Академический Документы
Профессиональный Документы
Культура Документы
175%
150%
No. Ships
125%
Gross tonnage
100%
Global Marine Hull &
75% Liab. Premium
Average insured vessel
50% value (CEFOR)
25%
1995
2000
2003
2005
1996
1997
1998
1999
2001
2002
2004
2006
Sources: Indicators for World Fleet from ISL Bremen, Vessel value index: CEFOR
World Seaborne Trade Volume and
Trade Values, Global Cargo Premium
Index of evolution, 1995 = 100%
250%
2001
2002
2006
2000
2003
2004
2005
140%
st er
r ro k
130% a ke ng ea
we er w
120% D
US
EUR
110% GBP
100% JPY
90% NOK
80%
70%
60%
1999 2000 2001 2002 2003 2004 2005 2006
against USD:
USD 1 1 1 1 1 1 1 1
EUR 0.9894 1.1147 1.1205 0.9826 0.814 0.7462 0.8435 0.7569
GBP 0.6197 0.6837 0.6945 0.6309 0.5716 0.5184 0.5729 0.5092
JPY 102.5736 112.0751 127.2118 122.0127 107.8086 103.7914 118.5521 117.1756
NOK 8.011 9.0662 8.9552 7.168 6.7085 6.1321 6.7257 6.1741
2006
Global Hull
2005
Transport / Cargo 2004
2003
Marine Liability 2002
Offshore / Energy
Total
Increase 01-04 and 05-06 partly due to weakening of USD against major European and Asian
currencies.
Stagnation 05 due to strengthening of USD against major European and Asian currencies.
Report on marine insurance premiums
Global premiums 2004-2006
(USD billions, as reported per end of August 2007)
*Index based on figures from Associations who have reported in both years.
The index reflects changes in country activity, exchange rates in addition to
premium increases and is thus not a renewal index!
As some countries only report total marine premium without splitting into classes, the
sum of these classes might in some cases be slightly less than the ”total” sum.
Market Shares 2006
Europe
2.0%
11.7% Asia/Pacific
North America
Rest of World
14000
Europe
12000
10000
Asia/Pacific
8000
6000
North
4000 America
2000
0 Rest of the
World
2000 2001 2002 2003 2004 2005 2006
Accounting Year
Report on marine insurance premiums
by economic areas
(USD 1,000)
Region Premiums Premiums Premiums Variation Variation Market share Market share Market share
2006 2005 2004 2005-2006 2004-2005 2006 2005 2004
Europe :
Albania, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Romania,
Russia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Kingdom (IUA + Lloyds)
Asia/Pacific :
Australia, China, Hong Kong, India, Japan, North Korea, South Korea, Malaysia,
New Zealand, Singapore
North America:
Bermuda, Canada, USA
Rest of the World :
Congo, Egypt, Israel, Kenya, Lebanon, Mexico, Morocco, Nigeria, South Africa, Tunisia,
United Arab Emirates
25,000
20,000 Total
15,000
10,000 Cargo
Hull
5,000
Energy
Liability
0
2000 2001 2002 2003 2004 2005 2006
Accounting Year
Global Hull Premium
Major Markets, 2000 - 2006 (USD Million)
800
France
700 Italy
600 J apan
500 Norway
400 Spain
300 UK (ILU/IUA)
200 UK (Lloyd's)
100 USA
0
2000 2001 2002 2003 2004 2005 2006
Accounting Year
2000 Belgium
Chinese Taipei
France
1500
Germany
Italy
1000 J apan
Netherlands
Spain
500
Sweden
UK (ILU/IUA)
0 UK (Lloyd's)
2000 2001 2002 2003 2004 2005 2006 USA
Accounting Year
1800
1600 J apan
1400
1200 Norway
1000
800 Sweden
600
400 UK
200
0 US
2000 2001 2002 2003 2004 2005 2006
Accounting Year
Ranking
Average
Annual
variation
Difference over period
Operational 2006 2005 2004 2003 2002 06-02 02-06 2006 2002
Japan 135,362 136,432 126,585 107,539 97,027 38,335 27.90% 4 3
Norway 444,386 432,929 390,665 317,723 304,613 139,773 29.18% 2 2
Sweden 117,549 110,057 82,618 84,472 61,317 56,232 38.34% 5 4
UK 1,614,769 1,562,123 1,448,285 1,285,050 1,190,162 424,607 27.14% 1 1
