Marine - insurance rises 1.5% in 2024
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This event was caused by the increase in trade volumes and the valuation of vessels.
The International Union of Marine Insurance (IUMI) 2025 Stats Report states that the global marine insurance market remained stable in 2024, with the growth of hulling and cargo lines counterbalancing the decrease in offshore energy.
In 2024, global marine insurance premium collections amounted to $39.92 billion, recording a 1.5% increase over the last year.
The increase in premium rates was primarily due to the rise in trade and ship values, while the offshore segment was affected negatively by the oil price slump and cutbacks in oil investments.
The volume in ocean hull insurances increased by 3.5% to become worth $9.67 billion, thus keeping up the positive trend that started in 2019.
The market of cargo insurances increased by 1.6% and reached $22.64 billion, where China had a good demand notwithstanding the world’s trade being slower. For the sixth year in a row loss ratios were improved.
Contrarily, the offshore energy insurance market shrank by 7.9% and accounted for $4.34 billion, thus it was again in the opposite trend of growth.
Moreover, the report spotlighted the updates to IUMI’s Major Claims Database which contains more than 17,400 documents from 30 national insurance associations, and the introduction of a revamped Hull Inflation Index that helps to monitor surging repair costs.
According to IUMI Secretary General Lars Lange, the data for 2024 reflects a predominantly stable market; however, he cautioned that there could be some significant headwinds for the year 2025 and beyond.
He pointed out that the marine insurance sector is affected by several factors such as geopolitical tensions, war risks, a weak US dollar, and the problems related to fleet decarbonisation and the ageing of vessels.
Lange further mentioned that the global warming and the incidence of large fires on vessels are still very crucial risks in the industry.
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