Global marine insurance premiums reached USD 42.6 billion in 2025, rising 5.5% year-on-year, according to the International Union of Marine Insurance (IUMI) 2026 Stats Report. Despite growth in reported premiums, increased capacity and competition kept market conditions soft.
The International Union of Marine Insurance (IUMI) has released its 2026 analysis of the global marine insurance market, the annual IUMI Stats Report. Drawing on data from national insurance associations, agencies and IUMI sources, the report examines marine insurance in the context of the global economy, trade and shipping.
Key findings
- Global marine insurance: Premiums totalled USD 42.6 billion in 2025, up 5.5% from 2024. US dollar weakness affected the reported figures, while capacity and competition continued to drive soft market conditions.
- Marine cargo: Premiums rose 6.9% to USD 24.2 billion, supported by seaborne trade and changes in asset and commodity prices. China continued to see strong premium growth, including from high-value AI-related technology exports.
- Ocean hull: Premiums increased 9.4% to USD 10.5 billion, supported by fleet growth, vessel values and war premiums. Fleet expansion continued to outpace premium growth.
- Offshore energy: Premiums were broadly stable at USD 4.82 billion, up 0.1%. London retained a 62.7% market share, of which approximately 30% relates to renewables.
The report also updates IUMI’s Major Claims Database, which has collected data since 2013 and now receives contributions from 30 national insurance associations. Cargo claims observations have reached 7,200, representing cumulative losses of USD 11.4 billion. IUMI also presents its revised Hull Inflation Index, designed to help insurers assess marine repair cost inflation through macroeconomic indicators.
IUMI: Competition and geopolitical risks shape the outlook
IUMI Secretary General Lars Lange said that the 2025 market recorded modest growth in global premiums, while underlying conditions remained soft amid increased capacity, competition and currency movements. He noted that no single catastrophic loss significantly affected any individual sector, although the accumulation of smaller claims continued to pressure profitability.
Lange also highlighted stronger-than-expected global GDP growth, the less pronounced impact of tariffs on trade, and the growing importance of high-value semiconductor shipments associated with AI. Asia continued to lead market growth, with China the dominant regional market, while European markets expanded more slowly.
Looking ahead, geopolitical tensions, demand for war cover and vessel availability—particularly for energy carriers—remain important factors influencing marine insurance in 2026.
Read the full report: IUMI Stats Report 2026.
