Hellenic Association of Insurance Companies: Marine crew insurance 2017 executive summary

A total of 996 contracts for marine crew insurance were in force in 2017 (+3.1% compared to 2016). The corresponding figure of insured jobs amounted to 20,542 (increased by 5.1%). A total of 1,611 losses (1,727 in 2016) were declared, for which € 0,9 million was paid and 1,6 million € of outstanding claims was reserved. The corresponding figures for 2016 were € 0.8 million and € 1.6 million.

From the above amounts, the following ratios are estimated for the average claim and the average loss frequency (calculations based on the insured jobs).

According to the data collected for claims causes in 2017, a large decrease is noted in paid claims for temporary disability and a correspondingly large increase in claims for repatriation-replacements. Outpatient care and repatriation-replacements account for 65.5% of the amount paid in claims in 2017.

Accordingly, the distribution of the causes of outstanding claims did not change significantly. Most of them relate to causes of temporary disability (31.1%), replacements-returns (31.0%) and hospital care (22.8%), while the remainder is shared among deaths (9.3%) and outpatient care (5.8%).

Direct premium per distribution channel was as follows: independent insurance intermediaries (brokers, agents) 71.4%, tied agency 16.5% and direct sales 12.1%.

After the loss development is studied, total ultimate losses per underwriting year can be estimated satisfactorily after 2-3 years from the date of the policy’s issue.