According to updated figures as per 30 June from the Nordic Marine Insurance Statistics (NoMIS) database, the average costs of claims per vessel continues at the high 2010 level ending a downward trend from the peak years 2007/2008. Part of the reason for this appear to be the more stable market conditions with higher utilization rates and repair costs following the sudden decline in the world economy.
The value of newbuildings are also generally increasing due to more advanced technologies and vessels sizes, making each vessel more expensive to insure. "History has proven the votality of major claims, and it is necessary to prepare at all times for these costly claims, warns Helle Hammer, Cefor's Managing Director.
Read Cefor's press release here