Marine insurance rises 1.5% in 2024

This was driven by higher trade volumes and vessel values.

The global marine insurance market remained steady in 2024, with growth in hull and cargo lines offset by a decline in offshore energy, according to the International Union of Marine Insurance’s (IUMI) 2025 Stats Report.

Global marine insurance premiums reached $39.92b in 2024, up 1.5% from the previous year. 

The report attributed the growth mainly to higher trade volumes and vessel values, whilst the offshore energy segment contracted due to oil price pressures and reduced investment.

The ocean hull segment rose 3.5% to $9.67b, maintaining a positive trend since 2019. 

Cargo insurance premiums climbed 1.6% to $22.64b, with China showing strong performance despite slower global trade. Loss ratios improved for the sixth consecutive year.

By contrast, offshore energy insurance saw a 7.9% drop to $4.34b, reversing its recent growth streak. 

The report also highlighted updates to IUMI’s Major Claims Database, which now includes more than 17,400 records from 30 national insurance associations, and introduced a revised Hull Inflation Index to track rising repair costs.

IUMI Secretary General Lars Lange said the 2024 data shows a largely stable market, though he warned of “significant headwinds” for 2025 and beyond. 

He noted that geopolitical tensions, war risks, a weak US dollar, and challenges related to fleet decarbonisation and ageing vessels are all weighing on marine insurers.

Lange added that climate change and large vessel fires continue to pose major risks for the sector.