NoMIS - as of 31 December 2018
A sea of tranquillity?
- Major claims exceeding 30 USD million stay absent for the third year in a row, reflecting a 1-in-8000-year probability.
- Overall claims frequency continues long-term positive trend and stabilizes at 23%.
- Total loss frequency at lowest level ever.
- Reduction in insured values slowing down.
2019 may mark the end of the period without claims in excess of USD 30 million, as two severe casualties incurred between January and March 2019 are partly covered in the Cefor market.
Detentions as indicator of casualties
A new analysis by the Cefor Statistics Forum reveals a clear correlation between detentions and casualties. Vessels detained in a three-year period prior to a casualty have a higher claims frequency and claim cost per vessel than vessels without any detention.
Detailed NoMIS reports for ocean and coastal hull business provide breakdowns of claims trends by vessel type, age group, size group, sum insured layers and further subgroups. The trends are illustrated by key figures such as claims frequency and claim cost by vessel and the average cost per casualty.
2018 Cefor Annual Report
2018 Cefor Annual Report - underlying figures for graphs
(Ocean hull figures in USD; Coastal hull figures in NOK)