norwegian marine insurance statistics as of 30 june 2003 page: 4.1.1

Norwegian Marine Insurance StatisticsAs of 30 June 2003

Page: 4.1.1

Total Claims per Underwriting Year

0

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

USD

0

500

1,000

1,500

2,000

2,500

Total Claims (w ithout IBNR) 308,456, 342,892, 398,592,463,349, 384,903, 333,761, 309,965,310,922, 54,944,4

No. of Claims 1,417 1,525 1,989 2,077 1,707 1,443 1,416 907 197

1995 1996 1997 1998 1999 2000 2001 2002 2003

Sum 1997-2001

19.9%

17.5%

5.3%20.1%

4.0%

1.3%

3.0%

5.6%

8.1%

15.3%

Bulk Cargo Chem./Prod. Cont./RoRo

LNG/LPG OBO Other Passenger

Suppl./Off. Tank

2001

20.0%

15.3%

5.4%

21.4%3.9%

0.9%

1.8%

5.6%

8.8%

16.9%

2002

16.8%

13.9%

8.3%

25.4%1.5%

1.6%

1.6%

7.7%

7.0%

16.2%


Number of Claims per Type of Vessel

Total 1,416 claims Total 907 claimsPage: 4.1.2.a

Total 8,632 claims

20026.7%

14.8%

3.4%

23.6%

1.2%

0.7%0.6%

20.0%

3.5%

25.6%

2001

14.7%

25.7%

5.5%19.5%1.2%

1.1%

1.0%

7.3%

3.1%

20.9%

Sum 1997-2001

19.5%

16.8%

4.8%

15.7%2.6%

1.1%

2.2%

15.2%

2.6%

19.5%

Bulk Cargo Chem./Prod. Cont./RoRo

LNG/LPG OBO Other Passenger

Suppl./Off. Tank


Cost of Claims per Type of Vessel

Total $310 mill. Total $311 mill.

Page: 4.1.2.b

Total $1,891 mill.

200222.0%

18.9%

16.3%

19.8%

23.0%

Sum 1997-2001

20.5%

16.7%

16.4%

23.3%

23.2%

0-5 years 5-10 years 10-15 years 15-20 years > 20 years

200122.3%

17.2%

14.6%

22.3%

23.6%


Number of Claims per Age Group

Page: 4.1.3.aTotal 1,416 claims Total 907 claims

Total 8,632 claims

2001

32.5%

12.8%13.6%

16.5%

24.7%

200221.9%

16.4%

14.3%

26.2%

21.3%


Cost of Claims per Age Group

Page: 4.1.3.b

Total $310 mill. Total $311 mill.

Total $1,891 mill.

Sum 1997-2001

20.9%

16.2%

11.7%23.9%

27.2%

0-5 years 5-10 years 10-15 years 15-20 years > 20 years

1997-2001

37.9%

10.7%15.5%

2.9%

11.5%

4.6%

0.4%

16.4%

Machinery Damage Collision Striking Fire and explosion

Grounding Heavy weather damage Ice damage Other types of damage

2001

38.8%

11.1%15.4%

3.2%

11.9%

4.9%

0.5%

14.1%

2002

39.1%

11.5%19.6%

2.6%

10.1%

5.2%

1.8%

10.0%


Number of Claims per Type of Casualty

Total 8,632 claims

Total 1,416 claims

Page: 4.1.4.aTotal 907 claims

2002

28.2%

14.1%

4.6%27.1%

20.3%

2.5%

0.4%

2.8%

2001

26.3%

12.2%

9.1%12.6%

27.1%

3.3%

0.2%

9.2%

1997-2001

25.0%

11.5%

8.2%18.8%

22.2%

4.2%

0.2%

9.8%

Machinery Damage Collision Striking Fire and explosion

Grounding Heavy w eather damage Ice damage Other types of damage


Cost of Claims per Type of Casualty

Total $1,891 mill.

Total $310 mill.

