NoMIS - as of 31 December 2016
Increasing volatility by major claims impact - Total losses back to long-term positive trend - Depressed shipping markets drive insured values further down - Which role play lay-ups for the claims frequency?
The 2016 Cefor Annual Report gives an overview over the ocean and coastal hull claims trends and the NoMIS portfolio. While the overall claims frequency and repair cost stayed relatively stable in recent years, the (non-)occurrence of major losses makes the annual results increasingly volatile and less predictable. Insured values continue to decrease, especially in the bulk and supply/offshore segment.
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 2016 Cefor Annual Report
2016 June Cefor Hull trends update
Claims trends per 30 June 2016: Some relief after 2015 increase in total losses
While 2015 saw an increase in total and major losses, bringing the major loss impact back to the expected level, this trend did not continue into 2016.
The overall claims frequency continues its positive downward trend. Also the total loss frequency is in 2016 back to its lowest registered level and thus continues the long-term downward trend.
The insured values dropped on average 5.6% on 2016 renewals. However, the situation is different for bulk and supply/offshore vessels, the values of which deteriorated further by 12% in 2016.
Get the whole report here by clicking on the picture: