The 2024 global marine insurance market showed relative stability according to the International Union of Marine Insurance (IUMI). In the IUMI Stats Report 2025 it said global marine insurance premiums total USD39.92 billion in 2024 — a 1.5% uplift on 2023. Stability was seen across all lines of business except for offshore energy where premiums reduced by almost 8%. Drivers included a continued rise in global trade volumes and values (cargo), changes in vessel numbers and values (hull) and oil price dynamics (offshore energy).
Ocean hull premiums were reported at USD9.67 billion, up by 3.5% on the previous year. Europe continues to dominate and reported an unbroken growth trend since 2019. Growth in the Russian hull market reached 42% largely due to sanctions preventing Russia from placing risks overseas. Loss ratios for Europe remained relatively stable.
Premiums for cargo insurance reached USD22.64 billion representing a 1.6% uptick on last year. Subdued growth was largely due to general economic and trade conditions. China performed particularly well, however. Loss ratios improved for the sixth consecutive year.
The offshore energy sector reversed its recent run of premium base growth to report a 7.9% reduction at USD4.34 billion for 2024. London continues to dominate this market with a 60% share. Notably, the Nordics was the only market to expand its share in 2024 (by 27%). A pressurised oil price, sanctions, decarbonisation initiatives and market capacity have all played a part in the performance of this business line.
The report also provides an update on IUMI’s Major Claims Database which contains data from 2013 onward with 30 national insurance associations now contributing to the hull and cargo analysis. More than 17,400 observations have now been recorded.
Additionally, and for the first time, the report introduces the newly revised IUMI Hull Inflation Index which helps insurers to explain marine repair cost inflation using a range of macroeconomic indicators.
IUMI Secretary General Lars Lange said: “As we progressed through 2024 and into 2025 we have seen some significant headwinds creating challenges for all lines of business. Geopolitical and trade tensions have generated an unprecedented level of uncertainty involving war risks, tariffs and other economic measures. Global interest rates have fallen, inflation is down in most regions but the weak US dollar is squeezing premium income whilst adding to claims costs for those insurers paying out in non-US dollar currencies. Added to this, the ongoing issues surrounding the greening of the global fleet – notwithstanding the recent IMO decision to delay – is a major challenge to be addressed as is the need to cover a growing fleet where the average vessel age is approaching 23 years. Climate change, the persistence of large vessel fires and risk accumulations continue to impact underwriters.”
Download the full report: IUMI Stats Report 2025