The International Union of Marine Insurance (IUMI) has, today, released its 2025 analysis of the global marine insurance market – the IUMI “Stats Report”.
This annual document reports on the state of the marine insurance sector within the framework of the global economy, trade and shipping. Data is gathered from a number of agencies including IUMI’s own sources and is analysed and presented with some additional commentary.
Highlights from this year’s report includes:
The report also provides an update on IUMI’s Major Claims Database which contains data from 2013 onward with 30 national insurance associations now contributing to the hull and cargo analysis. More than 17,400 observations have now been recorded.
Additionally, and for the first time, the report introduces the newly revised IUMI Hull Inflation Index which helps insurers to explain marine repair cost inflation using a range of macroeconomic indicators.
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 approaching 23 years. Climate change, the persistence of large vessel fires and risk accumulations continue to impact underwriters.
At IUMI, our job is to keep abreast of these many issues and engage with the relevant agencies to ensure marine underwriters are aware and equipped to continue to provide the insurance and risk mitigation services that ensures global trade continues without interruption.
Our annual Stats Report is compiled by our Facts & Figures Committee together with input from a number of valued data partners. My thanks go to them all.”
The full report is available to download from the statistics section of the IUMI website:
