Ocean hull premiums grow as fleet value climbs to $1.54t

Asia-Pacific accounted for 35% of market premiums.

The global ocean hull market is returning to softer conditions even as premiums rose 3.5% in 2024 to $9.67b, International Union of Marine Insurance (IUMI) Ocean Hull Committee Chair Ilias P. Tsakiris said at the IUMI annual conference. 

Asia-Pacific accounted for 35% of premiums, whilst Europe accounted for 53% and other regions 12%. 

The global fleet value grew 4% to $1.54t, increasing market exposure.

Claims remain under pressure, with machinery failures leading losses and older ships driving incident rates – 52% of 2024 incidents involved vessels over 20 years old. 

Fleet age continues to rise amid low scrapping and limited newbuilding.

Alternative-fuel vessels now make up about 25% of newbuild orders, introducing new risk profiles, whilst geopolitical tensions are adding costs, delays, and weather-related exposures.