Norwegian Marine Insurance Statistics As of 31st December 2001
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Norwegian Marine Insurance Statistics As of 31st December 2001 Page: 4.1.1 Total C laim s perU nderw riting Year 0 100,000,000 200,000,000 300,000,000 400,000,000 500,000,000 600,000,000 USD 0 500 1,000 1,500 2,000 2,500 TotalClaims 396,9 261,8192,1 152,2167,7 301,1 339,7395,4 479,4347,5 285,3116,2 No.ofClaim s 1,854 1,466 825 702 676 1,397 1,5051,945 2,0201,587 1,159 568 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
description
Norwegian Marine Insurance Statistics As of 31st December 2001. Page: 4.1.1. Norwegian Marine Insurance Statistics As of 31st December 2001. Number of Claims per Type of Vessel. Total 8,216 claims. Total 1,159 claims. Total 568 claims. Page: 4.1.2.a. - PowerPoint PPT Presentation
Transcript of Norwegian Marine Insurance Statistics As of 31st December 2001
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 4.1.1
Total Claims per Underwriting Year
0
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
USD
0
500
1,000
1,500
2,000
2,500
Total Claims 396,9 261,8192,1 152,2167,7 301,1 339,7395,4 479,4347,5 285,3116,2
No. of Claims 1,854 1,466 825 702 676 1,397 1,5051,945 2,0201,587 1,159 568
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Sum 1996-2000
21.9%
20.1%
5.2%17.7%
3.7%
1.5%
3.2%
5.3%
6.0%
15.4%
Bulk Cargo Chem./Prod. Cont./RoRo
LNG/LPG OBO Other Passenger
Suppl./Off. Tank
2001
18.8%
16.2%
7.6%
19.5%3.9%
1.8%
1.1%
8.5%
2.8%
19.9%
2000
21.1%
14.4%
6.8%
21.8%
4.6%
1.5%
3.0%
6.0%
2.7%
18.1%
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Number of Claims per Type of Vessel
Total 8,216 claims
Total 1,159 claims Total 568 claims
Page: 4.1.2.a
Sum 1996-2000
22.4%
16.7%
4.5%13.2%
2.7%
1.3%
3.2%
14.6%
1.6%
19.9%
Bulk Cargo Chem./Prod. Cont./RoRo
LNG/LPG OBO Other Passenger
Suppl./Off. Tank
2001
15.1%
12.1%
3.9%
24.1%
1.1%
1.3%
0.3%
10.1%
0.3%
31.6%
2000
26.9%
11.5%
2.6%
22.1%4.1%
1.7%
2.2%
3.2%
0.6%
25.1%
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Cost of Claims per Type of Vessel
Total $1,848 mill.
Total $285 mill. Total $116 mill.
Page: 4.1.2.b
Sum 1996-2000
18.9%
16.1%
19.1%
23.6%
22.4%
0-5 years 5-10 years 10-15 years 15-20 years > 20 years
2001
20.5%
14.9%
18.5%
23.3%
22.7%
2000
20.5%
17.8%
15.6%
24.9%
21.2%
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Number of Claims per Age Group
Page: 4.1.3.a
Total 8,216 claims
Total 1,159 claims Total 568 claims
2001
16.9%
16.0%
15.3%14.1%
37.7%
2000
17.6%
23.2%
8.6%
28.6%
22.0%
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Cost of Claims per Age Group
Page: 4.1.3.b
Total $1,848 mill.
Total $285 mill. Total $116 mill.
Sum 1996-2000
16.8%
16.0%
13.1%25.8%
28.2%
0-5 years 5-10 years 10-15 years 15-20 years > 20 years
1996-2000
36.5%
11.7%15.4%
3.0%
12.0%
4.5%
0.4%
16.5%
Machinery Damage Collision Striking Fire and explosion
Grounding Heavy w eather damage Ice damage Other types of damage
2001
35.2%
10.4%16.9%
3.7%
12.1%
5.3%
0.4%
16.0%
2000
37.8%
10.4%14.5%
3.2%
12.1%
4.4%
0.3%
17.3%
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Number of Claims per Type of Casualty
Total 8,216 claims
Total 1,159 claims
Page: 4.1.4.a
Total 568 claims
2000
24.3%
11.0%
10.9%17.3%
24.8%
1.6%
0.0%
10.0%
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Cost of Claims per Type of Casualty
Total $1,848 mill.
Total $285 mill.
1996-2000
23.9%
12.8%
7.6%19.5%
20.2%
5.2%
0.1%
10.6%
Machinery Damage Collision Striking Fire and explosion
Grounding Heavy w eather damage Ice damage Other types of damage
2001
19.6%
15.1%
15.6%10.9%
20.6%
5.1%
0.1%
13.1%
Total $116 mill.
