through
2018 for the ‘ocean’ hull portfolio (vessels with IMO number).
The NoMIS statistics in this report comprise data from the following marine insurers: Alandia, Bluewater (until 2008), Codan,
Gjensidige, If, Gard, NEMI (until 2009), Norwegian Hull Club, Skuld, The Swedish Club, Tryg (until 2009), Zurich (until 2002).
THE NORDIC MARINE INSURANCE DATABASE
5
All amounts are presented in USD.
Rate of exchange applicable to convert the figures from the original currencies into USD:
Insured values: av. rate of exchange of the month the insurance coverage gets into force
Paid claims: av. rate of exchange of the month of the payment transaction
Outstanding claims: av. rate of exchange of December 2018
Underwriting year = year in which the insurance policy attaches
All claims are net of any applicable deductibles.
Total Claims = Paid claims + Outstanding claims
TLO (total losses) = claims in excess of 75% of the Sum Insured1
Partial Losses = all claims
Types of vessels specified
Vessel Type group Vessels Types included Lloyd’s List Intelligence Code
BULK Bulk, Ore, Cement BAC, BBU, BCB, BCE, BOR, BWC
CAR/RORO Car Carrier, RoRo MVE, URC, URR
CARGO Dry Cargo, General Cargo, Reefers, GCT, GGC, GPC, GRF, MLV
Pallett Vessels, Animal Transport Vessels
CHEM./PRODUCT Chemical Carriers, Product / Acid / Edible Oil / TAC, TCH, TCO, TEO, TFJ, TFO
Fish Oil / Fruit Juice / Wine / Molasses / TMO, TPD, TWA, TWN, TWT
Waste/ Water Tankers
CONTAINER Container UCC, UCR
FISHING Fishing vessels FFC, FFF, FFP, FFS, FTR,FWF,FWH
LNG/LPG Gas Carriers LNG, LPG, LNG/LPG LBK, LCN, LNG, LPG, LNP
OTHER any other ships and floating units, any codes not specifically defined otherwise,
like Barges, Cranes, Floating Storage, Floating Production, Pollution Control
Vessels, Mud boat, OBO, Research vessels, Cable, Seismic Search vessel, Flo/Flo, etc.
OCEAN HULL REPORT - DEFINITIONSNoMISNordic Marine
Insurance Statistics
7
Types of vessels specified contd.
Vessel Type group Vessels included Lloyd’ List Intelligence Code
PASSENGER All types of passenger vessels and ferries, LOF, LOP, MPR, OFY, OHF, OHS,
Passenger/Roro, Highspeed Craft PRR, PZZ
SUPPL./OFF. Supply, Anchorhandling, Standby, Drilling OBS, OBT, ODS, OIB, OIF, OIS,
Vessel, General Service Vessel, OIT, OLT, OMN, OMT, OOS, OPP,
Supply (Tug, Anchor), Tug/Icebreaker ORP, OSU, OSY, OSZ, OWO,
XAA, XAF, XAG, XAH, XAT, XCT,
XFF, XFS, XFT, XPT, XTG, XTI,
XTP, XTR, XTS, XTT, XTX
TANK Tanker, Sludge Vessel, Crude Oil Tanker OSC, OTC, TAS, TBK, TCR, TNA,
Asphalt Carriers, Bunkering Tanker, Naval Auxiliary TRR, TTA, TUV
Excluded from the statistics in this report are the following offshore energy units:
LFP, LFR, LFS, LGP, LPS, TPD, TFP, TFS, YDP, YDS
OCEAN HULL REPORT – DEFINITIONS NoMISNordic Marine
Insurance Statistics
8
China
10.6%France4.0%
Germany
1.5%
Italy4.5%
Japan7.3%
Korea, Republic of2.8%
Latin America5.8%
Netherlands2.0%
Singapore12.1%
Spain1.6%
USA3.3%
Other14.7%
UK (IUA)5.1%
UK (Lloyd's)16.4%
Nordic (Cefor)8.2%
Alandia
Insurance5.5%
Codan
6.0%
Gard31.3%
Fender Marine1.2%
Gjensidige4.0%
If5.9%
Møretrygd1.5%
Norwegian Hull Club
26.1%
The Swedish Club7.8%
Skuld10.1%
Tromstrygd
0.7%
Breakdown of Global Marine Hull* Premium 2017
World Cefor
* «Hull» premium on this slide includes both ocean and coastal hull business for all hull-related insurance types
(Hull, hull interest, freight interest, loss of hire, builder’s risk, fishing (catch & gear)).
** Lloyd’s premium includes proportional and facultative reinsurance. Other countries’ premium includes only direct business.
Sources: IUMI ‘Global Marine Insurance Report’ by Astrid Seltmann, published September 2018, and Cefor Annual Report 2018
**
9
Gard38.2%
Norwegian Hull
Club24.6%
Alandia Insurance7.3%
Skuld6.9%
The Swedish Club6.4%
If5.2%
Codan4.6%
Gjensidige3.9%
Møretrygd1.5%
Fender Marine0.8% Tromstrygd
0.6%
Breakdown of Cefor Marine Hull* Premium 2018
* The premium on this slide includes both ocean and coastal hull business for all hull-related insurance types
(Hull, hull interest, freight interest, loss of hire, builder’s risk, fishing (catch & gear)).
All NoMIS statistics on the following pages are pure Hull & Machinery statistics, based on vessels with IMO-number. These EXCLUDE loss
of hire, hull/freight interest, builder’s risk. For claims trends for small craft & fishing vessels check ‘The Cefor NoMIS COASTAL Hull report
2018’
Total Cefor marine hull* premium 2018:
641.8 USD million
10
Source: Cefor Annual Report 2018
Cefor market participation expressed as % of the world merchant fleet
(vessels with IMO-number > 1,000 gross ton)
1) calculated as the number of vessels partly or wholly covered by Cefor members in underwriting years 2017 & 2018, divided by the total number of
ships with registered IMO-number in the world fleet. World fleet count as according to Lloyd’s List Intelligence “World Fleet Update” as of January 2019.
1)
THE CEFOR FLEET AS OF END 2019 NoMISNordic MarineInsurance Statistics
11
Gross tonnage
Year of build 1000-3999 4000-6999 7000-10000 >10000 Grand Total
Cefor share
2013-2018 12.2% 24.9% 17.3% 50.6% 38.5%
2008-2012 16.5% 32.5% 37.1% 52.5% 41.1%
2003-2007 20.3% 25.8% 42.4% 59.6% 44.1%
1998-2002 24.3% 22.5% 26.3% 49.8% 37.6%
1993-1997 15.0% 11.5% 14.5% 32.6% 20.7%
1988-1992 8.4% 13.5% 12.7% 26.3% 12.7%
OCEAN HULL – NUMBER OF VESSELS
as of 31 December 2018
NoMISNordic Marine
Insurance Statistics
12
5,867
6,8277,291
6,9646,572
6,9727,562
8,310
9,572
10,655
11,887
13,131
12,325
10,446
9,622
10,741
13,189
15,055
16,07115,97215,540
15,848
16,722
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
Number of vessels, by year of exposure
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
Average sum insured, by underwriting year
Includes all insured vessels per underwriting year (renewed & new business).
OCEAN HULL – INSURED VALUES
as of 31 December 2018
NoMISNordic Marine
Insurance Statistics
13
80%
90%
100%
110%
120%
130%
140%
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
Index Average Sum Insured Index Average gross ton
Includes all insured vessels per underwriting year (renewed and new business).
OCEAN HULL – INDEX
as of 31 December 2018
NoMISNordic Marine
Insurance Statistics
14
6.2%
2.1%
8.8%
2.4%
-15.5%
-7.5%
-4.6%
-6.7% -6.1%-5.9%
-9.2%-7.6%
-6.0%
-3.1%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
Based on renewals only in respective year, i.e. excluding new business. In stable market conditions, one
would expect to see some reduction in the insured value on renewed vessels due to the aging factor.
OCEAN HULL – AVERAGE CHANGE IN
INSURED VALUES ON RENEWAL
as of 31 December 2018
NoMISNordic Marine
Insurance Statistics
15
OCEAN HULL – AGE
as of 31 December 2018
NoMISNordic Marine
Insurance Statistics
16
13.0
13.5
13.914.1
14.014.114.113.9
13.7
13.313.4
13.213.4
13.2
13.0
12.011.811.8
12.012.012.1
12.4
13.1
13.6
10.5
11.0
11.5
12.0
12.5
13.0
13.5
14.0
14.5
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
20
15
20
16
20
17
20
18
Average age, by underwriting year
Includes all insured vessels per underwriting year (renewed and new business).
OCEAN HULL - DEDUCTIBLES
as of 31 December 2018
NoMISNordic Marine
Insurance Statistics
17
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Average Std. Deductible 187,171 156,251 144,218 136,619 138,527 136,773 143,708 139,636 124,158 126,867 127,021 144,770 143,609 156,614 171,828 183,150 179,422 179,941 216,254 215,411 171,219 177,807 185,115 207,698
Av.Std. Ded.
