The marine insurance market 2002
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THE MARINE INSURANCE MARKET 2002. Houston Marine Insurance Seminar September 22, 2002. International Union of Marine Insurance. Founded in Berlin in 1874 55 Member Associations

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THE MARINE INSURANCE MARKET 2002

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The marine insurance market 2002

THE MARINE INSURANCE MARKET 2002

Houston Marine Insurance Seminar

September 22, 2002


International union of marine insurance

International Union of Marine Insurance

Founded in Berlin in 1874

55 Member Associations

Purpose: To represent, safeguard and develop insurers’ interests in marine and transport insurance

 Fosters cooperation and exchanges information with international governmental and non-governmental organizations

IUMI Organization and Annual Conference


The market

“The Market”

“ The area of economic activity in which buyers and sellers come together and the forces of Supply and Demand affect Prices”

- Webster’s Dictionary


What factors drive the market

What Factors Drive the Market?

Capital

 Economic Activity

 Reinsurance

 Return on Investments

 Management Decisions

 Intangibles


The 1992 2002 cycle

The 1992 –2002 Cycle

 Peak Years of 1992-1994

 Booming World Trade

 Robust World Economic Growth

 Favorable Investment Environment

 Growing Order Book for New Vessels

 Falling Insurance Rates


U s marine insurance results 2001 highlights

U.S. Marine Insurance Results 2001Highlights

 12% growth in Direct Written Premium to $2.34 billion

 102% Combined Ratio

 Second Consecutive Year of Improvement

 Stellar Cargo Results – 86.1% Combined Ratio

 Excellent Yacht Results – 15% Growth / 93.4%

Combined Ratio

 Solid Liability Results – 88.9% Combined Ratio

 No Cat’s


U s marine insurance results 2001 lowlights

U.S. Marine Insurance Results 2001Lowlights

Energy & Offshore 89% Growth / 152.9% Combined Ratio

Ocean Hull Premiums grew 3.5 X’s / 113.1% Combined Ratio

Other Hull / P&I – 116% Combined Ratio

Liabilities – 9% decline in Direct Written Premium / Deteriorating Trend

Marginal ROE


U s marine calendar year financials

U.S. Marine Calendar Year Financials


Global marine premiums

Global Marine Premiums


Global marine premiums1

Global Marine Premiums


Global marine premiums2

Global Marine Premiums


Major marine markets

Major Marine Markets

2000

Japan$2,087

 United Kingdom$1,766

 USA$1,554

 France$ 972

 Germany$ 964

 Norway$ 584

 Italy$ 509


Global cargo premiums

Global Cargo Premiums


Global hull premiums

Global Hull Premiums


Major marine markets1

Major Marine Markets

% Change

20001998-2000

 Japan$2,087 -9.2%

 United Kingdom$1,766 +3.9%

 USA$1,554 +4.7%

 France$ 972 -10.2%

 Germany$ 964 -24.5%

 Norway$ 589 -12.2%

 Italy$ 509 -36.2%


Where do we go from here

Where Do We Go From Here?

 The 2002-2012 Cycle

 Market Consolidation

 New Capital

 Management Decisions


The blame game

The Blame Game

Who’s responsible?

 The Underwriter

 The Broker/Agent

 The Reinsurer

 The Customer


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