Global marine premiums reached $42.6 billion in 2025, representing a 5.5% increase compared to the previous year. This new report published by the International Union of Marine Insurance (IUMI) emphasizes increased competition, excess capacity, and currency fluctuations as influential factors in the market.
Increase in Premiums Across Various Insurance Lines
According to statistics provided in the IUMI annual report, premium growth has been observed in most major insurance lines. This growth is attributed to the expansion of the global fleet, rising vessel values, and increased demand for war risk coverage. In particular, ocean hull premiums rose by 9.4% to $10.5 billion, driven by fleet expansion and increased vessel values.
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Impact of Currency Fluctuations and Competitive Pressure
However, IUMI has warned that a significant portion of the reported growth is due to the weakness of the US dollar and does not indicate an improvement in market conditions. Competitive pressures continue to impact the insurance market, and fleet growth has outpaced premium growth.
The marine cargo insurance sector remains the largest segment of marine insurance, with premiums increasing by 6.9% to $24.2 billion. This growth is particularly driven by maritime trade and changes in commodity and asset values, especially in China, where exports of high-value technologies, including AI-related equipment and semiconductors, have contributed to increased demand.
Marine energy insurance premiums remained relatively stable at $4.82 billion, reflecting only a 0.1% increase. London continues to maintain its dominant position with a 62.7% market share.
IUMI has also predicted that geopolitical tensions will play an increasing role in marine insurance markets in 2026, particularly following disruptions caused by conflicts in the Middle East that have led to increased demand for war risk coverage. War insurance is increasingly becoming a necessity, especially as attacks on commercial shipping continue and access to energy carriers is affected by rising security risks.
As geopolitical tensions are expected to shape the market, it is essential for insurers to pay attention to changing market conditions. According to the report, loss activities remained relatively stable in 2025, with no single catastrophic event significantly impacting any insurance sector. However, the accumulation of small losses continues to exert pressure on profitability.
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