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
> 50 MUSD 0 0 0 0 0 0 0 0 6,896 0 13,238 4,119 0 0 11,934 0 29,581 4,121 0 3,132 0 0 0
30
41.2%
2.3%11.4%
19.8%
8.4%
1.9%
14.9%
2013-2017
Machinery
Fire/Explosion
Collision
Contact
Grounding
Heavy weather
Other / unknown
44.7%
1.9%9.2%
19.6%
7.5%
2.4%
14.7%
2018
Machinery
Fire/Explosion
Collision
Contact
Grounding
Heavy weather
Other / unknown
Breakdown of number of claims by type of claim
Total number of claims:
2013-2017: 17,208 2018: 3,096
as of 31 December 201819
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – CLAIMS BY TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
38.2%
13.0%12.4%
7.8%
14.8%
3.2%
10.6%
2013-2017
Machinery
Fire/Explosion
Collision
Contact
Grounding
Heavy weather
Other / unknown
42.4%
11.6%
11.4%
8.5%
14.0%
1.7%
10.5%
2018
Machinery
Fire/Explosion
Collision
Contact
Grounding
Heavy weather
Other / unknown
Breakdown of claims cost by type of claim
OCEAN HULL – CLAIMS BY TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
Total cost of claims in USD million:
2013-2017: 4,710.9 2018: 734.5
as of 31 December 201820
NoMISNordic Marine
Insurance Statistics
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
all claims 30.1% 30.0% 33.6% 32.3% 30.6% 28.7% 30.0% 28.8% 29.8% 29.4% 30.1% 31.6% 32.6% 27.4% 24.7% 26.3% 23.2% 23.4% 22.9% 23.0% 22.3% 22.0% 21.9%
> 10,000 USD 13.6% 13.0% 14.3% 14.1% 12.9% 13.5% 13.2% 13.6% 14.3% 14.7% 15.4% 16.7% 16.8% 13.4% 12.7% 13.6% 11.9% 12.2% 11.6% 11.9% 11.1% 11.7% 11.9%
>500,000 USD 2.7% 2.3% 2.2% 2.0% 1.9% 2.1% 2.1% 1.9% 2.6% 2.5% 3.1% 3.4% 3.4% 2.9% 2.5% 2.8% 2.3% 2.4% 2.2% 2.5% 2.2% 2.3% 1.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Claims frequency by date of loss (%)
Comment: Claims < 10.000 USD account for about half of all claims. Registration of these may vary over time
and by company and will thus influence the registered frequency. In addition any increase/decrease of
insurance deductibles will have impact on the registered frequency
OCEAN HULL – CLAIMS FREQUENCYINCL. IBNR RESERVE FOR FREQUENCY OF PARTIAL CLAIMS
as of 31 December 201821
NoMISNordic Marine
Insurance Statistics
as of 31 December 201822
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – CLAIMS FREQUENCYINCL. IBNR RESERVE FOR FREQUENCY OF PARTIAL CLAIMS
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
all claims (left axis) 30.1% 30.0% 33.6% 32.3% 30.6% 28.7% 30.0% 28.8% 29.8% 29.4% 30.1% 31.6% 32.6% 27.4% 24.7% 26.3% 23.2% 23.4% 22.9% 23.0% 22.3% 22.0% 21.9%
partial claims (left axis) 29.8% 29.8% 33.4% 32.1% 30.3% 28.6% 29.8% 28.7% 29.6% 29.3% 29.9% 31.5% 32.5% 27.2% 24.6% 26.2% 23.1% 23.3% 22.9% 22.8% 22.2% 21.9% 21.9%
TLO claims (right axis) 0.2% 0.2% 0.2% 0.1% 0.2% 0.2% 0.2% 0.1% 0.2% 0.1% 0.2% 0.1% 0.1% 0.1% 0.0% 0.0% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0%
0.0%
0.1%
0.1%
0.2%
0.2%
0.3%
0.3%
0.4%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
Claims frequency by date of loss
as of 31 December 201823
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Contact 4.4% 5.2% 5.8% 5.3% 5.2% 5.0% 5.4% 5.4% 6.3% 6.0% 5.7% 6.9% 6.5% 6.1% 5.1% 5.3% 4.9% 4.5% 4.6% 4.3% 4.2% 3.8% 3.6%
Other 5.9% 5.1% 5.6% 4.7% 5.1% 4.3% 3.8% 5.7% 3.9% 3.3% 4.0% 4.0% 4.4% 3.4% 2.4% 3.3% 3.3% 3.5% 3.5% 3.1% 3.5% 3.4% 2.7%
Collision 3.6% 4.1% 3.6% 3.4% 3.6% 2.5% 4.0% 3.2% 3.3% 3.4% 3.9% 4.0% 4.2% 3.7% 2.9% 3.4% 2.7% 2.7% 2.6% 2.5% 2.5% 2.2% 1.7%
