2013 Nordic Marine Insurance Statistics Reports (as of 31 Dec 2013)

Expensive vessels = expensive repairs

The post financial crises favourable claims trend has continued, with some rather costly exceptions. In 2012, the exception was a surge of total losses of high-value vessels. In 2013, the exception was the two first partial losses in excess of USD 60 million ever recorded in the NoMIS database, and a somewhat high frequency of total losses. The NoMIS statistics suggest that underwriters may have to recalibrate their perception of risk. 

The 2013 Cefor Annual Report outlines general claims trends and gives information on the NoMIS portfolio. Claims inflation is another issue of interest. Apart from average value, claim cost and frequency trends, new graphs illustrate how the median claim cost and frequency developed over time.

The more detailed NoMIS "Ocean" and "Coastal" hull reports provide breakdowns of the NoMIS portfolio by vessel type, age group, size group, sum insured layers and further subgroups. Hull claims trends are illustrated by key figures such as claim cost by vessel, by gross ton, by sum insured, claims frequency, and the average claim cost per claim. Exposure curves for the hull business are provided as well.

The 2013 Cefor Annual Report

Underlying data for 2013 Cefor Annual Report  (extended version Nov 2014)

Press release

The 2013 NoMIS Ocean Hull Report

The 2013 NoMIS Coastal Hull Report

Cefor Hull Claims Trends Update as of 30 June 2013

Claim frequency and cost back to pre Costa Concordia levels

Increasing risk exposure to high-value vessels

The claim frequency shows a positive to stable trend after the peak in 2008. The frequency of total losses shows a long-term positive trend after some increase in 2012. The average repair cost, excluding total losses, reached in 2012 its lowest level since 2004. Some increase in 2013 is mainly due to two major losses in the first half year of 2013, which were no total losses. But despite a further decrease of insured value, the risk exposure to major losses remains high, due to an increasing share of high-value vessels in the portfolio. 

  
Read more about all hull claims trends as of June 2013 here:
Cefor Hull Claims Trends Update as of 30 June 2013