2014 Annual seminar The Nordic Association of Marine Insurers.
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Transcript of 2014 Annual seminar The Nordic Association of Marine Insurers.
The Nordic Association of Marine Insurers
2014 Annual seminar
The Nordic Association of Marine Insurers
Cefor Board of Directors as per 3 April 2014
Members:
Svein Ringbakken, DNK, Chair
Leif Nordlund, Alandia Insurance, Vice Chair
Arne Gangdal, Gjensidige
Christen Guddal, Gard
Tord Nilsson, The Swedish Club
Hans Christian Seim, NHC
Rickard Svensson, If
Anne Systad, Codan
Personal Deputies:
Göran Skuncke
Jan Limnell
Petter Bøhler
Jan-Hugo Marthinsen
Lars Rhodin
Jan Limnell
Jonny Gangstad
Scott Ørmen
The Nordic Association of Marine Insurers
2012: The year of the titans
The Nordic Association of Marine Insurers
Frequency all-time low
Claims frequency by size of claims
The Nordic Association of Marine Insurers
Costly exceptions the new normal?
Claims per vessel by size of claims (USD)
The Nordic Association of Marine Insurers
Pricing challenge
Ultimate partial and total claim cost per vessel
The Nordic Association of Marine Insurers
Median values stable
Median claim cost (USD), claims in excess of a certain amount
0
2,000
4,000
6,000
8,000
10,000
12,000
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Number of vessels by typeby year of exposure
Other
Tank (Chem./Prod.,LNG, LPG, OBO, Tank)
Passenger
Cargo (Bulk, Cargo,Container)
Fishing
From 2010 improved reporting by coastal marine clubs => increase in number of minor fishing vessels
Coastal portfolio
Higher insured values = more volatile claim cost
Partial claim cost per vessel by sum insured layer, incl IBNR
The Nordic Association of Marine Insurers
Program
Shipping market outlookNicolai Hansteen, Senior Shipping Analyst, Pareto Securities
Marine insurance market outlookRolf Thore Roppestad, Chief Executive Officer, Gard
Sanctions due diligenceProf. Dr. Dieter Schwampe, Dabelstein & Passehl
Light Well Intervention vessels- How they operate- Insurance; drawing the line between marine & energyHåvard Ulstein, Managing Director, Island OffshoreGeorg Nygaard, Senior Underwriter Offshore Energy, Norwegian Hull Club