US 162,257 139,602 118,959 63,749 53,004 109,253 61.22% 3 5
Total 2,474,323 2,381,143 2,167,112 1,858,533 1,706,123 768,200 29.01%
Comments: NA = split not available, not rep. = country did not report
Report on marine insurance premiums
Accounting year 2005 (in USD 1000)
Comments: NA = split not available, not rep. = country did not report
Report on marine insurance premiums -
Accounting year 2005 (in USD 1000)
Poland ("WARTA" Insurance & Reinsurance Company Ltd.) 32,044 63,718 2,193 929 98,884
Portugal (Associacão Portuguesa de Seguradores) 20,309 43,981 948 0 65,238
Romania (National Union - Insurance and Reinsurance Comp.) 6,477 6,999 2,402 0 15,878
Russia (Russia Ingosstrakh Insurance Company Ltd.) 30,680 119,600 26,200 NA 176,480
Singapore (General Insurance Association of Singapore) 77,800 108,300 incl. in hull 0 186,100
Slovenia (Slovenian Insurance Association) 1,427 7,477 877 0 9,781
South Africa (Association of Marine Underwriters in South Africa) 9,000 85,000 0 0 94,000
Spain (Comité de Transportes de UNESPA) 232,084 331,599 0 0 563,682
Sweden (Sjöassuradörernas Förening) 127,985 125,713 1,251 0 254,949
Switzerland (Swiss Association of Marine Underwriters) NA NA NA NA 263,300
Tunisia (Fédération Tunisienne des Sociétés) 0 not rep.
Turkey (Ass. of the Ins. and Reins. Companies of Türkiye) 39,706 168,020 0 0 207,725
Ukraine(Marine Insurance Bureau of Ukraine) 4,000 NA 3,800 NA 7,800
United Arab Emirates ( Emirates Insurance Association) 0 not rep.
United Kingdom (Int'l Underwriting Association of London - IUA) 271,641 238,448 31,280 86,375 627,745
United Kingdom (Lloyd's Underwriters' Association.) 637,563 739,473 447,871 1,096,058 2,920,965
U S A (American Institute of Marine Underwriters) 296,843 769,620 588,319 247,537 1,902,319
Total sum 4,628,900 9,268,468 1,267,294 1,734,198 17,266,059
UK Lloyd’s: Projected ultimate underwriting year premium, after deduction of acquisition costs, but including proportional and facultative reinsurance.
Acquisition cost ratio is estimated to be ca. 20-25% for most years. Marine Liability includes P&I premium via International Group’s reinsurance programme,
which is estimated to be about 65% of the reported liability premium. All historical figures revised in 2007.
Comments: NA = split not available, not rep. = country did not report
Report on marine insurance premiums -
Accounting year 2006 (in USD 1000)
Comments: NA = split not available, not rep. = country did not report
Report on marine insurance premiums
Accounting year 2006 (in USD 1000)
Comments: NA = split not available, not rep. = country did not report
Report on marine insurance premiums
Accounting year 2006 (in USD 1000)
Poland ("WARTA" Insurance & Reinsurance Company Ltd.) 39,710 66,529 2,712 1,069 110,020
Portugal (Associacão Portuguesa de Seguradores) 22,835 40,717 1,092 0 64,644
Romania (National Union - Insurance and Reinsurance Comp.) 8,057 7,699 2,149 0 17,905
Russia (Russia Ingosstrakh Insurance Company Ltd.) 38,500 128,100 26,500 NA 193,100
Singapore (General Insurance Association of Singapore) 94,300 110,100 incl. in hull 0 204,400
Slovenia (Slovenian Insurance Association) 1,903 15,724 1,116 0 18,742
South Africa (Association of Marine Underwriters in South Africa) 8,500 90,000 0 0 98,500
Spain (Comité de Transportes de UNESPA) 207,686 356,789 0 0 564,475
Sweden (Sjöassuradörernas Förening) 116,218 162,673 1 0 278,892
Switzerland (Swiss Association of Marine Underwriters) NA NA NA NA 264,100
Tunisia (Fédération Tunisienne des Sociétés) 0 not rep.
