WELCOME TO THE CEFOR ANNUAL SEMINAR 9 April 2015

CEFOR BOARD OF DIRECTORS AS PER 9 APRIL Members: Christen Guddal, Gard, Chair Leif Nordlund, Alandia Insurance, Vice Chair Arne Gangdal, Gjensidige Jonny Gangstad, If Tord Nilsson, The Swedish Club Göran Skuncke, DNK Hans Christian Seim, NHC Anne Systad, Codan Personal Deputies: Jan-Hugo Marthinsen Jan Limnell Petter Bøhler Rickard Svensson Lars Rhodin Svein Ringbakken Arne Birkeland Scott Ørmen

2014 HULL CLAIMS TRENDS IN MARINE INSURANCE

NORDIC MARINE INSURANCE STATISTICS (NOMIS) Ocean and coastal hull claims ,000 registered vessel years 81,000 claims

CLAIM PER VESSEL BY SIZE OF CLAIMS BY DATE OF LOSS

HIGH-VALUE VESSELS = EXPENSIVE LOSSES Distribution of number of vessels by insured values (underwriting year) Photo: Rvongher / Wikimedia Commons

CLAIMS IN EXCESS OF USD 10 MILLION AS % OF TOTAL CLAIM COST

CLAIMS FREQUENCY, BY DATE OF LOSS Influencing factors: ‐ Increased deductibles ‐ Reduced repair costs ‐ Slightly younger & larger vessels ‐ Reduced vessel utilization

THE EXCEPTION…FIRE! Fire/Explosion claims frequency by vessel type group

Costs (%), by date of loss DISTRIBUTION OF CLAIMS BY TYPE OF CASUALTY Numbers (%), by date of loss

COASTAL & FISHING VESSELS SEGMENT 135,000 vessel years 25,000 claims Fishing vessels = 47%

CLAIMS FREQUENCY PER SUM INSURED LAYER INCL. IBNR, BY DATE OF LOSS

Costs (%), by date of loss DISTRIBUTION OF CLAIMS BY TYPE OF CASUALTY Numbers (%), by date of loss Fishing vessels

Cyber risks ‐ Virtual pirates at large Lars Jensen, CEO, Cyberkeel ‐ Insurance coverage & regulation Glenn R. Legge, Partner, Legge Farrow Kimmitt McGrath & Brown L.L.P. Pioneering the new Nordic construction risk clauses for MOUs Jasper Neuteboom, Fleet Insurance Manager, BW Offshore Ltd hrs:Aperitif 1930 hrs:Dinner