Iumi’s annual market analysis
The International Union of Marine Insurance (Iumi) presented its annual marine insurance market analysis at a conference in Edinburgh, Scotland this week. The report highlights positive trends, with a global premium base of USD 35.8 billion in 2022, an 8.3% increase from the previous year.
Europe accounted for 47.7% of global income, followed by Asia/Pacific at 28.4%. Transport/cargo dominated with a 57.3% share, followed by global hull at 23.4%, offshore energy at 11.5%, and marine liability at 7.7%.
- Offshore Energy: Premiums reached USD 4.1 billion in 2022, a 7.3% increase, driven by strong oil prices. However, falling oil prices in 2023 may impact returns.
- Cargo: global premiums grew to USD 20.5 billion, an 8.3% increase. While Europe and North America experienced growth, Asia/Pacific slowed due to economic factors and currency fluctuations.
- Ocean hull: premiums rose by 5.7% to USD 8.4 billion in 2022. Loss ratios in most regions are on a downward trend, but the impact of inflation and major losses in 2023 pose challenges.
Future challenges include rising asset prices, inflation, changing trade routes, new risks like cyber, and climate change. Marine insurers must adapt to evolving risks while maintaining cover for their clients. (pb)