Turkey (Ass. of the Ins. and Reins. Companies of Türkiye) 44,782 191,092 0 0 235,875
Ukraine(Marine Insurance Bureau of Ukraine) 4,000 NA 3,800 NA 7,800 estimated
United Arab Emirates ( Emirates Insurance Association) 0 not rep.
United Kingdom (Int'l Underwriting Association of London - IUA) 288,531 271,208 44,480 112,198 716,417
United Kingdom (Lloyd's Underwriters' Association.) 700,960 834,162 516,323 1,893,250 3,944,695
U S A (American Institute of Marine Underwriters) 302,105 810,194 673,104 277,477 2,062,881
Total sum 5,102,035 9,962,161 1,461,197 2,758,163 19,647,985
UK Lloyd’s: Projected ultimate underwriting year premium, after deduction of acquisition costs, but including proportional and facultative reinsurance.
Acquisition cost ratio is estimated to be ca. 20-25% for most years. Marine Liability includes P&I premium via International Group’s reinsurance programme,
which is estimated to be about 65% of the reported liability premium. All historical figures revised in 2007.
Comments: NA = split not available, not rep. = country did not report
Marine Hull –
Evolution of Paid Claims, Gross Premiums
as reported, U/W Year 1999 to 2006 (USD)
0 0 0 0
end of 1999 2000 2001 2002 2003 2004 2005 2006 2007 ult end of 2000 2001 2002 2003 2004 2005 2006 2007 2008 ult end of 2001 2002 2002 2004 2005 2006 2007 2008 2009 ult end of 2002 2003 2004 2005 2006 2007 2008 2009 2010 ult
0 0 0 0
end of 2003 2004 2005 2006 2007 2008 2009 2010 2011 ult end of 2004 2005 2006 2007 2008 2009 2010 2011 2012 ult end of 2005 2006 2007 2008 2009 2010 2011 2012 2013 ult end of 2006 2007 2008 2009 2010 2011 2012 2013 2014 ult
1997 Gross premiums 1,453,341,048 1,909,292,982 1,948,834,617 1,928,790,266 1,928,171,008 1,938,395,219 1,966,894,238 1,979,651,632 1,951,031,385 1,974,525,686
Paid claims 254,091,494 980,136,541 1,398,845,705 1,565,152,695 1,640,405,792 1,698,584,946 1,728,064,249 1,744,846,069 1,686,058,174 1,751,011,667
Loss ratio paid 17.48% 51.34% 71.78% 81.15% 85.08% 87.63% 87.86% 88.14% 86.42% 88.68%
Total loss ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1998 Gross premiums 1,260,552,592 1,688,124,737 1,736,646,364 1,735,425,226 1,750,981,976 1,788,967,514 1,807,655,711 1,779,653,206 1,809,148,498
Paid claims 292,142,741 1,156,300,294 1,686,534,497 1,870,449,757 1,954,884,435 2,021,312,544 2,053,914,095 2,041,796,260 2,043,426,839
Loss ratio paid 23.18% 68.50% 97.11% 107.78% 111.65% 112.99% 113.62% 114.73% 112.95%
Total loss ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1999 Gross premiums 1,182,461,895 1,583,966,979 1,665,509,437 1,682,619,937 1,710,977,706 1,723,238,639 1,695,337,888 1,719,680,606
Paid claims 264,916,144 1,126,701,842 1,649,521,368 1,860,988,518 1,995,597,858 2,054,069,945 2,047,508,629 2,100,173,115
Loss ratio paid 22.40% 71.13% 99.04% 110.60% 116.63% 119.20% 120.77% 122.13%
