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Norwegian Marine Insurance Statistics As of 31st December 2002

Norwegian Marine Insurance Statistics As of 31st December 2002. Page: 4.1.1. Norwegian Marine Insurance Statistics As of 31st December 2002. Number of Claims per Type of Vessel. Total 8,070 claims. Total 1,205 claims. Total 422 claims. Page: 4.1.2.a.

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Norwegian Marine Insurance Statistics As of 31st December 2002

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  1. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Page: 4.1.1

  2. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Number of Claims per Type of Vessel Total 8,070 claims Total 1,205 claims Total 422 claims Page: 4.1.2.a

  3. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Cost of Claims per Type of Vessel Total $1,763 mill. Total $143 mill. Total $260 mill. Page: 4.1.2.b

  4. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Number of Claims per Age Group Total 8,070 claims Total 1,205 claims Total 422 claims Page: 4.1.3.a

  5. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Cost of Claims per Age Group Total $1,763 mill. Total $143 mill. Total $260 mill. Page: 4.1.3.b

  6. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Number of Claims per Type of Casualty Total 8,070 claims Total 1,205 claims Total 422 claims Page: 4.1.4.a

  7. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Cost of Claims per Type of Casualty Total $1,763 mill. Total $143 mill. Total $260 mill. Page: 4.1.4.b

  8. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Page: 4.1.5

  9. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Page: 4.1.6

  10. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Page: 5.1.1

  11. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Page: 5.1.2

  12. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Calculation methods for Index Key Factors and Adjusted Rating Development 1)Rating Quality Index Adjustment Factors: V = (Av.SI year x - Av. SI 1990) / 100 * 0,3 VP = Av.Prem. per vessel year - V PAPB = VP - (Av.SI 1990 * 0,257) / 100 SPAB = PAPB * Av. (F)DWT per vessel 1990 / Av. (F)DWT per vessel year x Adjusted values: Adjusted Premium = SPAB + (Av.SI 1990 * 0,257 / 100) Adjusted Standard Deductible = Av.Std.Ded. * Av.(F)DWT 1990 / Av.(F)DWT year x (Adj.Prem. + 50% (Standard Deductible < 500,000))rate = (Adj.Prem.+0,5 * (Adj.Std.Ded < 500,000)) / (Av.SI1990) * 100 Rating Quality Index = (Adj.Prem + 50% (Std.Ded.< 500,000)) rate year x / (Adj.Prem. + 50% (Std.Ded.< 500,000)) rate 1990 * 100 for x = 1990 to 2002 2) Cash Index Factor year x = Net Premium year x+1 / Net Premium year x Net Premium in this case is the sum over all ships renewed from year x to year x+1 with a Sum Insured and a Standard Deductible within a 90% margin in relation to the previous years Sum Insured and Standard Deductible Cash Index (1990) = Factor 1990 Cash Index (year x) = Factor year x * Cash Index (year x-1) for x = 1991 to 2002 3)Loss Ratio Index = Loss Ratio year x / Loss Ratio 1990 for x = 1990 to 2001 (Loss Ratio = Total Claims / Net Premium) 4) Claims Cost Index = Claims Cost year x / Claims cost 1990 for x = 1990 to 2001 5) Claims Frequency Index = Claims Frequency year x / Claims Frequency 1990 for x = 1990 to 2001 (Claims Frequency = No. of claims / No. of vessel years) Page: 5.2.0

  13. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Rating Development: Premium = Net Premium per Vessel in % of Sum Insured year x / Net Premium per Vessel in % of Sum Insured 1990, for x = 1990 to 2002 Premium + (50% of Standard Deductible < 500,000) = (Net Premium per Vessel + 50% (Standard Deductible < 500,000)) in % of Sum Insured year x/ (Net Premium per Vessel + 50% (Standard Deductible < 500,000)) in % of Sum Insured 1990 for x = 1990 to 2002 Adjusted Rating Development: Adjustment Factors: V = (Av.SI year x - Av. SI 1990) / 100 * 0,3 VP = Av.Prem. per vessel year - V PAPB = VP - (Av.SI 1990 * 0,257) / 100 SPAB = PAPB * Av.FDWT per vessel 1990 / Av.FDWT per vessel year x Adjusted values: Adjusted Premium = SPAB + (Av.SI 1990 * 0,257 / 100) Adjusted Standard Deductible < 500,000 = (Average Standard Deductible < 500,000) * Av.FDWT 1990 / Av.FDWT year x (Adj.Prem. + 50% (Standard Deductible < 500,000))rate = (Adj.Prem + 50% (Adjusted Standard Deductible < 500,000)) / Av.SI 1990 * 100 Adjusted Rating Development: Premium = Adjusted Premium year x / Adjusted Premium 1990, for x = 1990 to 2002 Premium + 50% (Standard Deductible < 500,000) = (Adj.Prem + 50% (Standard Deductible < 500,000)) rate year x / (Adj.Prem. + 50% (Standard Deductible < 500,000)) rate 1990 * 100 for x = 1990 to 2002 Page: 5.2.0 contd.

  14. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Page: 5.2.1

  15. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Page: 5.2.2

  16. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Page: 5.2.3

  17. Norwegian Marine Insurance StatisticsAs of 31st December 2002 Comment: Deductibles <=97 based on database before restructuring of underwriting years 1995-97 Deductibles >= 98 based on the ”new” database Page: 5.2.4

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