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Transcript of 2007 Cefor the Nomis Report
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The 2007 CEFORNoMIS Report
Nordic Marine Insurance StatisticsUnderwriting Years 1995±2007, as of 31 December 2007
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 1 As of 31 December 2007
Part 1 ± Introduction
�Contents�NoMIS
�Explanations
Part 2 ± NoMIS position in the Global insurance market
�Global Marine Hull Insurance Market 2006
�Norwegian Marine Hull Insurance Market 2007
�Average gross share written in the NoMIS market
Part 3 ± NoMIS portfolio Key figures, underwriting years 1995-2007
�Number of vessels
�Development of average insured values, DWT and premium
�Average age
�Average standard deductible
�Loss Ratio (including IBNR), 1985-2007�Premiums and claims (including IBNR) per vessel
�Claims in claim bands ± claim per vessel
�Number and cost of claims by type
�Claim frequency
�Claim per vessel
�Claim per Sum Insured
�Key figures (table)
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 1 As of 31 December 2007
Part 4 ± Key figures by age group
�Distribution of number of vessels
�Claim frequency
�Claim per vessel
�Claim per Sum Insured
�Claim per DWT
�Loss Ratio
Part 5 ± Key figures by vessel type group
�Distribution of number of vessels
�Claims frequency
�Claim per vessel
�Claim per Sum Insured
�Claim per DWT�Loss Ratio
Legal disclaimer CEFOR provides the statistics material in this presentation for general informationpurposes only. All key figures are derived from the CEFOR portfolio, which reflects a minor part of the worldfleet, the selection of ships being biased by Norwegian underwriting preferences. Therefore CEFOR canaccept no responsibility and shall not be liable for any loss which may arise from reliance upon theinformation provided.
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 1 As of 31 December 2007
Part 6 ± Key figures by size group�Distribution of number of vessels
�Claims frequency
�Claim per vessel
�Claim per Sum Insured
�Claim per DWT
�Loss Ratio
Part 7 ± Distribution by flag and classification society
�Distribution of number of vessels by flag, 16 largest
�Distribution by black, grey, white flags (Paris MOU classification 2005)
�Distribution of number of vessels by classification society, 6 largest
Part 8 ± Premium indices
�Premium per vessel ± Premium per sum insured ± Cash Renewal Index
Part 9 ± Exposure curves (partial claims only)
�Sum Insured bands (<5, <20, <100, and >100 Mio USD)
�Explanations
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 1 As of 31 December 2007
Introduction
The Nordic Marine Insurance Statistics (NoMIS) is a joint database project of CEFOR members active on theHull & Machinery market to compile insurance data and vessel characteristics for statistical purposes. The
database is administered by CEFOR.
Since its foundation in 1985 until 1997 the data was compiled by appointing CEFOR a compulsory facultative
reinsurer to which the members of the Norwegian Hull Agreement ceded 0.1% of their Hull & Machinery
insurance. Premium and claims information was exchanged via Borderaux, the lead insurer providing details
of each claim. When the Hull Agreement was discontinued in 1996, the statistics cooperation continued.
In 1998 steps were taken to update the NoMIS¶ database electronically. All necessary routines were in placeby December 1999, enabling CEFOR to produce up-to-date hull figures on a monthly basis and extending the
database substantially by including non-lead business from underwriting year 1998.
In 2000, the database was extended to include also non-lead business back to underwriting year 1995.
In 2003, data from a major new member was integrated, dating back to underwriting year 1995.
In 2004, the database was extended by data from two new members and in both 2005 and 2006 data fromfurther members was added. This includes data written from other Nordic countries.
In 2007, the number of vessels registered per underwriting year exceeded for the first time 11,000 vessels.
Compared to the world fleet, the NoMIS database covers in 2007 about 25% of the world fleet above 300 GTin terms of numbers and about 50% in terms of tonnage.
By 31st December 2007, in all 122,152 vessel years (vessels with IMO-number) and 36,766 claims were
registered on underwriting years 1985 through 2007.
