The International Union of Marine Insurance (IUMI) presented its analysis of the latest marine insurance market trends at its annual conference in Singapore, reports Safety4sea.
According to IUMI, the global marine insurance premium base for 2024 was reported as USD39.92 billion, representing a 1.5% increase on the previous year. Global income was split by region: Europe 46.96%, Asia/Pacific 29.79%, Latin America 10.19%, North America 7.75%, Middle East 3.53%, Africa 1.38%. By line of business, the largest share was commanded by transport/cargo at 57.23% followed by global hull 23.51%, offshore energy 11.71% and marine liability (other than P&I covered by IG clubs) 7.55%.
Providing some commentary on the premium income, Veith Huesmann said changes in premium income tend to stem from a rise in global trade (for cargo) coupled with increases in vessel values (for hull) or an uptick in the oil price encouraging more activity in the offshore energy sector, although this hasn’t been the case in 2024. Geopolitical instability will impact specific regions, of course. Added to this, general market conditions, specifically capacity, will also have an effect and 2024 saw more capacity enter all markets, he noted.
Furthermore, he explained that on the other side of the coin is the claims environment which continues to be relatively benign and this has translated into a good performance – in terms of loss ratios – for the hull and cargo business lines.
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Source: Safety4sea
