On 8 September 2025, the International Union of Marine Insurance (IUMI) presented its analysis of global marine insurance market trends at its annual conference in Singapore.
The total marine insurance premium base for 2024 amounted to USD 39.92 billion, marking a 1.5% increase compared with the previous year.
Premium distribution by region was reported as follows: Europe 46.96%, Asia/Pacific 29.79%, Latin America 10.19%, North America 7.75%, Middle East 3.53% and Africa 1.38%.
By line of business, cargo represented the largest share with 57.23%, followed by hull with 23.51%, offshore energy with 11.71% and marine liability (excluding P&I covered by IG clubs) with 7.55%.
IUMI’s Chief Analyst, Veith Huesmann, noted that premium income in Asia has grown steadily since 2016, driven by new product lines and rising intra-Asia trade, while Europe and Latin America have plateaued since 2023. He explained that premium income is typically influenced by global trade for cargo, vessel values for hull, and oil prices for offshore energy.
However, in 2024, the offshore energy sector did not benefit from oil price movements. “The other side of the coin is the claims environment which continues to be relatively benign and this has translated into a good performance – in terms of loss ratios – for the hull and cargo business lines,” he said, while also stressing challenges such as larger vessels, net-zero transition, mis-declared cargoes, accumulations, vessel fires and high-risk zones.
Cargo premiums reached USD 22.64 billion in 2024, an increase of 1.6%. Europe accounted for 37.68% of the cargo market, while Asia/Pacific stood at 35.15%. Loss ratios for cargo have improved since 2018, with Europe reporting low levels in 2023 and 2024, Latin America averaging 40–50%, and the US brown water market at 50–60%. The market remained stable due to the absence of catastrophic losses, though political and economic uncertainties may affect future outcomes.
The hull sector recorded USD 9.67 billion in premiums in 2024, up 3.5% from the prior year. Europe maintained dominance with 52.91% of the market. Turkey reported premium growth of more than 30%, the Nordics 5%, and Russia 15%, while China’s hull premiums rose by 9%. Asia overall showed a flattening trend due to weaker performance in India, Singapore and Japan. Europe’s average loss ratio remained stable at 60–65%. The sector faces challenges from ageing fleets, fires, alternative fuels, and inflation in costs. Offshore energy premiums fell by 7.9% to USD 4.34 billion. The UK retained a 67.33% global share. The market remains in a prolonged soft cycle, with declines reported in Europe and stability to downward trends in Japan, Malaysia and Egypt. The Nordics reported a 27% increase, while Nigeria showed a 40% decline. Although no major claims were reported in 2024, attritional losses persist. Oil prices stabilized at USD 60–70 per barrel as OPEC+ reduced voluntary cuts faster than initially planned.
Summarising, Jun Lin, Chair of the IUMI Facts & Figures Committee, said: “The marine insurance sector is relatively stable but faces some strong headwinds, with geopolitical and trade tensions creating an unprecedented level of uncertainty across global trade.” He added that seaborne trade growth has slowed, interest rates are falling, and inflation is easing, but an ageing fleet continues to create risks. He also noted an increase in groundings, vessel fires and war-related losses. IUMI emphasised that the figures represent global market sums or averages and do not necessarily reflect results of individual companies or countries. It cautioned that data coverage varies across years and that statistics must be interpreted with care.
The International Union of Marine Insurance is a non-profit association established in 1874. It represents national and international marine insurers and underwriters worldwide. IUMI functions as a global forum for the marine insurance industry, providing statistics, research, and policy discussions, while engaging with regulators and industry stakeholders.
The International Group of P&I Clubs is an association of mutual insurers providing protection and indemnity (P&I) cover for shipowners. It consists of twelve member clubs that collectively insure approximately 90% of the world’s ocean-going tonnage. The group coordinates reinsurance arrangements and engages with international regulatory bodies on liability and safety issues.