Total loss ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2000 Gross premiums 1,147,954,069 1,562,396,556 1,655,572,772 1,680,945,471 1,691,257,483 1,669,526,583 1,692,894,801
Paid claims 246,018,883 959,267,966 1,413,578,345 1,601,177,456 1,679,120,954 1,700,801,693 1,744,086,301
Loss ratio paid 21.43% 61.40% 85.38% 95.25% 99.28% 101.87% 103.02%
Total loss ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0 0 0 0
end of 1999 2000 2001 2002 2003 2004 2005 2006 2007 end of 2000 2001 2002 2003 2004 2005 2006 2007 2008 end of 2001 2002 2002 2004 2005 2006 2007 2008 2009 end of 2002 2003 2004 2005 2006 2007 2008 2009 2010
0 0 0 0
end of 2003 2004 2005 2006 2007 2008 2009 2010 2011 end of 2004 2005 2006 2007 2008 2009 2010 2011 2012 end of 2005 2006 2007 2008 2009 2010 2011 2012 2013 end of 2006 2007 2008 2009 2010 2011 2012 2013 2014
Blue line = Gross Premium; Red line = Paid Claims, Yellow line = Paid+Outstanding claims
Totals of 8 IUMI members – Belgium, France, Germany, Italy, Netherlands, Norway, Spain, UK Lloyds
Marine Hull – Ladder Table II. (USD)
Totals of 8 IUMI members – Belgium, France, Germany, Italy, Netherlands,
1)
Norway, Spain, UK Lloyds (not necessarily 100% of market income) 2) 2)
Underwriting year months
months
12 24 36 48 60 72 84 96 108 120 132
3)
1996 Gross premiums 1,360,761,296 1,658,404,745 1,702,509,677 1,677,043,525 1,645,050,041 1,650,262,575 1,667,420,079 1,699,691,386 1,715,966,904 1,687,296,303 1,715,904,113
4)
Paid claims 178,528,245 691,867,068 967,863,214 1,087,779,159 1,133,025,099 1,161,931,905 1,183,406,714 1,216,228,972 1,233,158,325 1,211,086,838 1,237,625,878
5)
Total claims incl. outstanding 697,577,220 1,122,416,910 1,243,493,925 1,243,208,696 1,221,218,194 1,227,952,540 1,243,004,964 1,270,971,632 1,285,000,009 1,255,186,695 1,279,293,644
6)
Loss ratio paid 13.12% 41.72% 56.85% 64.86% 68.87% 70.41% 70.97% 71.56% 71.86% 71.78% 72.13%
7)
Total loss ratio 51.26% 67.68% 73.04% 74.13% 74.24% 74.41% 74.55% 74.78% 74.88% 74.39% 74.56%
1997 Gross premiums 1,168,803,591 1,472,613,257 1,490,837,022 1,465,972,589 1,469,005,419 1,482,725,015 1,515,168,962 1,530,125,376 1,502,895,520 1,529,443,887
Paid claims 197,672,294 769,739,941 1,083,446,705 1,196,666,754 1,252,400,969 1,301,509,995 1,334,434,384 1,347,730,074 1,286,590,915 1,349,875,339
Total claims incl. outstanding 671,351,201 1,263,290,083 1,383,663,548 1,387,363,615 1,380,783,386 1,383,913,731 1,401,885,371 1,406,990,019 1,332,715,851 1,394,116,819
Loss ratio paid 16.91% 52.27% 72.67% 81.63% 85.26% 87.78% 88.07% 88.08% 85.61% 88.26%
Total loss ratio 57.44% 85.79% 92.81% 94.64% 93.99% 93.34% 92.52% 91.95% 88.68% 91.15%
1998 Gross premiums 1,050,291,080 1,340,306,868 1,361,597,722 1,365,399,069 1,386,565,785 1,426,176,653 1,446,463,800 1,419,713,958 1,449,309,076
Paid claims 246,498,041 916,518,694 1,301,563,571 1,436,824,484 1,500,539,763 1,556,158,761 1,582,964,865 1,567,354,385 1,580,552,832