Grounding 4.0% 3.9% 3.6% 4.0% 3.4% 3.1% 3.1% 3.3% 3.2% 3.4% 3.1% 3.4% 3.1% 2.6% 2.1% 2.5% 2.0% 1.8% 2.1% 1.9% 1.8% 1.9% 1.4%
Heavy weather 1.2% 1.1% 1.7% 1.6% 1.4% 1.3% 1.3% 0.8% 1.1% 1.0% 0.9% 1.0% 0.9% 0.6% 0.7% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.3% 0.4%
Fire/Explosion 0.8% 0.8% 0.9% 0.8% 0.6% 0.8% 0.8% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6% 0.5% 0.6% 0.5% 0.4% 0.7% 0.5% 0.6% 0.5% 0.5% 0.4%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Claims frequency
Contact
Other
Collision
Grounding
Heavy weather
Fire/Explosion
OCEAN HULL – CLAIMS FREQUENCY BY TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
NoMISNordic Marine
Insurance Statistics
as of 31 December 201824
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – CLAIM PER VESSELINCL. IBNR RESERVE FOR PARTIAL CLAIMS
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
all claims 68,477 59,739 58,171 67,342 50,819 54,612 64,043 49,613 79,279 66,691 96,164 106,86 87,154 70,168 66,718 63,476 94,613 73,143 57,165 67,777 46,274 56,403 51,186
partial claims 49,397 47,116 48,369 61,321 38,836 45,362 45,336 41,686 61,120 60,181 70,273 89,269 75,338 59,194 57,462 57,139 53,969 64,696 52,331 56,412 43,580 50,265 47,856
TLO claims 19,079 12,623 9,803 6,021 11,983 9,249 18,708 7,927 18,159 6,510 25,891 17,600 11,817 10,974 9,257 6,337 40,645 8,447 4,834 11,365 2,694 6,137 3,330
0
20,000
40,000
60,000
80,000
100,000
120,000
Claim per vessel by date of loss (USD)
as of 31 December 201825
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – CLAIM PER INS. VALUEINCL. IBNR RESERVE FOR PARTIAL CLAIMS
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
all claims 0.399 0.362 0.311 0.349 0.254 0.257 0.298 0.227 0.338 0.260 0.347 0.348 0.259 0.201 0.188 0.180 0.286 0.232 0.181 0.218 0.155 0.193 0.179
partial claims 0.288 0.286 0.259 0.318 0.194 0.213 0.211 0.191 0.261 0.235 0.254 0.291 0.224 0.170 0.162 0.162 0.163 0.205 0.166 0.181 0.146 0.172 0.167
TLO claims 0.111 0.076 0.052 0.031 0.060 0.043 0.087 0.036 0.077 0.025 0.093 0.057 0.035 0.031 0.026 0.018 0.123 0.027 0.015 0.037 0.009 0.021 0.012
0.000%
0.050%
0.100%
0.150%
0.200%
0.250%
0.300%
0.350%
0.400%
0.450%
Claim per Sum Insured by date of loss (%)
as of 31 December 201826
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – CLAIM PER GROSS TONINCL. IBNR RESERVE FOR PARTIAL CLAIMS
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
all claims 2.46 2.24 2.20 2.41 1.75 1.88 2.22 1.74 2.80 2.38 3.43 3.86 3.13 2.39 2.14 2.00 3.01 2.27 1.73 2.02 1.34 1.60 1.47
partial claims 1.78 1.77 1.83 2.20 1.34 1.56 1.57 1.46 2.16 2.15 2.51 3.22 2.70 2.02 1.85 1.80 1.72 2.01 1.58 1.68 1.26 1.42 1.37
TLO claims 0.69 0.47 0.37 0.22 0.41 0.32 0.65 0.28 0.64 0.23 0.92 0.63 0.42 0.37 0.30 0.20 1.29 0.26 0.15 0.34 0.08 0.17 0.10
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
Claim per gross ton by date of loss (USD)
as of 31 December 201827
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – AVERAGE CLAIM COSTINCL. IBNR RESERVE FOR PARTIAL CLAIMS
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
all claims 227,638 199,141 173,254 208,622 166,320 190,091 213,170 172,073 266,441 226,663 319,648 337,824 267,404 256,280 270,296 241,687 407,402 313,063 249,515 295,271 207,785 256,299 233,822