The NoMIS statistics in this report comprise data from: Bluewater Insurance ASA, Codan Group (CodanMarine, Denmark; Codan Marine Services, Norway; Trygg-Hansa Marine, Sweden), Gard, Gjensidige
Forsikring, NEMI ASA, Norwegian Hull Club, Swedish Club, Zurich Protektor Forsikring AS.
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 1 As of 31 December 2007
All amounts are presented in USD.
Rate of exchange applicable to convert the figures from the original currencies into USD:
Premiums: average monthly rate of exchange of the month of transaction
Paid claims: average monthly rate of exchange of the month of transaction
Outstanding claims: average monthly rate of exchange of December 2007
All premiums are net of all rebates and commissions.
All claims are net of any deductibles applicable.
Total Claims = Paid claims + Outstanding claims
TLO (or Total Losses) = claims in excess of 75% of the Sum Insured
Partial Losses = all losses <= 75% of the Sum Insured
Loss Ratio = Total claims / Net premium
Underwriting year = year in which the insurance policy attaches
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 1 As of 31 December 2007
Types of vessels specifiedVessel Type group Vessels Types included Lloyds Conf. Index Code
BULK Bulk, Ore, Cement BBU, BCB, BCE, BOR, BWC
CAR/RORO Car Carrier, RoRo MVE, URC, URR
CARGO Dry Cargo, General Cargo, Reefers, GCT, GGC, GPC, GRF, MLV
Pallett Vessels, Animal Transport Vessels
CHEM./PRODUCT Chemical Carriers, Product / Acid / Edible Oil / TAC, TCH, TCO, TEO, TFJ, TFO
Fish Oil / Fruit Juice / Wine / Molasses / TMO, TPD, TWA, TWN, TWTWaste/ Water Tankers
CONTAINER Container UCC, UCR
LNG/LPG Gas Carriers LNG, LPG, LNG/LPG LNG, LPG, LNP
OBO Combined Vessels Bulk, Ore, Oil COO, CBO
OTHER all other ships and floating units all other codes
not specifically defined otherwise, likeFishing vessels, Barges, Cranes, Floating Storage,Floating Production, Pollution Control Vessels,Mud boat, Research vessels, Cable, Seismic Searchvessel, Flo/Flo, etc.
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 1 As of 31 December 2007
Types of vessels specified contd.
Vessel Type group Vessels included Lloyds Conf. Index Code
PASSENGER All types of passenger vessels and ferries, LOF, LOP, MPR, OFY, OHF,Passenger/Roro, Highspeed Craft OHS, PRR
SUPPL/OFF Supply, Anchorhandling, Standby, Drilling OBS, OBT, ODS, OIB, OIF, OIS,
Vessel, General Service Vessel, OIT, OLT, OMN, OMT, OOS, OPP,Supply (Tug, Anchor), Tug/Icebreaker ORP, OSU, OSY, OSZ, OWO,XAA, XAF, XAG, XAH, XAT, XCT,XFF, XFS, XPT, XTG, XTI, XTP,XTR, XTS, XTT, XTX
TANK Tanker, Sludge Vessel, Crude Oil Tanker OSC, OTC, TAS, TBK, TCR, Asphalt Carriers, Bunkering Tanker, TNA, TTANaval Auxiliary
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France
7.6%
Italy
6.4%Japan
9.0%Korea
5.4%
Spain4.1%
USA
5.9%
Rest of the
World28.2%
UK (IUA)
5.7% UK (Lloyd's)
13.7%
Norway
14.0%
Bluewater
9.5%
Coastal MarineClubs
4.3%
Gard
35.0%
Gerling
9.0%
Gjensidige
3.7%
If
2.4%NEMI
7.4%
Norwegian Hull
Club24.5%
Vesta
2.0%
Codan
2.3%
2007 CEFOR Nordic Marine Insurance Statistics ± Part 2
Distribution of Global Marine Hull Premium 2006
World Norway
(Business writtenfrom Norway only)
(Business writtenfrom Norway only)
Source of global premium figures: IUMI ´Global Marine Insurance Report, published September 2007
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 2
Distribution of CEFOR Marine ull Premium 2007
Including Coastal Excluding Coastal! Note:The premium overview on this slide INCLUDES Loss of hire, hull and freight interest and building risk in addition to hull.
