2021 Claims impact surprisingly benign - except fires

Cefor released its 2021 hull trends based on data as per 31 December 2021.

Highlights are:

  • Suprisingly benign claims development - despite limited effect of the pandemic on vessel activity, an ageing world fleet, soaring inflation and more. 
  • There is one exception: Fires.
  • Container vessels
    • Extraordinary value increases on renewal
    • High demand but supply chain issues
    • Major loss impact stronger than in other segments
    • Fires! 

Besides standard hull trends for claims frequency, severity and vessel values, Cefor turned this year the spotlight on the following:

  • Fires 
  • Inflation
  • Claims frequency in the context of vessel activity

The Cefor statistics highlight recent hull claims trends and give an overview over the Nordic marine insurance market. 

Cefor Analyst Astrid Seltmann explained above ocean hull trends in the light of the global industry context in a webinar 6 April. The recording and presentation slides are available here.

In addition to the main trends presented in the Cefor Annual Report, detailed NoMIS reports for ocean and coastal hull business are available for download. These provide breakdowns of claims trends by vessel type, age group, size group, insured value bands and other subgroups. The trends are illustrated by key figures such as claims frequency and claim cost by vessel and the average  cost per casualty. Also exposure curves for ocean hull business are made available.

2021 Cefor Annual Report

2021 Underlying figures Cefor Annual Report (graphs in annual report)

Press release

2021 Cefor NoMIS Ocean Hull Report

2021 Exposure curves (Ocean hull)

2021 Cefor NoMIS Coastal Hull Report

Webinar 6 April 2022 recording