The global marine insurance premium base reached $39bn in 2023, a 6% increase from the previous year. Growth occurred across all sectors. Cargo insurance premiums rose 6.2%, Ocean Hull premiums increased 7.6%, and Offshore Energy saw a 4.6% rise, according to the International Union of Marine Insurance (IUMI) discussed key trends in the marine insurance market.
Cargo held the largest share of premiums at 56.9%. Ocean Hull accounted for 23.6%, Offshore Energy for 11.9%, and Marine Liability for 7.7%. This distribution remained stable compared to 2022.
Regionally, Europe captured 48.5% of global premiums. Asia/Pacific followed with 28.1%, Latin America held 10.9%, and North America had 7%. The remaining 5.5% came from the rest of the world.
European premiums have been on an upward trend since 2019, while Asia’s market has seen recovery since 2016. Latin America and North America also recorded modest growth.
Key Findings from the Marine Insurance Market
- The marine insurance premium base reached $38.9bn
- Cargo insurance grew by 6.2%. Cargo held the largest share at 56.9%
- Ocean Hull premiums rose by 7.6%. Ocean Hull accounted for 23.6%
- Offshore Energy premiums increased by 4.6%. Offshore Energy took 11.9%
- Marine Liability held 7.7%.
- Europe led with 48.5% of global premiums.
- Asia/Pacific followed at 28.1%.
- Latin America held 10.9%, and North America had 7%.
Astrid Seltmann, Vice-Chair of IUMI’s Facts & Figures Committee, explained that the premium increase stems from rising trade volumes, vessel values, and oil prices driving offshore energy activity. She also noted that geopolitical factors and market conditions, particularly capacity, influenced premiums across regions.
Ever larger vessels, increasing value accumulations, changes in technology and fuels as well as changes to trading routes all mean a change of risk, which needs to be taken monitored and taken into account going forward.
Seltmann added that while claims have been relatively low in recent years, large vessels, technological advancements, new fuels, and shifting trade routes are introducing new risks that insurers must monitor closely.
IUMI, a global association representing marine insurers, highlighted the industry’s overall growth in 2023-2024.
by Yana Keller
