Report shows steady hull and cargo markets
The International Union of Marine Insurance (IUMI) has released its 2025 Stats Report, revealing largely stable conditions in the global marine insurance market for 2024, with total premiums rising 1.5% to USD 39.92 bn. Hull and cargo insurance both showed modest growth – 3.5% and 1.6% respectively – driven by increased vessel values, trade volumes, and strong performance in regions such as Europe and China. Loss ratios for hull in Europe and cargo globally continued to stabilise, supported by improving market discipline. However, the offshore energy segment experienced a notable 7.9% decline in premiums due to weaker oil prices, decarbonisation pressures, sanctions and capacity shifts, despite London retaining a dominant market position.
Looking ahead, IUMI warns that multiple headwinds threaten all marine insurance sectors. Geopolitical tensions, sanctions and war risks are contributing to heightened uncertainty, while weak USD performance is squeezing premium income and increasing claims costs for insurers operating in other currencies. The sector also faces structural challenges from climate change, ageing global fleets, vessel fires and the complex transition toward greener shipping, despite IMO’s recent delay on emissions rules. IUMI emphasises its role in monitoring these risks and supporting underwriters, highlighting new tools such as its updated Hull Inflation Index and ongoing data collection through its Major Claims Database to help insurers navigate a volatile global environment.