hereas all following statistics are pure hull statistics and EXCLUDE Loss of hire, hull and freight interest and building risk !
luewater
8%
Møre- og
Tromstrygd
0%
Codan
10%
Gard
29%
Gerling
6%
Gjensidige
5%
If
4%
NEMI
6%
Norwegian ull
Club
19%
Swedish Club7%
TrygVesta
Marine
6%
luewater
9%
Codan
8%
Gard
35%
Gerling8%
Gjensidige
0%
NEMI
6%Norwegian
ull Club
21%
Swedish Club
8%
TrygVesta
Marine
5%
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 2 As of 31 December 2007
Average share = Sum of members gross premiums according to their written share /
Sum of premiums for 100% of the risk(Sum = sum over all vessels in the NoMIS portfolio)
A e ra e s are ritten in t e NoM IS ar e t
0%
10%
20%
30%
0%
0%
0%
All business 33% 3 % 3 % 3 % 3 % 37% % 1% 37% 3 % 3 % 3 % 31%
1 1 1 7 1 1 2000 2001 2002 2003 200 200 200 2007
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 3 As of 31 December 2007
Comments:a) Decline in portfolio from 1997 to 2000 due to members concentrating on target business
b) Increase 2000->2006 due to both market growth and new members joining the NoMIS datapool.Database comprises business underwritten from all Nordic countries in addition to Norway.
No o esse s er nder ritin ear
215
7 331 7 3 56,792
6,2777,106 7,399
8,298
9,70810,222
11,54411,412
0
2 000
000
6 000
000
10 000
12 000
1 000
199 1996 1997 199 1999 2000 2001 2002 2003 200 200 2006 2007
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 3 As of 31 December 2007
E olution of a erage su insured WT, net pre iu
1995=100%
0
0
100
1 0
200
1 1 1
7
1 1 2
0 0 0
2
0 0 1
2
0 0 2
2
0 0 3
2
0 0
2
0 0
2
0 0
2
0 0 7
e A er e m s re 1 100 e A er e D 1 100e A er e e rem m 1 100
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 3 As of 31 December 2007
verage ge
13.0
13.413.8
14.0 13.9 13.8 13.813.6
13.1 12.9 12.612.3
12.7
8.0
10.0
12.0
14.0
16.0
1 9 9 5
1 9 9 6
1 9 9 7
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
2 0 0 7
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 3 As of 31 December 2007
Avera e Standard educti le evelo entAll usiness, 00%, i D
0
0,000
100,000
1 0,000
200,000
1 1 1 7 1 1 2000 2001 2002 2003 200 200 200 2007
A er e t . De ctible A . t . De . 00,000 D
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 3 As of 31 December 2007
Hu Net oss Ratio,as re orted er 31.12.07 2007 inc . IBNR
¡ ¢
13£
¢
1¤ 0
¢
1¤ 1
¢
207¢
22£
¢
123¢
7£
¢
£
7 ¢
£
¡ ¢
¤
£
¢
7 ¡ ¢
0¢
12£
¢
13£
¢
12£
¢
11¤ ¢
117¢
¡ ¢
110¢
110¢
100 ¢
11¥ ¢
0¢
¤ 0
¢
100 ¢
1¤ 0
¢
200¢
2¤
0¢
1
¡ ¤ 1
¡ ¥ 1
¡ 7 1
¡ ¡ 1
¡
1
0 1
1 1
2 1
3 1 £
1
¤ 1
¥ 1
7 1
¡ 1
2000 2001 2002 2003 200£
200¤
200¥
2007
¦ §
̈ es©
fi
l
200
2007 i
cl
̈
100
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 3 As of 31 December 2007
CBNI = Covered But Not yet IncurredIBNR = Incurred But Not yet Reported
Outstanding = Incurred and reported, but not yet paid
Pre iu s and clai s er vessel er under writin year
in D 1000
0
20
0
0
0
100
120
1 1 1
7
1 1 2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0
2 0 0
2 0 0
2 0 0 7
CBNI
IBNR
Outstanding claims
aid claims
Net premium
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USD l i r v l
010,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
1 9 9 5
1 9 9 6
1 9 9 7
1 9 9 8
1 9 9 9
2 0 0 0
2 0 0 1
2 0 0 2
2 0 0 3
2 0 0 4
2 0 0 5
2 0 0 6
>= 30
10-30
5-10
1-5
= 1
2007 EFOR Nordic M rin In ur nc St ti tic ± P rt 3 As of 31 ecember 2007
Claim bands:
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Numbers (%)Inner ring: 2002-2006
Outer ring: 2006
36%
2%12%
19%
11%
4%1%
15%37%
2%
13%20%
10%
3%0%
15% Engine
Fire and explosion
Collision
Contact
Grounding
Heavy weather
Ice
Other
2007 CEFOR Nordic Marine Insurance Statistics ± Part 3 As of 31 December 2007
Claims by Claims type
Total 2006: 2,931