Total claims incl. outstanding 733,000,827 1,419,672,676 1,596,302,030 1,618,475,652 1,630,791,268 1,667,185,065 1,661,957,976 1,629,379,296 1,635,712,531
Loss ratio paid 23.47% 68.38% 95.59% 105.23% 108.22% 109.11% 109.44% 110.40% 109.06%
Total loss ratio 69.79% 105.92% 117.24% 118.53% 117.61% 116.90% 114.90% 114.77% 112.86%
1999 Gross premiums 991,498,665 1,279,803,618 1,358,072,736 1,383,454,600 1,416,317,373 1,429,887,185 1,402,667,087 1,427,851,668
Paid claims 216,724,744 916,922,327 1,364,058,288 1,543,684,246 1,655,419,360 1,707,594,603 1,693,453,101 1,744,822,048
Total claims incl. outstanding 801,719,826 1,511,838,159 1,730,824,567 1,787,989,381 1,841,422,379 1,850,448,801 1,805,052,428 1,849,499,676
Loss ratio paid 21.86% 71.65% 100.44% 111.58% 116.88% 119.42% 120.73% 122.20%
Total loss ratio 80.86% 118.13% 127.45% 129.24% 130.01% 129.41% 128.69% 129.53%
2000 Gross premiums 998,452,973 1,312,374,363 1,394,705,766 1,424,301,840 1,434,843,554 1,414,594,894 1,438,557,077
Paid claims 207,291,412 810,712,875 1,187,771,904 1,338,542,499 1,401,541,151 1,415,620,213 1,452,342,242
Total claims incl. outstanding 713,749,914 1,328,960,095 1,538,549,024 1,577,786,627 1,573,105,367 1,533,489,737 1,550,928,049
Loss ratio paid 20.76% 61.77% 85.16% 93.98% 97.68% 100.07% 100.96%
Total loss ratio 71.49% 101.26% 110.31% 110.78% 109.64% 108.40% 107.81%
140%
1999
120% 1998
20%
0%
e
12
24
36
48
60
72
84
96
lti 2
at
10
12
13
m
U
0 0 0 0
end of 1999 2000 2001 2002 2003 2004 2005 2006 2007 ult end of 2000 2001 2002 2003 2004 2005 2006 2007 2008 ult end of 2001 2002 2003 2004 2005 2006 2007 2008 2009 ult end of 2002 2003 2004 2005 2006 2007 2008 2009 2010 ult
0 0 0 0
end of 2003 2004 2005 2006 2007 2008 2009 2010 2011 ult end of 2004 2005 2006 2007 2008 2009 2010 2011 2012 ult end of 2005 2006 2007 2008 2009 2010 2011 2012 2013 ult end of 2006 2007 2008 2009 2010 2011 2012 2013 2014 ult
Underwriting year 1) Totals of 8 IUMI members – Belgium, France, Germany, Italy, Netherlands, Spain,
months
months 2)2)
1997 Gross premiums 1,879,213,489 2,611,028,508 2,684,018,892 2,727,505,714 2,673,045,968 2,706,209,126 2,740,846,512 2,757,201,434 2,725,499,815 2,750,948,994
Paid claims 603,103,162 1,598,811,679 1,898,828,245 2,037,751,523 2,012,975,894 2,054,622,883 2,090,194,510 2,101,536,299 2,078,311,025 2,099,199,667
Loss ratio paid 32.09% 61.23% 70.75% 74.71% 75.31% 75.92% 76.26% 76.22% 76.25% 76.31%
Total loss ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1998 Gross premiums 1,860,117,319 2,626,620,449 2,716,958,474 2,655,304,920 2,697,650,830 2,746,861,326 2,768,730,681 2,732,550,884 2,761,818,434
Paid claims 599,820,066 1,612,631,175 2,026,195,983 2,070,788,705 2,151,063,048 2,207,212,193 2,226,006,992 2,204,502,895 2,229,253,880
Loss ratio paid 32.25% 61.40% 74.58% 77.99% 79.74% 80.35% 80.40% 80.68% 80.72%