Total $311 mill.

Page: 4.1.4.b


Page: 4.1.5

Number of Claims per type of casualtyper 1000 vessels

0 50 100 150 200 250 300 350 400 450 500 550 600 650

Machinery Damage

Collision

Striking

Fire and explosion

Grounding

Heavy weather damage

Ice damage

Other types of damage

1997

1998

1999

2000

2001

2002


Page: 4.1.6

Claims Cost per type of casualtyper 1000 vessels / in USD mio

0 10 20 30 40 50 60 70 80 90 100

Machinery Damage

Collision

Striking

Fire and explosion

Grounding

Heavy weather damage

Ice damage

Other types of damage

1997

1998

1999

2000

2001

2002


Page: 5.1.1

Underwriting ResultsAll business underwritten by NoMIS members, 100%

Total Resultsin USD

-200,000,000

-100,000,000

0

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

1995 1996 1997 1998 1999 2000 2001 2002 2003

Premium

Paid Claims

Outstanding Claims

Total Claims (w ithout IBNR)

Underw riting Result

Results actual as per 30.06.03 – include no IBNR reserves


Page: 5.1.2

Underwriting ResultsAll business underwritten by NoMIS members, 100%

Average Results per Vessel Year in USD

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

1995 1996 1997 1998 1999 2000 2001 2002 2003

Premium

Paid Claims

Outstanding Claims

Total Claims (w ithout IBNR)

Underw riting Result

Results actual as per 30.06.03 – include no IBNR reserves


Page: 5.2.0

Calculation methods for Index Key Factors and Adjusted Rating Development1) Rating Quality Index Adjustment Factors: V = (Av.SI year x - Av. SI 1990) / 100 * 0,3

VP = Av.Prem. per vessel year - VPAPB = VP - (Av.SI 1990 * 0,257) / 100SPAB = 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 2003

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 2003

3) Loss Ratio Index = Loss Ratio year x / Loss Ratio 1990 for x = 1990 to 2002 (Loss Ratio = Total Claims / Net Premium)

4) Claims Cost Index = Claims Cost year x / Claims cost 1990 for x = 1990 to 2002

5) Claims Frequency Index = Claims Frequency year x / Claims Frequency 1990 for x = 1990 to 2002 (Claims Frequency = No. of claims / No. of vessel years)


Page: 5.2.0 contd.

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 2003Premium + (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 2003

Adjusted Rating Development:

Adjustment Factors: V = (Av.SI year x - Av. SI 1990) / 100 * 0,3VP = Av.Prem. per vessel year - VPAPB = VP - (Av.SI 1990 * 0,257) / 100SPAB = 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 2003Premium + 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 2003


Page: 5.2.1

Indexed Key Factors, 1995 = 100%

0%

50%

100%

150%

200%

250%

300%

1995 1996 1997 1998 1999 2000 2001 2002 2003

Underwriting Year

Rating Quality Index

Cash Index

Loss Ratio Index

Claims Cost Index

Claims Frequency Index


Page: 5.2.2

Rating Development, 1995 = 100%

0%

20%

40%

60%

80%

100%

120%

1995 1996 1997 1998 1999 2000 2001 2002 2003

Premium Prem.+ 50% Standard Ded.


Page: 5.2.3

Adjusted Rating Development, 1995 = 100%

0%

20%

40%

60%

80%

100%

120%

1995 1996 1997 1998 1999 2000 2001 2002 2003

Premium Prem.+ 50% Standard Ded.


Page: 5.2.4

Comment:Deductibles <=97 based on database before restructuring of underwriting years 1995-97Deductibles >= 98 based on the ”new” database

Average Standard Deductible Developmentin USD

050,000

100,000150,000200,000250,000

1995 1996 1997 1998 1999 2000 2001 2002 2003

Standard Deductible USD Std. Deductible < 500,000 USD

norwegian marine insurance statistics as of 30 june 2003 page: 4.1.1

Documents