About the database

About the database

Number of vessels per type of vessel. year of exposure 2015

Since 1985, leading members of Cefor have compiled and analysed statistical information relevant to their hull and machinery insurance portfolio. By the end of 2015, the Nordic Marine Insurance Statistics (NoMIS) database comprised 220,458 vessel years and 66,899 claims for vessels with a registered IMO number. Including small coastal vessels, the total number amounted to 362,104 registered vessel years and 86,124 claims. These figures encompass the underwriting years from 1985 to 2015.

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 42% of the 23,725 vessels in the world fleet (as of January 2016).

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 valid IMO number. The coastal hull trends are derived from vessels classified as fishing and any other vessel up to 5,000 gross tons or 15 meters in length (except 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)

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 underwriting year. 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 2016, but are attached to the 2015 underwriting year. 

Exchange rates

All figures in the NoMIS reports are converted to USD, with the exception of the coastal segment, in which figures are converted to NOK in the statistics published from 2015 (statistics published before 2015 are all in USD). Paid claims are converted into USD (NOK) at the exchange rate of the month of payment; outstanding claims reserves are converted at the December 2015 exchange year.


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 2005-2015

Bluewater Insurance

2004

2002 – 2008 (run-off)

Codan

2005

2001 – 2015

Gard

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

1985 – 2015

Gjensidige – ocean

Co-founder of NoMIS

1985 – 2001 (run-off)

Gjensidige – coastal

2009

2000-2015

If

2008

1996-2015

NEMI

2004

2002-2009 (run-off)

Norwegian Hull Club

2003

1995-2015

The Swedish Club

2006

1995-2015

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.

 

Link 1

Link 2

For further information, contact:

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