Hellenic Association of Insurance Companies: Yacht insurance 2017

Τρίτη, 09 Οκτωβρίου 2018 23:54

In 2017, ship insurance premium, i.e. insurance branches 6.Ships and 12. Civil liability for ships, amounted to € 15.5 million (€ 10.2 million and € 5.3 million respectively), recording an increase of 7.2% and 5.7%, respectively, compared to 2016. Similarly, the Non-life premium increased by 2.9%, while total premium (Life and Non- Life) increased by 0.6%.

The distribution of premium per channel of intermediation was as follows: independent insurance intermediaries (brokers, agents) accounted for 76.0%, direct sales 13.3%, tied agency 10.0% and bancassurance 0.7%.

The bulk of insured boats both in number and in insured value are those of personal leisure. Distributing the vessels on the basis of the insured funds, 52.2% have a value of more than € 250 thousand, while in an amount these constitute 93.8% of the insured funds. The ones of personal leisure record most of the claims, both in number and in amounts.

Average claim fell from € 13.3 thousand (according to the updated survey for the year 2016) to € 7.2 thousand. Also, the average frequency rate decreased from 3.96% to 3.10%.

The main causes of compensation are related to impact / collision (17.5%), mechanical damage (15.1%) and civil liability (14.8%). The percentage of damage to the propulsion system standed at 13.4%.

After the claims evolution is studied, the estimation of outstanding claims is quite satisfactory throughout the considered period. Average claim is estimated at € 7,357 in 2017, against € 9,999 in 2016.

The average claim for the nine year period 2009-2017 is estimated at € 10,910.