Hull trends - A sea of tranquillity?11.04.19, Statistics
2018 was the third consecutive year with an exceptionally low claims cost, but the start of 2019 could put an end to this.
Claims above USD 30 million were absent for the third year in a row - reflecting the probability of a 1-in-8000 years event. In 2019, this trend may turn, with several severe casualties already incurred in the period January to March 2019.
The claims frequency stabilized at a low level, while the total loss frequency reached a record low in 2018, both continuing the long-term positive trend.
The reduction in insured values on renewal continued to slow down in 2018, with the exception of supply/offshore vessels.
Detentions as indicator of casualties
A recent study carried out by the Cefor Statistics Forum reveals a clear correlation between detentions and casualties. Vessels which had been detained in a three-year period prior to a claim have a higher claims frequency than vessels without detentions. This holds true across age groups and types of casualties.
The Cefor statistics highlight recent hull claims trends and give an overview over the Nordic marine insurance market.
Check all trends here: 2018 NoMIS reports & Press release