excl. total losses 165,525 157,987 144,887 190,819 127,995 158,768 151,903 145,126 206,573 205,323 234,769 283,417 232,015 217,340 233,187 217,944 233,301 277,859 228,976 247,108 196,141 229,595 218,971
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
Average claim cost per individual claim (USD) by date of loss
26.9%
27.7%
17.3%
11.7%
16.2%
0.1%
2013-2017
0-5 years
5-10 years
10-15 years
15-20 years
20-100 years
> 100 years
17.9%
30.3%
22.3%
12.2%
17.1%
0.1%
2018
0-5 years
5-10 years
10-15 years
15-20 years
20-100 years
> 100 years
Breakdown of vessels by age group, by year of exposure
OCEAN HULL – BY AGE GROUP
Total number of vessels:
2013-2017: 78,486 2018: 16,722
as of 31 December 201828
NoMISNordic Marine
Insurance Statistics
Comment: Claims < 10.000 USD account for about half of all claims. Registration of these may vary over
time and by company and will thus influence the registered frequency. In addition any increase/decrease
of insurance deductibles will have impact on the registered frequency
as of 31 December 201729
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY AGE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
0-5 years 5-10 years10-15
years
15-20
years
20-100
years
2013-2015 0.20 0.24 0.26 0.28 0.20
2016-2018 0.17 0.21 0.23 0.23 0.19
2013-2018 0.19 0.22 0.24 0.26 0.19
0.00
0.05
0.10
0.15
0.20
0.25
0.30
Claims frequency per age group
as of 31 December 201830
OCEAN HULL – BY AGE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
0-5 years 5-10 years10-15
years
15-20
years
20-100
years
2013-2015 57,467 64,943 85,965 78,746 54,524
2016-2018 39,823 54,222 57,051 56,077 38,593
2013-2018 50,073 59,168 70,115 67,085 46,548
010,00020,00030,00040,00050,00060,00070,00080,00090,000
100,000
Claim per vessel (USD) per age group
as of 31 December 201831
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY AGE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
0-5 years 5-10 years10-15
years
15-20
years
20-100
years
2013-2015 0.125% 0.185% 0.311% 0.411% 0.476%
2016-2018 0.091% 0.162% 0.235% 0.278% 0.328%
2013-2018 0.111% 0.173% 0.272% 0.341% 0.401%
0.00%
0.10%
0.20%
0.30%
0.40%
0.50%
0.60%
Claim per Sum Insured (%) per age group
as of 31 December 201832
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY AGE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
0-5 years 5-10 years 10-15 years 15-20 years20-100
years
2013-2015 1.3 1.9 2.4 2.8 4.2
2016-2018 0.8 1.4 1.6 1.7 3.0
2013-2018 1.1 1.6 2.0 2.2 3.6
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Claim per gross ton (USD) per age group
as of 31 December 201833
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY AGE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
0-5 years 5-10 years10-15
years
15-20
years
20-100
years
2013-2015 285,627 272,714 331,281 277,233 277,346
2016-2018 236,276 256,788 246,516 238,638 201,881
2013-2018 267,037 264,613 287,227 259,207 240,096
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
Average claim cost (USD) per age group
Breakdown of vessels by vessel type, by year of exposure
as of 31 December 201834
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY VESSEL TYPE
Total number of vessels:
2013-2017: 78,486 2018: 16,722
22%
5%
9%
13%17%
2%
4%
5%
5%
11%
7%
2013-2017
Bulk
Car/RoRo
Cargo
Chem./Prod.
Container
Fishing
LNG/LPG
Other
Passenger
Suppl./Off.
Tank
23%
4%
8%
14%15%
2%
4%
6%
5%
11%
8%
2018
Bulk
Car/RoRo
Cargo
Chem./Prod.
Container
Fishing
LNG/LPG
Other
Passenger
Suppl./Off.
