Latest news from the marine insurance sector
The latest news from the global marine insurance industry. Updated each working day and without any access restrictions.
- Injuries avoided as crowded Strait of Singapore experiences dangerous collision September 22, 2026A Panama-flagged bulk carrier made contact with the stern of a Chinese fishing vessel on September 17th, with a video appearing on social media from the fishing vessel ....
- Observed Hormuz traffic still at a trickle September 22, 2026Just a dozen commodity vessels undertook observed transits of the Strait of Hormuz on Saturday and Sunday September 19th/20th combined, down from 35 during the previous ....
- IUMI 2026: Malacca and Taiwan Straits are the big global chokepoints September 22, 2026While the headlines around global chokepoints have been focusing on the Strait of Hormuz, Bab al-Mandab and the Panama Canal, in terms of tonnage and value the three chokepoints .....
- IUMI 2026: Insurers should be treating stranded ships as single accumulated risk, says Yeoman September 22, 2026The maritime sector is looking at serious accumulation risk from the number of ships that remain stranded in the Persian Gulf for more than 90 days, warned Andrew Yeoman ....
- Global marine insurance premium income increased by 5.5% in 2025 to $42.6bn, according to the latest market analysis from the International Union of Marine Insurance (IUMI) IUMI Chief Analyst Veith Huesmann noted at the IUMI annual conference in Rotterdam that the headline increase concealed a continuing soft market across most marine insurance business lines. Currency movements, increased capacity and competitive pressures all contributed to underlying market conditions remaining challenging. Global premium income in 2025 was distributed across the major marine insurance regions: Europe 46.5% Asia/Pacific 30.8% Latin America 10% North America 7.2% Middle East 3.5% Africa 2.1%. Transport/cargo remained the largest business line, accounting for 57% of global premiums. Some way behind in second place was ocean hull at 24.7%, then offshore energy at 11.1% and marine liability, (excluding the IG Group Club liability business) with 7.3%. Huesmann said that “changes in marine insurance premium income are generally driven by factors such as global trade volumes and commodity prices for cargo, vessel values for hull and oil prices and activity levels in the offshore energy sector.” The performance of the US dollar wass the most influential variable in the 2025 figures. After a decade of strength, the dollar weakened significantly in 2025 against major currencies, acting as a catalyst for premium growth in US dollar-reported terms. Currency 2025 Strength vs. US Dollar Analysis Euro +13.6% Significant strengthening; major driver of European premium growth. Sterling +8.4% Increased despite sluggish UK growth and fiscal difficulties. Renminbi +3.6% Managed growth; the Bank of China restricted the inflow of offshore USD to control appreciation. Geopolitical and Regulatory Developments • Trade Tariffs: Following the 2024 tit-for-tat announcements of tariffs on Chinese goods by the US and retaliatory tariffs by China, trade did not collapse as was as feared. Instead, “front-loading” occurred as cargo was rushed to evade impending fees. • Ship Recycling: The Hong Kong Convention on Ship Recycling became effective in 2025, affecting approximately 16,000 vessels (700m dwt). • Net Zero Framework: Negotiations ended suddenly in London last year with a final vote being put off for a year. The views on Net Zero remain fragmented, with even those in favour not all in agreement about how it should be achieved. Huesmann said that the claims environment had remained relatively stable, with no catastrophic loss significantly affecting any sector of the market. “However, attritional losses continue to build and are eroding profitability, particularly in ocean hull”. Cargo market The cargo market grew by 6.9% in 2025. This growth was attributed to higher-than-anticipated GDP and the export of high-value goods. • Regional Performance: Europe and Asia both grew by 6%-7%. However, European growth was largely an exchange rate artifact, whereas Asian growth (particularly China) was organic, driven by a 3.8% year-on-year increase in exports. • Product Shifts: China is increasingly exporting high-value items, including electric vehicles, photovoltaics, and lithium batteries. Additionally, new insurance products like e-commerce policies and express delivery schemes are expanding the market. • Loss Ratios: Currently estimated at 45% (IBNR), the trend is gently easing downward from pre-COVID levels. However, attrition losses remain the primary driver of claims. Hull Market Described as a “fattening cake,” the hull market saw a 9.4% premium increase. • Fleet Expansion: The fleet is expanding rapidly, with 70 million DWT in new builds entering the market in 2025, while only 8.4m dwt were scrapped (a mere 11% replacement rate). • Valuation and Rates: Vessel values remain at elevated levels. Although competition and rate deductions are a “tough environment” for underwriters, the sheer volume of the fleet and the inclusion of elevated war premiums have driven the total premium sum upward. • The Spare Parts Dilemma: An aging fleet is creating a claims crisis. A lack of spare parts for older vessels often requires breaking up other ships to facilitate repairs, making simple claims “fairly costly very quickly.” September 22, 2026Global marine insurance premium income increased by 5.5% in 2025 to $42.6bn, according to the latest market analysis from the International Union of ....
- IUMI 2026: Outgoing president says geopolitical and technical changes are reshaping the market September 22, 2026In his final appearance at IUMI as the association’s president, Frédéric Denèfle said that the global marine insurance market had remained in a “stable” position, with premium growth .....
- IUMI 2026 “Marine insurers are war insurers September 22, 2026Marine insurers are at the heart of managing war risks to global shipping and must continue to develop the tools needed to support and facilitate international trade in increasingly ....
- Gard warns of liquefaction dangers from Indian Group A Shipments September 22, 2026Gard has (again) alerted members and clients of the significant risks associated with bulk cargo liquefaction. It said that the recent tragic loss of life of crew on a bulk carrier in the ....
- First grain shipment in six years leaves Churchill Port September 22, 2026The Port of Churchill, located in Canada’s far north in Manitoba, has loaded its first grain shipments in six years, and this comes after its first critical minerals export in ....
- EU scraps ships in South Asia at same time as EU capacity is plentiful September 22, 2026The European Union (EU) has approved a growing number of ship dismantling and recycling facilities that are EU-compliant, but which have the minor drawback that most shippers ....