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Norwegian Marine Insurance Statistics: Trends and Analysis

Explore the Norwegian marine insurance statistics as of December 31st, 2000, covering claims, costs, vessel types, casualty types, age groups, and rating development. Dive into data on claims frequency, loss ratios, and more using index factors and adjusted ratings. Gain insights into premium, deductibles, and evolving trends in the marine insurance sector. Uncover the impact of restructuring on deductibles and the transition to the "new" database for a comprehensive analysis.

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Norwegian Marine Insurance Statistics: Trends and Analysis

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  1. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Page: 4.1.1

  2. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Number of Claims per Type of Vessel Total 8,206 claims Total 1,459 claims Total 535 claims Page: 4.1.2.a

  3. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Cost of Claims per Type of Vessel Total $1,810 mill. Total $333 mill. Total $117 mill. Page: 4.1.2.b

  4. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Number of Claims per Age Group Total 8,206 claims Total 535 claims Total 1,459 claims Page: 4.1.3.a

  5. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Cost of Claims per Age Group Total $1,810 mill. Total $333 mill. Total $117 mill. Page: 4.1.3.b

  6. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Number of Claims per Type of Casualty Total 8,206 claims Total 1,459 claims Total 535 claims Page: 4.1.4.a

  7. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Cost of Claims per Type of Casualty Total $1,810 mill. Total $333 mill. Total $117 mill. Page: 4.1.4.b

  8. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Page: 4.1.5

  9. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Page: 4.1.6

  10. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Page: 5.1.1

  11. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Page: 5.1.2

  12. Norwegian Marine Insurance StatisticsAs of 31st December 2000 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 2000 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 1999 3)Loss Ratio Index = Loss Ratio year x / Loss Ratio 1990 for x = 1990 to 1999 (Loss Ratio = Total Claims / Net Premium) 4) Claims Cost Index = Claims Cost year x / Claims cost 1990 for x = 1990 to 1999 5) Claims Frequency Index = Claims Frequency year x / Claims Frequency 1990 for x = 1990 to 1999 (Claims Frequency = No. of claims / No. of vessel years) Page: 5.2.0

  13. Norwegian Marine Insurance StatisticsAs of 31st December 2000 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 2000 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 2000 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 2000 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 2000 Page: 5.2.0 contd.

  14. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Page: 5.2.1

  15. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Page: 5.2.2

  16. Norwegian Marine Insurance StatisticsAs of 31st December 2000 Page: 5.2.3

  17. Norwegian Marine Insurance StatisticsAs of 31st December 2000 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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