International Group of P&I Clubs POSEIDON CHALLENGE. Nigel Carden, Chairman, Ships Standards Subcommittee,
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1 International Group of P&I Clubs POSEIDON CHALLENGE Nigel Carden, Chairman, Ships Standards Subcommittee, International Group of P&I Clubs Istanbul, 22 April 2008
2 Introduction International Group = 13 P&I clubs insuring more than 90% of world s blue water fleet and 95% of tanker tonnage Each Club insures third party liabilities arising from operation of ship: including death and personal injury, pollution, third party property, cargo, collision, wreck removal Shipowner members are collectively the insurers and individually the assureds. Variations in quality of tonnage entered in the IG clubs - inevitable with 95% market share 2
3 The International Group exists: to co-ordinate collective pooling and reinsurance for the clubs in the Group to represent the views of clubs shipowner members on matters of concern to the shipping industry in relation to insurance and liability to provide a forum for the exchange of information relating to the management of shipping liability risks 3
4 The International Group clubs: are committed to improving quality standards in shipping, and support the objectives of the Poseidon Challenge for the continuous improvement of the tanker industry s performance in striving to achieve the goals of: Zero fatalities Zero pollution Zero detentions 4
5 operation Involvement of the International Group clubs in ship quality initiatives: International Group role joint and co-ordinated action effective but measured Initiatives of individual Group clubs competition to develop leading industry positions less co-ordinated but more agile 5
6 International Group initiatives: co-operation and coordination with: EU and Governments IMO/IOPC Funds classification societies shipowner & cargo organisations hull and machinery insurers development and implementation of quality underwriting and loss prevention initiatives 6
7 International Group quality measures proposed in 2005 included: new underwriting guidelines desk based risk assessment harmonisation of criteria for entry surveys - physical assessment additional survey requirements for perceived high risk eg HFO common minimum scope of information for club condition surveys ship survey database to address club hopping of poor ships and a financial mechanism to discourage the underwriting of known substandard ships 7
8 Constraints identified in 2006: risk of conflict with EU and national competition regulations other legal barriers in some jurisdictions to exchange of information differing aims, objectives and appetites of clubs and members incorrect perception of how insurance relates to quality issues 8
9 Constraints addressed by Advice on competition regulations was used to shape the measure we took ( double retention mechanism) Legal barriers to exchange of information removed in Norway Aims and appetites of clubs and members co-ordinated enough to reach agreement Careful explanation to IOPC Fund Working Group as to limits on IG s potential role in solving quality issues through insurance solutions we have no silver bullet.! 9
10 International Group ship quality measures as of 2007: All of measures proposed in 2005 completed, plus Concept of designated vessels added to Pooling Agreement from can be used for ship confirmed to be in unacceptable condition Mechanism to apply double retention to risks of a designated vessel was included in Pooling Agreement from Feb 2007, which means. insuring Club would take $14 million for own account before it can pool Mechanism to deny pooling for risks of proscribed vessel a vessel continuously designated for more than 12 months Encouragement for owner to avoid or reverse designation and its effects - by making demonstrable changes to condition of ship..! 10
11 Detention rates recorded by EQUASIS for inspected ships Reduced from 3.06 in 2005 to 2.7 in 2006 (EMSA) IGP&I Non-IG Gen Spec Cont Roro Bulk Oil Gas Other Tnk Pass All ships 11
