1. IUMI 2002 – New York City A Joint Hull Committee View from London Casualty & Underwriting Statistics IUMI 2002 - New York City

2. IUMI 2002 – New York City  Casualty Statistics Casualty & Underwriting Statistics A Joint Hull Committee View from London Agenda

3. IUMI 2002 – New York City  Casualty Statistics  Total Loss Trends Summary of Total Loss Statistics Casualty & Underwriting Statistics A Joint Hull Committee View from London Agenda

4. IUMI 2002 – New York City Casualty & Underwriting Statistics A Joint Hull Committee View from London  Casualty Statistics  Total Loss Trends Summary of Total Loss Statistics  Major Partial Loss Trends Observations from Salvage Ltd’s major casualty database Agenda

5. IUMI 2002 – New York City Casualty & Underwriting Statistics A Joint Hull Committee View from London  Casualty Statistics  Total Loss Trends Summary of Total Loss Statistics  Major Partial Loss Trends Observations from Salvage Ltd’s major casualty database  Underwriting Results Agenda

6. IUMI 2002 – New York City Casualty & Underwriting Statistics A Joint Hull Committee View from London  Casualty Statistics  Total Loss Trends Summary of Total Loss Statistics  Major Partial Loss Trends Observations from Salvage Ltd’s major casualty database  Underwriting Results  Market Results  The Market Cycle Agenda

7. IUMI 2002 – New York City A Joint Hull Committee View from London  Total Loss Trends Summary of Total Loss Statistics

8. IUMI 2002 – New York City Total Losses 1989 – 2001 By Number Vessels > 500Grt Source: LMIU for Joint Hull Committee

9. IUMI 2002 – New York City Total Losses 1989 – 2001 By Tonnage Vessels > 500Grt Source: LMIU for Joint Hull Committee

10. IUMI 2002 – New York City Total Losses 1989 – 2001 As Percentage of World Fleet Vessels > 500Grt Source: LMIU for Joint Hull Committee

11. IUMI 2002 – New York City Total Losses 1994 – 2001 Age / Type Profile Vessels > 500Grt Source: LMIU for Joint Hull Committee

12. IUMI 2002 – New York City Total Losses 1994 – 2001 By Cause, All Vessel Types Vessels > 500Grt Source: LMIU for Joint Hull Committee

13. IUMI 2002 – New York City Total Losses 1994 – 2001 By Cause, Principal Vessel Types Vessels > 500Grt Source: LMIU for Joint Hull Committee

14. IUMI 2002 – New York City Total Losses  By Number, By Tonnage, As %age World Fleet:-  Downward Trend Almost Year on Year  The Most Influential Factors:-  Age & Weather  Major Issues:- Maritime Regulation (Classification, ISM, STCW, Port State Control) Technology / Advances in Design & Construction World Economy (Maintenance Expenditure) Conclusion

15. IUMI 2002 – New York City  Major Partial Loss Trends Observations from Salvage Ltd’s major casualty database

16. IUMI 2002 – New York City Partial Loss Casualties 1999–2002 Source: BMT Salvage Ltd By Cause, All Vessel Types Estimated Cost of Repairs > US$250,000

17. IUMI 2002 – New York City Partial Loss Casualties 1999–2002 Source: BMT Salvage Ltd Principal Cause and Vessel Type Estimated Cost of Repairs > US$250,000

18. IUMI 2002 – New York City Partial Loss Casualties 1999–2002 Frequency & Magnitude, All Vessel Types Estimated Cost of Repairs > US$250,000 Source: BMT Salvage Ltd

19. IUMI 2002 – New York City Partial Loss Casualties 1999–2002 Source: BMT Salvage Ltd Machinery Losses by Vessel Age Estimated Cost of Repairs > US$250,000

20. IUMI 2002 – New York City Partial Losses  Machinery / Engine Room Damage  Highest Frequency  All Age and Vessel Types Machinery / Engine Room Surveys, Deductibles, New for Old?  Fire  Highest Cost Fire Precautions  Grounding / Collisions  Significant Cost & Frequency Trading Pattern, Deductibles, Loadings  Structural / Coating  Significant Cost Building Surveys, Release to Builders, Warranty Periods Conclusion

21. IUMI 2002 – New York City from London  Underwriting Results  Market Results  The Market Cycle

22. IUMI 2002 – New York City ‘T’ Audit Code Projected ULR’s 1993 - 2001 Net of Commission, Gross of Reinsurance Lloyd’s Hull Results Source: Lloyd’s Market Analysis Dept

23. IUMI 2002 – New York City Lloyd’s Hull Results ‘T’ Audit Code Projected ULR’s 1993 - 2001 Net of Commission, Gross of Reinsurance Source: Lloyd’s Market Analysis Dept