Tank
Bulk CargoCont./Car/
RoRoPassenger Tank Supply/Off
2013-2015 0.17 0.33 0.30 0.29 0.20 0.16
2016-2018 0.16 0.30 0.29 0.31 0.16 0.13
2013-2018 0.16 0.32 0.29 0.30 0.18 0.15
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
Claims frequency per vessel type group
”Tank” includes in this and the following slides: Chemical/Product, LNG/LPG, OBO and other tank vessels,
Claims < 10.000 USD account for about half of all claims. Registration of these may vary over time and by
company and will thus influence the registered frequency. In addition any increase/decrease of insurance
deductibles has impact on the registered frequency
as of 31 December 201835
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY VESSEL TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
as of 31 December 201836
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY VESSEL TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
Bulk CargoCont./Car/
RoRoPassenger Tank Supply/Off
2013-2015 59,302 46,827 77,190 162,619 55,917 42,702
2016-2018 46,021 41,033 65,771 77,489 45,584 29,096
2013-2018 52,507 44,088 71,714 118,697 50,547 35,990
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
Claim per vessel (USD) per vessel type group
as of 31 December 201837
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY VESSEL TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
Bulk CargoCont./Car/
RoRoPassenger Tank Supply/Off
2013-2015 0.230% 0.387% 0.218% 0.219% 0.165% 0.169%
2016-2018 0.215% 0.453% 0.212% 0.116% 0.131% 0.142%
2013-2018 0.223% 0.413% 0.215% 0.169% 0.147% 0.157%
0.0%
0.1%
0.2%
0.3%
0.4%
0.5%
Claim per Sum Insured (%) per vessel type group
as of 31 December 201838
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY VESSEL TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
Bulk CargoCont./Car/
RoRoPassenger Tank Supply/Off
2013-2015 1.4 4.9 1.8 6.3 1.2 16.7
2016-2018 1.0 4.8 1.4 3.1 0.9 10.3
2013-2018 1.2 4.8 1.6 4.7 1.1 13.4
0
2
4
6
8
10
12
14
16
18
Claim per gross ton (USD) per vessel type group
as of 31 December 201839
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY VESSEL TYPEPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
Bulk CargoCont./Car/R
oRoPassenger Tank Supply/Off
2013-2015 353,387 142,439 258,062 559,969 281,205 268,501
2016-2018 296,688 134,941 228,731 248,633 285,524 218,047
2013-2018 325,492 139,040 244,283 393,855 283,213 245,815
0
200,000
400,000
600,000
Average claim cost (USD) per vessel type group
9.1%
15.0%
9.5%
10.6%
14.3%
11.1%
7.6%
4.7%
8.5%
5.6%
3.7%0.3%
2013-2017
< 1,000
1,000-5,000
5,000-10,000
10,000-20,000
20,000-30,000
30,000-40,000
40,000-50,000
50,000-60,000
60,000-90,000
90,000-120,000
120,000-170,000
>= 170,000
9.3%
14.7%
9.0%
9.5%
14.2%
11.2%
8.2%
4.0%
8.5%
6.8%
4.1%0.5%
2018
< 1,000
1,000-5,000
5,000-10,000
10,000-20,000
20,000-30,000
30,000-40,000
40,000-50,000
50,000-60,000
60,000-90,000
90,000-120,000
120,000-170,000
>= 170,000
Breakdown of vessels by GT size group, by year of exposure
Gross ton:
as of 31 December 201840
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY SIZE GROUP
Total number of vessels:
2013-2017: 78,486 2018: 16,722
< 1,0001,000-
5,000
5,000-
10,000
10,000-
20,000
20,000-
30,000
30,000-
40,000
40,000-
50,000
50,000-
60,000
60,000-
90,000
90,000-
120,000
120,000-
170,000
>=
170,000
2013-2015 0.18 0.24 0.35 0.28 0.28 0.25 0.18 0.16 0.15 0.11 0.11 0.06
2016-2018 0.17 0.20 0.32 0.29 0.24 0.23 0.16 0.15 0.15 0.12 0.11 0.14
2013-2018 0.18 0.22 0.34 0.29 0.26 0.24 0.17 0.16 0.15 0.12 0.11 0.11
0.0
0.1
0.2
0.3
0.4
Claims frequency per GT size group
Comment: Claims < 10.000 USD account for about half of all claims. Registration of these may vary over time
and by company and will thus influence the registered frequency. In addition any increase/decrease of
insurance deductibles will have impact on the registered frequency
as of 31 December 201841
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY SIZE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
< 1,0001,000-
5,000
5,000-
10,000
10,000-
20,000
20,000-
30,000
30,000-
40,000
40,000-
50,000
50,000-
60,000
60,000-
90,000
90,000-
120,000
120,000-
170,000
>=
170,000
2013-2015 18,885 49,634 74,256 76,952 69,294 83,665 67,938 63,640 74,991 75,580 63,286 529,709
2016-2018 13,739 39,058 60,650 58,887 50,288 62,896 44,685 32,372 52,620 68,254 68,455 36,477
2013-2018 16,393 44,266 67,740 68,537 59,786 73,133 55,682 49,405 63,816 71,435 66,145 247,436
0
100,000
200,000
300,000
400,000
500,000
600,000
Claim per vessel (USD) per GT size group
as of 31 December 201842
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY SIZE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
< 1,0001,000-
5,000
5,000-
10,000
10,000-
20,000
20,000-
30,000
30,000-
40,000
40,000-
50,000
50,000-
60,000
60,000-
90,000
90,000-