12 No silver bullet. Substandard ships not necessarily identifiable by claims record. No correlation of sub-standard ships and bad claims records. No correlation of high quality shipping and good claims records. Not true that premiums of quality owners subsidise losses of sub-standard ships Doubtful that premium rating can be used to discourage sub-standard shipping New ships accidents caused by unfamiliarity Crew claims better training should mean fewer accidents, but costly for those that happen Cargo large scale aggregation of risk and high losses when accidents happen; container liner operators Cargo - voluntary assumption of higher liability by higher quality operators under volume contracts Pollution - high quality operators often trading in most developed areas, where cost of damage is highest Passengers most demanding on ships with best reputation 12
13 Where should our focus be in 2008 and beyond? 13
14 The International Group 14
15 The International Group 15
16 25 Year Pool Net claims actual amounts falling on the Pool + inflation estimate snapshot taken Oct Policy Years Reported claims, net of retentions and Excess RI, on Pool (blue) and interest (red) to present value (3.5%) 500,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000, ,000,000 50,000,
17 17
18 SHANGHAI BRIDGE Damage to Gantry Crane Japan 2006 and 2007 Pool Claims GIANT STEP Grounding Japan COUGAR ACE Damage to Cargo Japan QUEEN OF THE NORTH Grounding Standard YOUNG LADY Damage to Pipeline Slipped Anchor Teesside Britannia MSC NAPOLI Grounding English Channel London ROKIA DELMAS Grounding Swedish SERVER Grounding Gard REPUBBLICA DI GENOVA Capsizing Gard FINNBIRCH Capsized Gard GOLDEN SKY Grounding WOE MSC JOANNA Collision UK CALIFORNIA Collision with SINOKOR SEOUL American OCEAN VICTORY Grounding WOE HYUNDAI INDEPENDENCE Pollution NOE MMM GALVESTON Grounding WOE SOLAR I Pollution/ Sank Shipowner s ZHI QIANG Grounding off Long Poseidon Challenge Reef - Istanbul 22 April 2008 UK KRITI FILOXENIA Contact Terminal NOE OOCL FAITH Injury to Deck Cadet Steamship PACIFIC ADVENTURER Collision Standard STAR PRINCESS Fire onboard UK MILLENNIUM Cruise curtailment UK Club MAIN ORE Dolphin Damage Standard CROWN PRINCESS Multiple Passenger Injuries UK Club 40% SIERRA NAVA Pollution/ Wreck standard MIGHTY SERVANT 3BV Sank Standard CAPE BIRD Dock Damage Steamship ALEXANDROS T Sinking London ANNA PC Pollution London KIRAN ATLANTIC Dragged Anchor Skuld CMA CGM AEGEAN Oil Pollution Swedish SEA DIAMOND Sinking following grounding WOE HYUNDAI FORTUNE Fire Britannia GRIGOROUSSA I Touched bottom of Suez WOE SAFMARINE AGHULAS Grounding Gard 18
19 Where should our focus be in 2008 and beyond? Pool claims (serious accidents that individually cost more than $7 million a piece) are at an all time high. The world fleet is getting younger and in physically better shape. Most major casualties are not the result of poor physical condition. Most are the result of operational errors. 19
20 20
21 Where should our focus be in 2008 and beyond? How ships are crewed and operated some obvious issues Much time spent on compliance process Less time for traditional seamanship More fatigue Less experienced officers More new and unfamiliar ships 21
22 Growth in World Fleet in million GT Others Container Bulkers (Ore and Bulk) Combos (Bulk/Oil) Gas (LPG + LNG) Chemical Crude Oil & Products Aug-07 * 100m GT projected increase over next two years. Impact on exposure? 22 Source Clarksons Research
23 Where should our focus be in 2008 and beyond? How ships are operated We are just insurers we don t recruit and train But we can collect and distribute industry experience and use it to.. Facilitate on-board compliance 23
24 Life Saving Appliances Pocket Check List 11 th March
25 Where should our focus be in 2008 and beyond? How ships are operated We are just insurers we don t recruit and train But we can collect and distribute industry experience and use it to.. Facilitate on-board compliance Combat officer inexperience by increased awareness (e.g. Gas Matters DVD) Address some long standing issues (e.g. sharing the IG s pilot error database with IMO and industry) And play our part in improving the industry image 25
26 Looking ahead? Continue to monitor performance of measures already implemented Be flexible ready to amend if needed to improve Contribute what we can to consideration of human element and feedback from experience of P&I Clubs we have the collected experience of the industry s liabilities Keep improving our dialogue with industry 26
27 International Group of P&I Clubs POSEIDON CHALLENGE TARGET ZERO more always still SOME ACHIEVEMENTS MORE TO DO
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