EAEE: Insurance policies increased in 2021 and so did the declared losses to cover ship crews

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“Although there was a small increase in the number of insurance policies to cover ship crews, in 2021, there was a considerable increase (+14.9%) in the industry’s declared losses. But the increase was greater in both the compensations paid (+80, 0%) as well as in the stock of outstanding compensation at the end of the year (+81.4%)”. This results from the new survey of the Association of Insurance Companies of Greece (EAEE) on the statistics of Ship Crew Insurance.

A total of 998 contracts were in force in 2021 (977 respectively in 2020). 1,717 claims were declared (1,494 in 2019) for which 0.7 million euros were paid and an outstanding compensation reserve of 1.6 million euros was formed. The corresponding figures for 2020 were 0.4 million euros and 0.9 million euros.

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According to the data of claims by cause, which refer to 2021, it is found that the largest number of incidents and the largest amounts of claims correspond to outpatient care.

For the pending compensations, by cause, which were recorded at the end of 2021, it is found that the largest number of pending compensation incidents corresponds to the returns – replacements, while the largest amount of pending compensations (cumulatively) corresponds to temporary incapacity due to illness or accident.

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The dominant form of intermediation in crew insurance was non-exclusive with agents (69.1% of total industry premium production), followed by exclusive with networks and agents (17.0% respectively).

Source: Capital

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