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Costs (%)I r ri : -
t r ri :
%
%
%%
%
%%% %
%
%
%
%
%%
%i
ir l si
llisi
t ct
r i
t r
Ic
t r
7 CEFOR Nordic Marine Insurance Statistics ± Part As f 31 D c mb r 7
Claims by Claims type
Total 6: USDm , 6
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 3 As of 31 December 2007
Comment: Claims < 10.000 USD account for about half of all claims. Registration of thesemay vary over time and in each company and will thus influence the registered frequency.In addition any increase/decrease of insurance deductibles will have impact on the registered frequency
Clai frequenc er under ritin ear
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
all claims 0.30 0.28 0.29 0.31 0.28 0.28 0.27 0.24 0.27 0.26 0.25 0.25 0.25
claims > 10,000 USD 0.13 0.13 0.12 0.14 0.13 0.12 0.13 0.11 0.13 0.13 0.14 0.14 0.13
claims > 500,000 USD 0.02 0.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.02
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 200 5 200 6
2002-
200 6
Av.
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 3 As of 31 December 2007
Claim per vessel per underwriting year
0
20,000
40,000
60,000
80,000
100,000
all claims 59,419 66,152 55,288 62,047 57,113 53,960 51,362 60,982 63,817 79,799 76,717 91,457 76,221
partial claims 44,013 50,260 39,888 53,368 50,582 40,627 39,726 39,767 49,368 65,312 66,918 71,750 60,424
TLO claims 15,406 15,893 15,400 8,680 6,531 13,333 11,636 21,216 14,448 14,487 9,799 19,707 15,797
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
2002-
2006
Av.
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Inner ring: 2002-2006
Outer ring: 2007
26.1%
21.1%
14.8%
12.0%
26.1%
26.7%
21.1%
16.6%
10.5%
25.1%
0-5 years
5-10 years
10-15 years
15-20 years
> 20 years
2007 CEFOR Nordic Marine Insurance Statistics ± Part 4 As of 31 December 2007
Number of vessels per age group
Total number of vessels2002-2006: 47,171
2007: 11,412
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 4 As of 31 December 2007
Comment: Claims < 10.000 USD account for about half of all claims. Registration of thesemay vary over time and in each company and will thus influence the registered frequency.In addition any increase/decrease of insurance deductibles will have impact on the registered frequency
C ai requenc er a e rou
0.0
0.1
0.2
0.3
0.4
2001 2003 0.25 0.31 0.28 0.27 0.22
2004-2006 0.23 0.30 0.28 0.26 0.23
2001-2006 0.24 0.30 0.28 0.26 0.22
0-5 years 5-10 years 10-15 years 15-20 years > 20 years
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 4 As of 31 December 2007
Claim per sum insured per age group
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
2001-2003 0.185% 0.180% 0.262% 0.470% 0.666%2004-2006 0.190% 0.248% 0.323% 0.543% 0.800%
2001-2006 0.188% 0.225% 0.301% 0.510% 0.748%
0-5 years 5-10 years 10-15 years 15-20 years > 20 years
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 4 As of 31 December 2007
Clai er er a e roui D
0 0
0
1 0
1
2 02
3 0
2001 2003 1 2 0 1 0 1 1 7
200 200 1 1 7 1 2 1 3 0
2001 200 1 1 1 3 1 2
0 e rs 10 e rs 10 1 e rs 1 20 e rs 20 e rs
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 4 As of 31 December 2007
oss ratio er a e rou
0
50
100
150
200
2001-2003 117 5% 82 0% 99.3% 119.3% 118.7%2004-2006 104.6% 97.0% 107.1% 131.8% 120.4%
2001-2006 108.9% 92.4% 104.6% 126.3% 119.8%
0-5 e rs 5-10 e rs 10-15 e rs 15-20 e rs > 20 e rs
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 5 As of 31 December 2007
Notes:
- ´Tank´ includes in this and the following slides: Chemical/Product, LNG/LPG, OBO and other tank vessels
- Claims < 10.000 USD account for about half of all claims. Registration of these may vary over timeand in each company and will thus influence the registered frequency.
