2023 Hull trends - Increase in claims cost and frequency
Cefor released its 2023 hull trends based on data as per 31 December 2023.
Highlights are:
- Upward trend in claims cost and frequency.
- Claims occured in 2022 showed a worse cost development in 2023 than claims of any previous year had in the following year.
- Some increase in major losses in 2023, with fires representing the costliest claims.
- Container vessel values saw big downward corrections in the second half year of 2022 and in 2023 after big increases in 2021 and the first half year of 2022.
In addition to the Ocean and Coastal hull trend reports explaining the main trends, additional key figures for ocean and coastal hull business are available for download. These provide breakdowns of claims trends by vessel type, age group, size group, insured value bands and other subgroups.
2023 Coastal Hull Trend Report
2023 Cefor NoMIS Ocean Hull additional key figures
2023 Cefor NoMIS Coastal Hull additional key figures
Cefor Analyst Astrid Seltmann explained the 2023 hull trends in the light of the global industry context in a webinar 9 April.
Webinar recording and presentation. 