About the database
Number of vessels per type of vessel. year of exposure 2023
Since 1985, leading members of Cefor have compiled and analysed statistical information relevant to their hull and machinery insurance portfolio. The introduction of electronic reporting in combination with the expansion of the Nordic marine insurance market increased the number of vessels reported per years substantially, from 5,900 in 1995 to roughly 30,000 vessels reported for 2023. These number include both lead and follower business for ocean and coastal hull.
Portfolio characteristics & Statistics relevance
Cefor members underwrite a wide range of tonnage. Due to the somewhat different characteristics of the ocean and coastal hull segment, Cefor issues separate statistics for international ocean-going vessels with an IMO number and for the Nordic coastal segment.
The ocean hull portfolio constitutes a representative sample of the world fleet, comprising vessels of all types and all global trading areas. Over the whole world fleet, Cefor participates in about 27% of all vessels over 1,000 gross tons, with a higher participation for the largest vessels built after 2000.
Cefor members also write a significant portfolio of Mobile Offshore Units. These are not included in the NoMIS database.
Data
The ocean hull trends are based on vessels with a registered IMO number. The coastal hull trends are derived from vessels defined as fishing vessels and any other vessel up to 5,000 gross tons or 15 meters in length but excluding supply/offshore vessels, which are part of the ocean hull statistics.
100% shares
All figures are adjusted to 100% of the vessel to provide as objective a picture of the claims trends as possible. The figures are thus independent of the share underwritten by any single insurer or the combined Nordic market share for the vessel.
Date of loss perspective (accident year)
Unless otherwise indicated, all claims graphs reflect the date-of-loss perspective, i.e. claims are grouped by the calendar year in which the loss occurred, also called accident year, as opposed to grouping claims by the underwriting year (the inception year of the insurance coverage). The date-of-loss perspective allows a more up-to-date picture of recent claims trends and a more exact estimation of the ultimate expected claims amount for the latest year.
IBNR adjustments thus represent only the expected adjustment of outstanding claims reserves for claims incurred by 31 December, and no additional reserves for claims that will be incurred in 2023 but related to previous underwriting years.
Exchange rates
The figures in the NoMIS reports are converted to USD, with the exception of the coastal segment, which is presented in NOK to better reflect the true claims trends of this portfolio. Paid claims are converted into USD (NOK) at the exchange rate of the month of payment. Outstanding claims reserves are converted with the exchange rate of the last month included in the respective statistics.
For further explanations see section 7. and 8. in the 2023 Ocean and Coastal Hull reports published here.