In addition any increase/decrease of insurance deductibles has impact on the registered frequency
Clai f re uency per essel type group
0.0
0.1
0.2
0.3
0.
0.
2001-2003 0.1 0.31 0.3 0.30 0.20 0.20
200 -200 0.1 0.32 0.3 0.3 0.1 0.22
2001-200 0.1 0.32 0.37 0.32 0.1 0.21
Bulk CargoCont./Car/R
oRoPassenger Tank Supply/Off
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 5 As of 31 December 2007
Clai per su insured per essel t pe group
0 0
0 2
0
0
0
2001 2003 0 3 0 00 0 3 0 123 0 237 0 3
200 200 0 3 0 0 3 0 22 0 20 0 70
2001 200 0 3 0 3 0 3 0 1 2 0 217 0 22
r oo r
o osse er ff
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 5 As of 31 December 2007
Clai er T er vessel ty e grou
0.0
1.0
2.0
3.0
.0
.0
.0
2001-2003 0. 3.0 2.7 2 .7 0.7 20.
200 -200 1.1 .1 3.0 0. 0. .7
2001-200 1.0 .2 2. 1.0 0. 3 .
lk r oo t./ r/
o osse er T k l / ff
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 5 As of 31 December 2007
Loss ratio per essel type group
0
0
100
1 0
200
2 0
2001 2003 100 10 1 3 10 13
200 200 10 107 12 20
2001 200 10 107 13 3 1 2
r oo r
o osse er ff
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 6 As of 31 December 2007
Comment: Claims < 10.000 USD account for about half of all claims. Registration of thesemay vary over time and in each company and will thus influence the registered frequency.
In addition any increase/decrease of insurance deductibles will have impact on the registered frequency
Clai frequenc er DWT si e rou
0.0
0.1
0.2
0.3
0.4
2001-2003 0.31 0.33 0.30 0.25 0.15 0.15 0.16 0.11 0.08 0.16 0.15
2004-2006 0.32 0.32 0.29 0.23 0.17 0.19 0.16 0.11 0.12 0.13 0.11
2001-2006 0.32 0.32 0.30 0.24 0.16 0.17 0.16 0.11 0.10 0.14 0.13
<
10,000
10,000-
20,000
20,000-
35,000
35,000-
50,000
50,000-
75,000
75,000-
100,000
100,000-
150,000
150,000-
200,000
200,000-
250,000
250,000-
300,000
>300,00
0
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 6 As of 31 December 2007
Clai er T er T size groui D
0.02.0.0.0.0
10.012.01 .0
1 .01 .0
2001-2003 11. . 2. 1.2 1.0 0. 0. 0.2 0.1 0. 0.1200 -200 17.3 7.3 3.3 1.7 1.1 0. 1.1 0.7 0.1 0.2 0.2
2001-200 1 .1 .7 2. 1. 1.1 0. 0. 0. 0.1 0.3 0.2
10,000
10,000-
20,000
20,000-
3 ,000
3 ,000-
0,000
0,000-
7 ,000
7 ,000-
100,000
100,000
1 0,000
1 0,000
200,000
200,000
2 0,000
2 0,000
300,000
300,00
0
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Gr D
E
16F
WhitD
79F
Other
4F
BlG H I
1F
Ver E
hiP
h
riQ I
Bl G H I
0F
MediR S
tT
hiP
h riQ I
BlG H I
62F
MediR S
riQ I
BlG H I
33F
Hi P h ri Q I
Bl G H I
5 F
2007 CEFOR Nordic Marine Insurance Statistics ± Part 7 A f 31 December 2007
Vessel distribution by flag
by Paris MOU classification
(Bl ck Gr ey nd White li t 2006,
f 5 J ne 2007)
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Inner ring: -
Outer ring:
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
. %
American Bur eau
Bur eau U
eritas
Ger manischer Lloyd
Lloyd's Register
Nippon Kaiji Kyokai
Det Nor ske U
eritas
other s
2007 CEFOR Nor dic Marine Insur ance Statistics ± Part 7 As of 31 December 2007
Number of vessels per classification society
Total number of vessels 2002-2006: 47, 71
2007: 11,412
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E posur e cur es by Sum Insur edPartial Claims only (<75%SI)
50%
60%
70%
80%
90%
100%
110%
Ceding company's r etention as %of SI
C e d i n g c o m p a n y
' s r e t e n t i o n o f
c l a i m s
( i n %
o f t o t a l c l a i m s )
0-5 MiV
USD 0.595 0.775 0.870 0.933 0.968 0.988 0.999 1.000 1.000 1.000
5-20 MiV
USD 0.716 0.850 0.914 0.952 0.977 0.992 0.999 1.000 1.000 1.000
20-75 MiV
USD 0.741 0.853 0.921 0.966 0.984 0.993 0.999 1.000 1.000 1.000
> 75 MiV
USD 0.903 0.972 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
100% 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000 1.000
10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
2007 CEFOR Nor dic Marine Insur ance Statistics ± Part 9 As of 31 December 2007
P claims in % of all claims :
0-5 Mio USD: 70%5-20 Mio USD: 83%
20-75 Mio USD: 77%
> 75 Mio USD: 100%
Sum Insur ed
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 9 As of 31 December 2007
Exposure Curves
� Exposure curves are used by reinsurers to price excess of loss reinsurance.
� The curves indicate the ceding company's retained share of PA claims after
ceding claims in excess of a given percentage of a vessel¶s sum insured.
� The curves should be applied on individual vessels or groups of vessels with
similar values and written shares.
� The curves are calculated for 100% values. In applications the choice of curveshould thus also be based on 100% values.
Exposure Curves technicalities
� The curves are based on H&M covers only for vessels with valid IMO-No.
� The curves are based on the underwriting years 2002-2007 (12,117 claims)
� The curves are calculated as follows:x = percentage retained
C = Individual partial claims
V = Vessel value
f(x) = min[C, V*x]/ C
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2007 CEFOR Nordic Marine Insurance Statistics ± Part 9 As of 31 December 2007
CEFOR marine insurance statistics publications, all at http://www.cefor.no :
� CEFOR nnual Report 2007, p.18-25, Nordic Marine Insurance Statistics
http://www.cefor.no/news/CEFOR%20&%20Annual%20Report/CEFOR_AnnualReport2007.pdf
� The 2007 CEFOR NoMIS Reporthttp://www.cefor.no/statistics/documents/2007%20CEFOR%20The%20NoMIS%20report.ppt
� The 2007 CEFOR Report on ull claim trendshttp://www.cefor.no/statistics/documents/2007%20CEFOR%20Hull%20Claim%20Trends.pdf
Links to other marine insurance statistics:
� CEFOR website, Statistics section:
(CEFOR and IUMI statistics for download, including historical data)http://www.cefor.no/statistics/statistics.htm
� IUMI (International Union of Marine Insurance):
Statistics issued by IUMI¶s Facts & Figures Committee:http://www.iumi.com/index.cfm?id=7165