The Nordic Association of Marine Insurers (Cefor) has reported that for the first half of this year hull losses are at the lowest level since 1996.
Its figures show there were only three loss valued in excess of $10m reported in the period. It demonstrate the recent low claims record seems to be continuing.
Cefor said there had been no losses in excess of $30m since 2015.
It added that the claims frequency had been stable at around 22% since 2012.
Insured values have also fallen less in 2018 than they have in previous years.
So far in 2018 the fall in insured values has been around 2.5% compared to 5.7% in 2017 and 7.5% in 2016.
Cefor predicted another low full year in 2018 for claims.
“The long-term positive trend for total losses came to a halt in 2010 and has since fluctuated at a low level somewhere between 0.05% and 0.10%,” it said.
“In the first half of 2018, the total loss frequency reached a minimum again, but after only half a year it is too early to conclude on how the 2018 total loss frequency will develop towards the end of the year.”
“With a starting point of below 0.05% in the first six months of the year, it seems however improbable that the total loss frequency will exceed the recent year’s upper bound of 0.1%.”
