The IUMI annual report (International Union of Marine Insurance) examines the state of the marine insurance industry in relation to the global economy, trade, and transportation. This report analyzes and presents the market situation by gathering data from national insurance associations and other relevant entities.
Global Premiums and Market Growth
In 2025, marine insurance premiums reached $42.6 billion, reflecting a 5.5% growth compared to 2024. However, the weakness of the US dollar obscured the real developments in the market. Additionally, increased capacity and competition in the market contributed to the continuation of soft conditions.
Cargo Premiums and Significant Growth in Asia
Cargo premiums reached $24.2 billion in 2025, showing an annual growth of 6.9%. This growth is influenced by maritime trade and fluctuations in commodity and asset prices. Premiums in China have specifically increased, contributing to the growth of high-value exports, including AI-related technologies. Despite improvements in loss ratios, the market remains soft.
Hull Premiums and Competitive Conditions
Hull premiums also increased by 9.4% in 2025, reaching $10.5 billion. This increase is due to the growth of the global fleet, rising vessel values, and war premiums. However, fleet growth continues to outpace premium growth, indicating competitive pressure, although loss ratios have returned to normal.
Energy Premiums and Market Outlook
Energy premiums reached $4.82 billion in 2025, showing only a 0.1% increase compared to 2024. London, with a 62.7% market share, continues to lead in this sector, with about 30% related to renewable energies. Although the market remains soft, concerns regarding energy security and geopolitical issues could lead to significant investments in the future.
Loss Analysis and Future Forecasts
The report also provides updates on the IUMI large loss database, which has been updated since 2013 and now includes participation from 30 national insurance associations. The number of observations for cargo claims has reached 7,200, with total losses amounting to $11.4 billion. The IUMI hull inflation index, which helps insurers explain the inflation of marine repair costs, is also presented in this report.
Overall, the marine insurance market recorded limited growth in 2025, although underlying conditions remained soft. Increased capacity, competitive pressures, and currency fluctuations, particularly the weakness of the US dollar, affected reported premium levels. Concerns about global tariffs were less pronounced than expected, and global GDP growth was stronger than anticipated. While geopolitical tensions continue to shape the market in 2026, strong demand for oil and gas continues to support activities.