120,000
120,000-
170,000
>=
170,000
2013-2015 0.443% 0.291% 0.318% 0.317% 0.272% 0.287% 0.187% 0.166% 0.147% 0.088% 0.071% 0.429%
2016-2018 0.386% 0.299% 0.303% 0.251% 0.212% 0.277% 0.143% 0.096% 0.119% 0.093% 0.085% 0.031%
2013-2018 0.418% 0.295% 0.312% 0.287% 0.243% 0.283% 0.165% 0.136% 0.134% 0.091% 0.079% 0.206%
0.00%
0.05%
0.10%
0.15%
0.20%
0.25%
0.30%
0.35%
0.40%
0.45%
0.50%
Claim per Sum Insured (%) per GT size group
as of 31 December 201843
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY SIZE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
as of 31 December 201844
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY SIZE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
< 1,0001,000-
5,000
5,000-
10,000
10,000-
20,000
20,000-
30,000
30,000-
40,000
40,000-
50,000
50,000-
60,000
60,000-
90,000
90,000-
120,000
120,000-
170,000
>=
170,000
2013-2015 45.9 17.2 9.9 5.1 2.7 2.4 1.6 1.2 1.0 0.8 0.4 2.8
2016-2018 34.5 13.7 8.1 3.9 2.0 1.8 1.0 0.6 0.7 0.7 0.4 0.2
2013-2018 40.5 15.4 9.1 4.5 2.3 2.1 1.3 0.9 0.9 0.7 0.4 1.3
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
Claim per GT (USD) per GT size group
as of 31 December 201845
NoMISNordic Marine
Insurance StatisticsOCEAN HULL – BY SIZE GROUPPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
< 1,0001,000-
5,000
5,000-
10,000
10,000-
20,000
20,000-
30,000
30,000-
40,000
40,000-
50,000
50,000-
60,000
60,000-
90,000
90,000-
120,000
120,000-
170,000
>=
170,000
2013-2015 105,306 205,228 209,840 270,634 250,669 339,046 377,965 395,551 501,861 679,758 552,532 8,322,313
2016-2018 79,822 197,945 191,324 205,533 213,470 278,215 276,610 215,203 343,947 557,161 636,501 255,610
2013-2018 93,226 201,902 201,479 240,183 233,544 309,530 327,246 316,446 422,049 607,496 597,663 2,272,285
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
Average Claim cost (USD) per GT size group
67.1%
17.6%
11.3%
3.6%0.4%
2013-2017
300 MUSD
72.9%
14.0%
9.4%
3.3%0.5%
2018
300 MUSD
Breakdown of vessels by sum insured layer, by year of exposure
Insured values:
as of 31 December 201846
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – BY SUM INSURED LAYERPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
Total number of vessels:
2013-2017: 78,486 2018: 16,722
300 MUSD All
2013-2015 0.24 0.21 0.20 0.21 0.09 0.23
2016-2018 0.21 0.18 0.20 0.18 0.14 0.20
2013-2018 0.23 0.20 0.20 0.20 0.11 0.22
0.00
0.05
0.10
0.15
0.20
0.25
0.30
Claims frequency by Sum Insured layer
Comment: Claims < 10.000 USD account for about half of all claims. Registration of these may vary over
time and by company and will thus influence the registered frequency. In addition any increase/decrease of
insurance deductibles will have impact on the registered frequency
Insured values:
as of 31 December 201847
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – BY SUM INSURED LAYERPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
300 MUSD All
2013-2015 53,473 71,225 70,751 238,699 146,553 65,871
2016-2018 42,881 47,880 71,484 98,500 131,814 48,700
2013-2018 47,914 60,629 71,093 170,828 138,743 57,194
0
50,000
100,000
150,000
200,000
250,000
300,000
Claim per vessel (USD) per Sum Insured layer
Insured values:
as of 31 December 201848
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – BY SUM INSURED LAYERPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
300 MUSD All
2013-2015 0.379% 0.184% 0.105% 0.160% 0.033% 0.210%
2016-2018 0.321% 0.124% 0.105% 0.064% 0.029% 0.167%
2013-2018 0.349% 0.157% 0.105% 0.113% 0.031% 0.189%
0.00%
0.05%
0.10%
0.15%
0.20%
0.25%
0.30%
0.35%
0.40%
Claim per Sum Insured (%) per Sum Insured layer
Insured values:
as of 31 December 201849
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – BY SUM INSURED LAYERPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
300 MUSD All
2013-2015 2.7 1.5 1.0 2.9 1.4 2.0
2016-2018 1.9 0.9 0.9 1.2 1.6 1.4
2013-2018 2.2 1.2 1.0 2.1 1.5 1.7
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Claim per GT (USD) per Sum Insured layer
Insured values:
as of 31 December 201850
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – BY SUM INSURED LAYERPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
300 MUSD All
2013-2015 222,602 333,292 356,936 1,145,888 1,700,009 288,008
2016-2018 202,688 273,596 357,524 539,983 950,880 239,154
2013-2018 212,783 309,118 357,211 872,582 1,217,237 264,739
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
Average Claim cost (USD) per Sum Insured layer
Insured values:
as of 31 December 201851
NoMISNordic Marine
Insurance Statistics
OCEAN HULL – BY SUM INSURED LAYERPAID & OUTSTANDING AS REPORTED, NO IBNR RESERVE ADDED
5.1%3.4%
2.4%
11.6%
3.3%
5.5%
7.9%
2.8%3.0%
2.3%1.2%
1.2%1.1%4.9%
5.8%
9.6%
1.7%
5.8%
2.2%
19.1%
2013-2017 BHS - BahamasCYP - Cyprus
GRC - Greece
LBR - Liberia
NIS - Norway int.reg.
