2014 June Hull claims trends - extraordinary absence of major losses

In the first half year of 2014, only one claim exceeding USD 10 million was reported, compared to ten such claims in 2012 and 2013. Given the risk exposure represented by increasing vessel sizes and values, the suprising fact is that the number of claims in excess of USD 10 and USD 5 million is significantly lower than the 2009-2013 average.
The overall claims frequency continues its long-term positive trend. The same applies to the average repair cost, where the peak in 2013 was mainly due to two extraordinary major losses.  

Despite the overall positive claims trend, the risk exposure and accordingly the potential risk of major losses remains high, due to the increasing share of high-value vessels in the portfolio. 

Read all about it here.