About the database

About the database

Number of vessels per type of vessel. year of exposure 2017

Since 1985, leading members of Cefor have compiled and analysed statistical information relevant to their hull and machinery insurance portfolio. By the end of 2017, the Nordic Marine Insurance Statistics (NoMIS) database comprised about 263,000 vessel years and 73,000 claims for vessels with a registered IMO number. Including small coastal vessels, the total numbers are about 433,000 registered vessel years and 95,000 claims. These figures encompass the underwriting years from 1985 to 2017.

Portfolio characteristics

Cefor members underwrite a wide range of tonnage. Coastal vessels account for about half of all vessels registered in the NoMIS database. Due to the somewhat different characteristics of the ocean and coastal hull segment, Cefor issues separate statistics for international ocean-going vessels with an IMO number and for the Nordic coastal segment.

Comparing the NoMIS portfolio to the world fleet, Cefor participation is highest for the largest and youngest vessels. In the segment for vessels above 10,000 gross tons, NoMIS members participate in 45% of the 26,198 vessels in the world fleet (as of January 2018).

Cefor members also write a significant portfolio of Mobile Offshore Units. These are not included in the NoMIS database. The members participate in about half of the world fleet of Mobile Offshore Drilling units.

Data

The ocean hull trends are based on vessels with a registered IMO number. The coastal hull trends are derived from vessels defined as "fishing", and any other vessel up to 5,000 gross tons or 15 meters in length, but excluding  supply/offshore vessels, which are part of the ocean hull statistics.


100% shares

All figures are adjusted to 100% of the vessel to give as objective a picture of the claims trends as possible. The figures are thus independent of the share underwritten by one single insurer or the combined Nordic market share for the vessel.


Date of loss perspective (accident year)

Unless otherwise indicated, all claims graphs reflect the date-of-loss perspective, i.e. claims are grouped by the year in which the loss occurred, also called accident year, as opposed to grouping claims by the underwriting year, i.e. the inception year of the insurance coverage. The date-of-loss perspective allows a more up-to-date picture of recent claims trends and a more exact estimation of the ultimate expected claims amount for the latest year.

IBNR adjustments thus represent only the expected adjustment of outstanding claims reserves for claims incurred by 31 December, and no additional reserves for claims that will first incur in 2018, but are attached to the 2017 underwriting year. 

Exchange rates

The figures in the NoMIS reports are converted to USD, with the exception of the coastal segment, which is presented in NOK to better reflect the true claims trends of this portfolio. Paid claims are converted into USD (NOK) at the exchange rate of the month of payment; outstanding claims reserves are converted with the exchange rate as of December 2017.


NoMIS and the Cefor Statistics Forum

Nordic Marine Insurance Statistics (NoMIS) as presented in this report comprise data from:

Cefor MemberJoined NoMis in:Data reported for
Underwriting years:
Alandia Insurance 2012 2005 - 2017

Bluewater Insurance

2004

2002 - 2008 (run-off)

Codan

2005

2001 - 2017

Gard

Co-founder of NoMIS
(Then as Storebrand, Vesta)

1985 - 2017

Gjensidige – ocean

Co-founder of NoMIS

1985 - 2001 (run-off)

Gjensidige – coastal

2009

2000 - 2017

If

2008

1996 - 2017

NEMI

2004

2002 - 2009 (run-off)

Norwegian Hull Club

2003

1995 - 2017

Skuld

2016

2011 - 2017

The Swedish Club

2006

1995 - 2016

Tryg

2009

2003 - 2008 (run-off)

Zurich Protector Forsikring

Co-founder of NoMIS

1985-2002 (run-off)

Cefor members report data for the complete commercial fleet underwritten from their Nordic offices.

 

For further information, contact:

Astrid Seltmann
Phone: +47 23 08 65 52
E-mail: