Cefor, the Nordic Association of Marine Insurers, has released the 2025 mid-year hull report with the latest fleet and casualty trends, plus a special focus on fires as fires dominate 2025 major claims.
In the report, fires represented the four costliest losses by end of June. It added 2025 is the third consecutive year with claims above USD 50 million, after a benign period 2015-2022 with only an occasional claim exceeding $30 million USD. Fires had significant impact in the first half year of 2025. Four out of seven claims above $10 million USD were fires and the costliest claims.
The report highlighted:
- A burning issue – Fires dominate 2025 major losses. 4 claims exceeding $20 million USD were reported by 30th June, far more than the ten-year average of 1.5 claims per 6 months. All 4 claims were fires. Since 2015, 16 out of 26 claims in all above $20 million USD were fires, thus representing the highest share of the costliest claims (62%). Other claims in that cost range typically are navigational-related (collisions, groundings, contact), and only occasionally another type. Another aspect is that 11 of in all 16 fires above $20 million USD reported since 2015 hit vessels older than 20 years – illustrating the risk of an ageing fleet.
- Third consecutive year with elevated claims costs. A combination of repair cost inflation and the return of major losses drove up claim costs from 2020 to 2023. While the increase seems to flatten out, 2024 and 2025 claims costs stay at a similar level as in 2023.
- The silver tsunami rolls on. The ageing of the world fleet continues, rolling wave-like through the NoMIS portfolio. While old vessels may be well maintained, from a statistical perspective old vessels are more prone to fires, machinery claims and consequential damages.
- Engine-room fires: highest occurrence on the oldest vessels and in the passenger, container and car/RoRo segment. While headline losses often are about fires caused by dangerous cargo, especially on container or car/RoRo vessels, engine room fires do not need less attention. An ageing fleet heightens the risk of machinery-related problems. Chapter 4 therefore dives into that issue.
Read the report: Cefor 2025 mid year hull Report