24. IUMI 2002 – New York City 1996 Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

25. IUMI 2002 – New York City 1997 1996 Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

26. IUMI 2002 – New York City 1998 1997 1996 Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

27. IUMI 2002 – New York City 1998 1999 1997 1996 Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

28. IUMI 2002 – New York City 1998 1999 2000 1997 1996 Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

29. IUMI 2002 – New York City 1998 1999 2000 2001 1997 1996 Hull Underwriting Results Source: Lloyd’s Results 2 nd Qtr 2002

30. IUMI 2002 – New York City Hull Underwriting Results Comparison @ 6 th Quarter 1998 1999 2000 2001 1997 1996 Source: Lloyd’s Results 2 nd Qtr 2002

31. IUMI 2002 – New York City Hull Underwriting Results Comparison @ 6 th Quarter 6th Qtr Source: Lloyd’s Results 2 nd Qtr 2002

32. IUMI 2002 – New York City Hull Underwriting Results Comparison @ 6 th Quarter Source: Lloyd’s Results 2 nd Qtr 2002

33. IUMI 2002 – New York City Cash Flow Comparison Source: London Market Sample

34. IUMI 2002 – New York City Total Loss Trend As Percentage of World Fleet Vessels > 500Grt Source: LMIU for Joint Hull Committee

35. IUMI 2002 – New York City Renewal Terms Premium Development A ‘Case Study’ Source: Joint Hull Committee

36. IUMI 2002 – New York City Premium Development A ‘Case Study’ Renewal Terms Source: Joint Hull Committee

37. IUMI 2002 – New York City Premium Development A ‘Case Study’ Renewal Terms Source: Joint Hull Committee

38. IUMI 2002 – New York City Premium Development A ‘Case Study’ Renewal Terms Source: Joint Hull Committee

39. IUMI 2002 – New York City A ‘Case Study’ Premium Development Source: Joint Hull Committee Rating Index

40. IUMI 2002 – New York City A ‘Case Study’ Premium Development Source: Joint Hull Committee Rating Index

41. IUMI 2002 – New York City A ‘Case Study’ Premium Development Source: Joint Hull Committee Rating Index

42. IUMI 2002 – New York City A ‘Case Study’ Premium Development Source: Joint Hull Committee Rating Index

43. IUMI 2002 – New York City Lloyd’s Results vs Fleet X-Section Index Profit vs Rate Index Source: Joint Hull Committee & Lloyd’s Market Analysis Dept

44. IUMI 2002 – New York City Profit vs Rate Index Lloyd’s Results vs Fleet X-Section Index Source: Joint Hull Committee & Lloyd’s Market Analysis Dept

45. IUMI 2002 – New York City Profit vs Rate Index Lloyd’s Results vs Fleet X-Section Index Source: Joint Hull Committee & Lloyd’s Market Analysis Dept

46. IUMI 2002 – New York City Profit vs Rate Index Lloyd’s Results vs Fleet X-Section Index Source: Joint Hull Committee & Lloyd’s Market Analysis Dept Lloyd’s MRAD Projection

47. IUMI 2002 – New York City Results  Acute Cycle  1993 – 1996 Exceptional Profits  1997 – 2000 Losses  2001 – Improvement ­ Cash Flow, Total Loss Incidence ­Rating - relatively low  London Cycle or Worldwide? Conclusion

48. IUMI 2002 – New York City Global Hull Premium Market Share 1992 - 2000 Source: CEFOR Report on Marine Insurance Premium 1999/2000 Spain

49. IUMI 2002 – New York City Global Hull Premium Market Share 1992 - 2000 Source: CEFOR Report on Marine Insurance Premium 1999/2000 Italy Spain

50. IUMI 2002 – New York City Global Hull Premium Market Share 1992 - 2000 Source: CEFOR Report on Marine Insurance Premium 1999/2000 Norway Italy Spain

51. IUMI 2002 – New York City Global Hull Premium Market Share 1992 - 2000 Source: CEFOR Report on Marine Insurance Premium 1999/2000 USA Norway Italy Spain

52. IUMI 2002 – New York City Global Hull Premium Market Share 1992 - 2000 Source: CEFOR Report on Marine Insurance Premium 1999/2000 France USA Norway Italy Spain

53. IUMI 2002 – New York City Global Hull Premium Market Share 1992 - 2000 Source: CEFOR Report on Marine Insurance Premium 1999/2000 Japan France USA Norway Italy Spain

54. IUMI 2002 – New York City Market Share 1992 - 2000 Global Hull Premium Source: CEFOR Report on Marine Insurance Premium 1999/2000 London Japan France USA Norway Italy Spain

55. IUMI 2002 – New York City Source: CEFOR Report on Marine Insurance Premium 1999/2000 Global Hull Premium Market Share Development

56. IUMI 2002 – New York City Looking Forward  2002 Result?  To Report on Next Year  But  Reliance Upon:- Cash Flow Improvement Total Loss Reduction  Rating Relatively Low  Issues World Economy Effect of Regulation (Flag, STCW, ISM, IMO, IACS) Changing Nature of Risk Investment Income Reinsurance

57. IUMI 2002 – New York City A Joint Hull Committee View from London Casualty & Underwriting Statistics IUMI 2002 - New York City