Total loss ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
1999 Gross premiums 1,708,561,079 2,476,906,405 2,596,416,075 2,648,948,055 2,688,599,905 2,698,496,625 2,667,494,332 2,697,126,456
Paid claims 525,552,461 1,601,676,307 1,985,824,882 2,146,246,992 2,217,365,896 2,270,929,510 2,256,346,139 2,284,410,106
Loss ratio paid 30.76% 64.66% 76.48% 81.02% 82.47% 84.16% 84.59% 84.70%
Total loss ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2000 Gross premiums 1,672,634,087 2,449,014,190 2,709,375,362 2,769,948,999 2,801,013,224 2,730,742,401 2,763,419,323
Paid claims 510,899,695 1,524,184,636 2,026,955,864 2,185,483,863 2,231,024,682 2,230,386,248 2,233,276,888
Loss ratio paid 30.54% 62.24% 74.81% 78.90% 79.65% 81.68% 80.82%
Total loss ratio 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
0 0 0 0
end of 2003 2004 2005 2006 2007 2008 2009 2010 2011 end of 2004 2005 2006 2007 2008 2009 2010 2011 2012 end of 2005 2006 2007 2008 2009 2010 2011 2012 2013 end of 2006 2007 2008 2009 2010 2011 2012 2013 2014
Blue line = Gross Premium; Red line = Paid Claims, Yellow line = Paid+Outstanding claims
Totals of 7 IUMI members – Belgium, France, Germany, Italy, Netherlands, Spain, UK Lloyds
Transport / Cargo – Ladder Table (USD)
Totals of 7 IUMI members – Belgium, France, Germany, Italy, Netherlands, Spain
1)
UK Lloyds (not necessarily 100% of market income) 2) 2)
Underwriting year months months
12 24 36 48 60 72 84 96 108 120 132
3)
1996 Gross premiums 1,531,345,828 2,020,107,334 2,090,373,779 2,059,983,269 2,103,866,135 2,106,113,982 2,141,039,791 2,179,655,245 2,197,677,275 2,164,987,305 2,192,980,968
4)
Paid claims 423,835,152 1,073,584,822 1,299,734,369 1,323,166,344 1,390,058,959 1,398,565,367 1,424,044,103 1,447,113,838 1,459,643,537 1,441,255,536 1,457,400,939
5)
Total claims incl. outstanding 1,162,508,586 1,503,587,930 1,540,858,169 1,459,332,657 1,487,847,963 1,487,125,614 1,499,551,860 1,518,421,612 1,527,147,253 1,504,933,533 1,519,680,090
6)
Loss ratio paid 27.68% 53.14% 62.18% 64.23% 66.07% 66.41% 66.51% 66.39% 66.42% 66.57% 66.46%
7)
Total loss ratio 75.91% 74.43% 73.71% 70.84% 70.72% 70.61% 70.04% 69.66% 69.49% 69.51% 69.30%
1997 Gross premiums 1,727,548,973 2,299,384,536 2,336,482,726 2,366,911,034 2,309,328,844 2,341,869,348 2,376,536,113 2,392,753,467 2,361,984,141 2,387,320,051
Paid claims 546,879,862 1,404,652,878 1,624,620,466 1,735,128,586 1,703,718,344 1,736,890,770 1,768,115,473 1,781,869,386 1,758,970,577 1,779,787,726
Total claims incl. outstanding 1,404,796,288 1,903,391,770 1,897,567,676 1,933,346,038 1,829,332,735 1,840,892,037 1,864,247,502 1,871,821,455 1,845,566,302 1,865,124,676
Loss ratio paid 31.66% 61.09% 69.53% 73.31% 73.78% 74.17% 74.40% 74.47% 74.47% 74.55%
Total loss ratio 81.32% 82.78% 81.21% 81.68% 79.21% 78.61% 78.44% 78.23% 78.14% 78.13%