NOR - Norway
PAN - Panama
USA
ATG - Antigua&Barbuda
DIS - Denmark
FIN - Finland
SWE - Sweden
DEU- Germany
HKG - Hongkong
MLT - Malta
MHL - Marshall Islands
NLD - Netherlands
SGP - Singapore
GBR - UK
other (incl. unknown)
5.1%3.1%
2.3%
10.4%
3.2%
4.9%
5.6%
3.5%
2.6%2.4%
1.2%1.1%
0.6%4.7%6.9%
11.8%
1.3%
5.4%
2.2%
21.9%
2018 BHS - BahamasCYP - Cyprus
GRC - Greece
LBR - Liberia
NIS - Norway int.reg.
NOR - Norway
PAN - Panama
USA
ATG - Antigua&Barbuda
DIS - Denmark
FIN - Finland
SWE - Sweden
DEU- Germany
HKG - Hongkong
MLT - Malta
MHL - Marshall Islands
NLD - Netherlands
SGP - Singapore
GBR - UK
other (incl. unknown)
Breakdown of vessels by largest flags, by year of exposure
OCEAN HULL – BY FLAG
as of 31 December 201852
NoMISNordic Marine
Insurance Statistics
Total number of vessels:
2013-2017: 78,486 2018: 16,722
12.8%
9.5%
35.5%
14.2%
9.0%
12.7%
6.3%
2013-2017
American Bureau
Bureau Veritas
DNV GL
Lloyd's Register
Nippon Kaiji Kyokai
others
unknown
16.1%
10.4%
33.2%
14.7%
8.4%
8.9%
8.3%
2018
American Bureau
Bureau Veritas
DNV GL
Lloyd's Register
Nippon Kaiji Kyokai
others
unknown
Breakdown of vessels by classification society, by year of exposure
OCEAN HULL – BY CLASS SOCIETY
as of 31 December 201853
NoMISNordic Marine
Insurance Statistics
Total number of vessels:
2013-2017: 78,486 2018: 16,722
Sources: Claim indices: Cefor NoMIS data as of 31.12.2018; Exchange rates: Norges Bank, Ship operation costs: Moore Stephen’s
OCEAN HULL – COST DRIVING FACTORS
as of 31 December 201854
NoMISNordic Marine
Insurance Statistics
50.0%
75.0%
100.0%
125.0%
150.0%
175.0%
200.0%
225.0%
250.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Cost driving factors inflation index, 2000 = 100%
USD against EUR (annual exchange rate) Ship operating costs (Moore Stephens)
Claim per vessel (incl. total losses and IBNR) Partial claim per vessel (incl. IBNR)
Steel price index
Cefor marine insurance statistics publications at www.cefor.no/statistics :
(check the ‘NoMIS’ section)
• Cefor Annual Report 2018
• The 2018 Cefor NoMIS OCEAN Hull Report
• The 2018 Cefor NoMIS COASTAL Hull Report
In addition a half-year update on hull trends is issued in August each year.
Other marine insurance statistics:
• IUMI (International Union of Marine Insurance) –
Statistics issued by IUMI’s Facts & Figures Committee: https://iumi.com/statistics
NOMIS REPORTS ISSUED APRIL 2019
55
NoMISNordic Marine
Insurance Statistics
http://www.cefor.no/statisticshttps://iumi.com/statistics