Page: 4.1.4.b
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 4.1.5
Number of Claims per type of casualtyper 1000 vessels
0 50 100 150 200 250 300 350 400 450 500 550
Machinery Damage
Collision
Striking
Fire and explosion
Grounding
Heavy weather damage
Ice damage
Other types of damage
1996
1997
1998
1999
2000
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 4.1.6
Claims Cost per type of casualtyper 1000 vessels / in USD mio
0 10 20 30 40 50 60 70 80 90
Machinery Damage
Collision
Striking
Fire and explosion
Grounding
Heavy weather damage
Ice damage
Other types of damage
1996
1997
1998
1999
2000
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 5.1.1
Underwriting results per 31.12.2001Total results for all risks registered by NoMIS
in USD
-300,000,000
-200,000,000
-100,000,000
0
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Underwriting Year
Net Premium
Paid Claims
Outstanding Claims
Total Claims
Underwriting Result
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 5.1.2
Underwriting Results per 31.12.2001All business underwritten by NoMIS members, 100%
Average Results per Vessel Year in USD
-150,000
-100,000
-50,000
0
50,000
100,000
150,000
200,000
250,000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Premium
Paid Claims
Outstanding Claims
Total Claims
Underw riting Result
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 5.2.0
Calculation methods for Index Key Factors and Adjusted Rating Development
1) Rating Quality Index Adjustment Factors: V = (Av.SI year x - Av. SI 1990) / 100 * 0,3
VP = Av.Prem. per vessel year - VPAPB = VP - (Av.SI 1990 * 0,257) / 100SPAB = PAPB * Av. (F)DWT per vessel 1990 / Av. (F)DWT per vessel year x
Adjusted values: Adjusted Premium = SPAB + (Av.SI 1990 * 0,257 / 100)Adjusted Standard Deductible = Av.Std.Ded. * Av.(F)DWT 1990 / Av.(F)DWT year x(Adj.Prem. + 50% (Standard Deductible < 500,000))rate
= (Adj.Prem.+0,5 * (Adj.Std.Ded < 500,000)) / (Av.SI1990) * 100 Rating Quality Index = (Adj.Prem + 50% (Std.Ded.< 500,000)) rate year x
/ (Adj.Prem. + 50% (Std.Ded.< 500,000)) rate 1990 * 100 for x = 1990 to 2001
2) Cash Index Factor year x = Net Premium year x+1 / Net Premium year x Net Premium in this case is the sum over all ships renewed from year x to year x+1 with a Sum Insured and a Standard Deductible within a 90% margin in relation to the previous years Sum Insured and Standard Deductible Cash Index (1990) = Factor 1990 Cash Index (year x) = Factor year x * Cash Index (year x-1) for x = 1991 to 2001
3) Loss Ratio Index = Loss Ratio year x / Loss Ratio 1990 for x = 1990 to 2000 (Loss Ratio = Total Claims / Net Premium)
4) Claims Cost Index = Claims Cost year x / Claims cost 1990 for x = 1990 to 2000
5) Claims Frequency Index = Claims Frequency year x / Claims Frequency 1990 for x = 1990 to 2000 (Claims Frequency = No. of claims / No. of vessel years)
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 5.2.0 contd.
Rating Development:Premium = Net Premium per Vessel in % of Sum Insured year x / Net Premium per Vessel in % of Sum Insured 1990,
for x = 1990 to 2001Premium + (50% of Standard Deductible < 500,000)
= (Net Premium per Vessel + 50% (Standard Deductible < 500,000)) in % of Sum Insured year x/ (Net Premium per Vessel + 50% (Standard Deductible < 500,000)) in % of Sum Insured 1990
for x = 1990 to 2001
Adjusted Rating Development:
Adjustment Factors: V = (Av.SI year x - Av. SI 1990) / 100 * 0,3VP = Av.Prem. per vessel year - VPAPB = VP - (Av.SI 1990 * 0,257) / 100SPAB = PAPB * Av.FDWT per vessel 1990 / Av.FDWT per vessel year x
Adjusted values: Adjusted Premium = SPAB + (Av.SI 1990 * 0,257 / 100)Adjusted Standard Deductible < 500,000 = (Average Standard Deductible < 500,000) * Av.FDWT 1990 / Av.FDWT year x(Adj.Prem. + 50% (Standard Deductible < 500,000))rate = (Adj.Prem + 50% (Adjusted Standard Deductible < 500,000)) / Av.SI 1990 * 100
Adjusted Rating Development:Premium = Adjusted Premium year x / Adjusted Premium 1990, for x = 1990 to 2001Premium + 50% (Standard Deductible < 500,000)
= (Adj.Prem + 50% (Standard Deductible < 500,000)) rate year x / (Adj.Prem. + 50% (Standard Deductible < 500,000)) rate 1990 * 100
for x = 1990 to 2001
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 5.2.1
Indexed Key Factors, 1990 = 100%
0%
50%
100%
150%
200%
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Underwriting Year
Rating Quality Index
Cash Index
Loss Ratio Index
Claims Cost Index
Claims Frequency Index
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 5.2.2
Rating Development, 1990 = 100%
0%20%40%60%80%
100%120%140%160%180%
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Premium Prem.+50%of Std.Ded.<500,000
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 5.2.3
Adj. Rating Development, 1990 = 100%Combined Business, 100%
0%20%40%60%80%
100%120%140%160%180%200%
Premium Prem.+50%of Std.Ded.<500,000
Norwegian Marine Insurance StatisticsAs of 31st December 2001
Page: 5.2.4
Comment:Deductibles <=97 based on database before restructuring of underwriting years 1995-97Deductibles >= 98 based on the ”new” database
Average Standard Deductible Developmentin USD
0
50,000
100,000
150,000
200,000
250,000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
Average Std. Deductible Av.Std. Ded. <= 500,000 USD
