Hull and Cargo Insurance Market Steady, for Now

The International Union of Marine Insurance (IUMI) has released its 2025 analysis of the global marine insurance market – the IUMI “Stats Report”.

Commenting on this year’s report, IUMI Secretary General, Lars Lange said: “Our data relating to 2024 shows that the ocean hull and cargo markets have been relatively stable with little positive development. The offshore energy sector continued to struggle as a result of a low oil price and a reduction in capex spend in some regions.

“As we progressed through 2024 and into 2025 we have seen some significant headwinds creating challenges for all lines of business. Geopolitical and trade tensions have generated an unprecedented level of uncertainty involving war risks, tariffs and other economic measures. Global interest rates have fallen, inflation is down in most regions but the weak US dollar is squeezing premium income whilst adding to claims costs for those insurers paying out in non-US dollar currencies.

“Added to this, the ongoing issues surrounding the greening of the global fleet – notwithstanding the recent IMO decision to delay – is a major challenge to be addressed as is the need to cover a growing fleet where the average vessel age is