1998 Gross premiums 1,744,667,567 2,358,698,742 2,416,742,125 2,354,289,861 2,396,571,680 2,444,150,934 2,463,786,714 2,429,474,739 2,458,558,022
Paid claims 561,227,766 1,459,154,384 1,797,962,606 1,828,792,947 1,903,753,309 1,957,343,847 1,974,912,283 1,952,550,202 1,977,230,213
Total claims incl. outstanding 1,461,163,434 1,969,546,769 2,115,610,627 2,031,217,359 2,049,026,776 2,068,236,832 2,077,048,221 2,045,208,842 2,066,239,374
Loss ratio paid 32.17% 61.86% 74.40% 77.68% 79.44% 80.08% 80.16% 80.37% 80.42%
Total loss ratio 83.75% 83.50% 87.54% 86.28% 85.50% 84.62% 84.30% 84.18% 84.04%
1999 Gross premiums 1,593,840,484 2,215,239,569 2,291,438,685 2,348,160,769 2,388,235,230 2,401,634,011 2,370,634,633 2,400,220,695
Paid claims 485,197,061 1,420,606,394 1,736,164,225 1,874,496,796 1,940,494,555 1,982,718,739 1,964,668,450 1,992,437,310
Total claims incl. outstanding 1,354,923,357 1,994,463,556 2,078,446,821 2,106,436,232 2,116,928,707 2,138,894,787 2,102,676,425 2,126,317,246
Loss ratio paid 30.44% 64.13% 75.77% 79.83% 81.25% 82.56% 82.88% 83.01%
Total loss ratio 85.01% 90.03% 90.70% 89.71% 88.64% 89.06% 88.70% 88.59%
2000 Gross premiums 1,594,128,256 2,235,277,126 2,473,957,761 2,535,475,002 2,567,547,592 2,498,690,212 2,530,863,105
Paid claims 494,248,195 1,421,974,951 1,872,415,024 2,010,836,815 2,049,774,174 2,042,698,845 2,039,912,177
Total claims incl. outstanding 1,390,309,398 2,068,681,161 2,279,264,280 2,299,274,123 2,232,195,907 2,171,852,090 2,163,402,531
Loss ratio paid 31.00% 63.62% 75.69% 79.31% 79.83% 81.75% 80.60%
Total loss ratio 87.21% 92.55% 92.13% 90.68% 86.94% 86.92% 85.48%
10%
0%
12
24
36
60
84
96
48
72
U 132
0
e
10
12
at
m
lti
40%
20%
0%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Examples of Major Hull claims in 2007,
attaching to Underwriting year 2006
120.0%
100.0%
80.0%
60.0% 2005
2006
40.0%
20.0%
0.0%
Quarters
1 2 3 4 5 6 7 8 9 10
* =(Paid+Outstanding claims) / Net premium
Transport/Cargo
Exposures in values increases significantly, but not
reflected in premium development
Even so, stability in results since 2002
Explanation of terms used in this presentation (1)
Gross premium = Premium for insurance including the provision for anticipated losses (the pure premium) and for the anticipated
expenses (loading), including also commission and brokerage but excluding taxes and other contributions on insurance premiums.
Written premium = Complete premium due for insurance policies which start, i.e. “are written”, in a specific year (= the
underwriting year of the policy). Does not give any information on actual premium payments/instalments, i.e. the cash flow.
Paid claims = Amounts the insurer has paid for known and registered claims less recoveries.
Outstanding claims reserve = Claims reserve for specific reported, but not yet (fully) paid claims, of which the insurer has an
estimation of the total amount to be paid. Includes loss adjustment expenses.
