IUMI 2014: Total loss rate down to 0.18% - 30/09/2014

Rhodin: The increase in 2012 appears to be an isolated contrast in relation to a long-term trend of diminished total losses.

THE frequency of total losses reduced marginally in 2013 compared with the year before and now stands at 0.18% of an unspecified number of vessels in the world fleet, according to an analysis of International Union of Marine Insurance statistics prepared by Lars Rhodin, chairman of its Ocean Hull Committee.

In retrospect, the increase seen in 2012 appears to be an isolated contrast in relation to a long-term trend of diminished total losses, he added.

In tonnage terms, the level has stayed constant for the last five years.

Weather continues to be the major cause of total losses, representing 50% of vessels lost between 2009 and 2013. Ground is the second most frequent cause, accounting for 25% of cases.

The number of major incidents excluding total losses was also down last year. The dominant single cause of serious losses remains incidents involving machinery or the engine room, accounting for 35% of cases.

Navigation — incorporating groundings, collisions and contacts combined — stands for almost 50% of claims in terms of number and certainly more if measured by value.

Frank Costa, chairman of IUMI’s Offshore Energy Committee, said in a separate analysis of offshore losses: “The most significant statistic with respect to rig losses is the fact that there have been 15 losses above $100m since 2009.

“This is indicative of the sharp increase in rig values over the past decade, and claims inflation.”

 

In http://www.lloydslist.com/ 24/09/2014

Retour