The International Union of Marine Insurance (IUMI) has released its 2025 Stats Report, revealing steady results for the global hull and cargo insurance markets through 2024, while offshore energy lines experienced a marked downturn.
According to IUMI, total global marine insurance premiums reached US$39.92 billion in 2024, a 1.5% increase from 2023. The modest growth was underpinned by solid performance in hull and cargo lines, offset by falling premiums in the offshore energy sector.
Ocean hull premiums rose by 3.5% year-on-year to US$9.67 billion, driven by higher vessel values and steady activity across major shipping regions. Europe continued to dominate the global hull market, maintaining a stable loss ratio and showing consistent growth since 2019. Russia's domestic hull market grew sharply, up 42%, as international sanctions restricted access to foreign insurers, forcing local risk retention.
Cargo insurance premiums also advanced slightly, increasing 1.6% to US$22.64 billion. IUMI attributed the uptick to expanding global trade volumes and rising shipment values, particularly in China, which outperformed other markets. Loss ratios improved for the sixth consecutive year, pointing to stronger technical results and continued underwriting discipline.
By contrast, the offshore energy segment saw a 7.9% decline in premium income, dropping to US$4.34 billion in 2024.
The downturn reversed recent growth in this line, reflecting the combined impact of lower oil prices, reduced capital expenditure, and ongoing decarbonisation pressures.
London retained its position as the dominant market with a 60% share, while the Nordics were the only region to record growth, up 27% over the year.
The Stats Report provided updates on IUMI’s Major Claims Database, which now holds over 17,400 records from 30 national insurance associations.
In addition, the newly revised IUMI Hull Inflation Index offers insights into the effects of repair cost inflation and other macroeconomic trends influencing underwriting results.
IUMI Secretary General Lars Lange said that while 2024 delivered stability in hull and cargo, insurers face “significant headwinds” ahead. He cited ongoing geopolitical tensions, climate risks, and the financial effects of currency fluctuations and aging fleets as factors likely to influence results through 2025.
