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)