= Sum of total claims estimates minus any amounts already paid for these claims.
Total claim = Paid amounts + outstanding claims reserve for specific reported claims.
IBNR = ”Incurred but not reported” = additional claims reserve on top of the outstanding claims reserve, and which for claims
incurred, but not yet known or registered in the insurer’s system. The necessary IBNR reserve is derived by statistical methods
based on historical claims ladder statistics.
Loss ratio = Claims divided by premiums. Indicator of whether premiums are calculated correctly to match claims and other
expenses.
Gross loss ratio (in this presentation) = Sum of total claims and IBNR reserves, divided by gross written premiums
Underwriting year basis = Insurance figures are registered with the calender year in which the insurance policy starts, and to
which the covered risks accordingly attach to. Example: a policy with cover period 01.07.06-30.06.07 has underwriting year 2006.
Both claims occuring in 2006 and 2007 for risks attaching to this policy are thus attributed to underwriting year 2006. The
underwriting year is not closed, so underwriting year figures change as long as there are payments related to policies with this
underwriting year.
Accident year = Claims are registered with the calendar year in which an accident happens. Claims attaching to the same policy
may thus be attributed to different accident years. Example: for the policy with cover period 01.07.06-30.06.07 a claim occuring in
2007 has accident year 2007, but underwriting year 2006. The accident year is not closed, so figures will change as long as there
are claims payments related to claims occured in that accident year, e.g. a claim payment made in 2009 for an accident which
happened in 2007 will be attributed to accident year 2007.
Accounting year (also booking year) = Insurance figures, regardless of their original source date, are booked into that year of
account which is open at the time of actually entering the figures in the books. Contrary to the underwriting and accident year, the
accounting year is closed at some point in time, usually at the end of one calendar year, such that figures do not change any more
once the accounting year is closed. These give the insurance results usually published in companies’ annual reports.
Explanation of terms used in this presentation (2)
Premium volumes shown in this report are
(as defined in the Global Premium Report Form):
- excluding:
- all types of reinsurance (facultative and treaty, proportional as well as non-
proportional),
with the exception of facultative reinsurance from a captive, which would not be
reported
by another member association.
- War risk premium.
- including:
- all marine premium from the national market, if possible also premium written by
insurers who are not members of the national association.
Above are the specifications of what IUMI members ideally should report.
The actually reported figures may though possibly deviate from that. If such deviations and their
impact on the figures is known to IUMI it is commented.
Explanation of terms used in this presentation (3)
Classes of business the premium is reported for
(as defined in the Global Premium Report Form):
Global Hull =
-Ocean (blue-water) Hull Insurance
-Commercial vessels engaged in international trade under domestic or foreign flag.
-Interests included are: hull and machinery (H&M), disbursements, increased value, freight or other
ancillary interests, loss of hire (LOH), construction risks.
-Coastal/Inland Marine Hull Insurance
-Vessels not included in the above category, trading in domestic waters or inland waterways, e.g.
coasters, fishing vessels, tugs, lighters, barges, etc. Only premium relating to commercial vessels,
pleasure craft is excluded (where possible).
-Interests included are: same as for ocean hull. Marine liabilities for this type of vessel are excluded
(where possible), as these fall under “Marine Liability”.
Transport/Cargo = all types of insurance relating to cargo, including freight forwarders, CMR and carriers
liability, in transit whether on land, sea or air, domestic as well as international trade.
Marine Liability = insurance covering marine liabilities in respect of vessels classified as coastal/inland
marine and also marine liabilities covering charterers, shiprepairers, stevedores, wharfingers, terminal
operators and similar legal liability insurances. P&I insurance placed with members of the International
Group of P&I Clubs is excluded here (where possible).
Offshore/Energy = insurance of all interests relating to offshore exploration and production activities,
including both mobile and fixed units, construction risks. Figures relating to onshore (downstream) operations
are excluded (where possible).