NoMIS - as of 31 December 2017
Major claims on hold
Focus: Owner and flag change
Major claims exceeding 30 USD million stay absent for another year, but the top 1% account for minimum 30% of the total cost in any year! - Overall claims frequency stabilizes around 23% - Total losses continue long-term positive trend - Reduction in insured values slowing down - Owner or flag change: how does that impact the claims frequency?
The 2017 Cefor Annual Report gives an overview over the ocean and coastal hull claims trends and the NoMIS portfolio. The overall claims frequency and repair cost stayed stable in recent years at around 23%, and this trend continues into 2017.
On the other hand, the (non-)occurrence of major losses makes annual results increasingly volatile and less predictable.
The decrease in insured values slowed down in 2017. Only the supply/offshore segment had another double-digit value decrease on 2017 renewals, while the bulk market saw signs of recovery.
Detailed NoMIS reports for ocean and coastal hull business provide breakdowns of claims trends by vessel type, age group, size group, sum insured layers and further subgroups. The trends are illustrated by key figures such as claims frequency and claim cost by vessel, by gross ton, by sum insured, and the average claim cost per claim.
Exposure curves for hull business are included in the ocean hull report.
The 2017 Cefor Annual Report
Underlying data 2017 Cefor Annual Report
(Ocean hull figures in USD; Coastal hull figures in NOK)
Press release
The 2017 Cefor NoMIS Ocean Hull Report (updated 090518)