Nordic Marine Insurance Statistics - as of 31 December 2015
No longer soft market for claims
More total losses - Offshore values plummeting - Fishing vessels riding out the storms - Chinese newbuildings
The 2015 Cefor Annual Report gives an overview over the ocean and coastal hull claims trends and the NoMIS portfolio. After the extraordinary absence of major claims in 2014, in 2015 there were thirteen claims above USD 10 million, of which seven were total losses. With the cost of partial losses not falling equally to insured values, the potential for constructive total losses is increasing.
A special article for the first time compares the claims frequency of ships build in Asia since 2007 by country of build.
The detailed NoMIS reports for ocean and coastal hull business provide breakdowns of claims trends by vessel type, age group, size group, sum insured layers and further subgroups. The trends are illustrated by key figures such as claims frequency and claim cost by vessel, by gross ton, by sum insured, and the average claim cost per claim.
Exposure curves for hull business are included in the ocean hull report.
The 2015 Cefor Annual Report
2015 June Cefor Hull Trends Update
1st half year 2015:
Renewed impact of total and major losses
With total and major losses on the rise, the first half of 2015 brings the impact of these claims back to the expected level, while the partial claim cost per vessel has stayed stable since 2009.
The overall claims frequency continuous a positive downward trend. The one exception is the frequency of fires on car/passenger/RoRo vessels with eight new fires already reported by 30 June this year.
Click on the picture to download the complete hull trends update: