About the database



Number of vessels per type of vessel. year of exposure 2021

 

Since 1985, leading members of Cefor have compiled and analysed statistical information relevant to their hull and machinery insurance portfolio. Since the introduction of electronic reporting from the 1995 underwriting year, the number of vessels reported each year has increased substantially from 5,800 in 1995 to more than 36,000 in 2021. This includes both lead and non-lead business. By the end of 2021, the Nordic Marine Insurance Statistics (NoMIS) database comprised 335,621 vessel years and 79,191 claims for vessels with a registered IMO number for the years 1995 to 2021. Including small coastal vessels, the totals were 557,141 registered vessel years and 102,281 claims. 

Portfolio characteristics

Cefor members underwrite a wide range of tonnage. Due to the somewhat different characteristics of the ocean and coastal hull segment, Cefor issues separate statistics for international ocean-going vessels with an IMO number and for the Nordic coastal segment.

Comparing the NoMIS portfolio to the world fleet, Cefor members' coverage of the world fleet is highest for the largest and youngest vessels. Over the whole world fleet, Cefor participates in 33% of all vessels over 1,000 gross tons, with participation being nearly 50% for the largest vessels built after 2000 (as of January 2022).

Cefor members also write a significant portfolio of Mobile Offshore Units. These are not included in the NoMIS database. The members participate in about half of the world fleet of Mobile Offshore Drilling units.

Data

The ocean hull trends are based on vessels with a registered IMO number. The coastal hull trends are derived from vessels defined as fishing vessels and any other vessel up to 5,000 gross tons or 15 meters in length but excluding supply/offshore vessels, which are part of the ocean hull statistics.


100% shares

All figures are adjusted to 100% of the vessel to provide as objective a picture of the claims trends as possible. The figures are thus independent of the share underwritten by any single insurer or the combined Nordic market share for the vessel.


Date of loss perspective (accident year)

Unless otherwise indicated, all claims graphs reflect the date-of-loss perspective, i.e. claims are grouped by the calendar year in which the loss occurred, also called accident year, as opposed to grouping claims by the underwriting year (the inception year of the insurance coverage). The date-of-loss perspective allows a more up-to-date picture of recent claims trends and a more exact estimation of the ultimate expected claims amount for the latest year.

IBNR adjustments thus represent only the expected adjustment of outstanding claims reserves for claims incurred by 31 December, and no additional reserves for claims that will be incurred in 2022 but related to previous underwriting years. 

Exchange rates

The figures in the NoMIS reports are converted to USD, with the exception of the coastal segment, which is presented in NOK to better reflect the true claims trends of this portfolio. Paid claims are converted into USD (NOK) at the exchange rate of the month of payment. Outstanding claims reserves are converted with the exchange rate as of December 2021.


NoMIS and the Cefor Statistics Forum

Nordic Marine Insurance Statistics (NoMIS) published as of December 2021 comprise data from:

CEFOR MEMBER JOINED NOMIS IN: DATA REPORTED FOR
UNDERWRITING YEARS:
Alandia 2012 2005 - 2020

Bluewater Insurance

2004

2005 - 2008 (run-off)

Codan

2005

2005 - 2020

Gard

Co-founder of NoMIS
(Then as Storebrand, Vesta)

2005 - 2021

Gjensidige – Coastal

2009

2005 - 2021

If

2008

2005 - 2021

NEMI

2004

2005 - 2009 (run-off)

Norwegian Hull Club

2003

2005 - 2021

Skuld

2016

2011 - 2021

The Swedish Club

2006

2005 - 2021

Tryg

2009

2005 - 2008 (run-off)

Cefor members report data for the complete commercial fleet underwritten from their Nordic offices (including both lead and follower business).

 

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