2022 Hull trends - moderate increase indicates return to pre-pandemic activity

Cefor released its 2022 hull trends based on data as per 31 December 2022.

Highlights are:

Claims trends continued to be benign but moderate increase reflects return to pre-pandemic activity level.
Record-low major claims impact. Serious fires occured but with less impact on hull costs that in the preceding years.
Container vessels
- continued to show extraordinary value increases also on 2022 renewals but flattening out during second half year.
- are the only large segment with an increase in the claim cost per vessel 2020-22 and an increase in the frequency of large losses.
Analysis of the CO2 emission alignment against a 100% emission reduction trajectory by vessel type, age and distance sailed.

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

Container vessels
Machinery damage
Inflation
Vessel CO2 emissions

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 18 April. Access the presentation slides and recording here:
Presentation slides
Recording

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.