Lloyd’s List law and insurance editor David Osler brings you analysis from IUMI’s conference in Singapore, and asks whether the centre of marine insurance gravity could move eastwards from London.
Asia’s rising role in global marine insurance
The International Union of Marine Insurance (IUMI) returned to Singapore this year, highlighting Asia’s rising role in global marine insurance.
Singapore has emerged as the world’s fourth-largest hull market, holding nearly 8% of the global share, while China now writes 17% of global cargo insurance, surpassing London’s combined market. These figures underscore Asia’s growing weight in underwriting capacity and insured exposure.
Several factors drive this shift: rapid fleet and trade growth, stronger regional insurers, and supportive regulatory environments. Singapore, in particular, combines talent, connectivity, and innovation, making it a natural hub for marine insurance.
However, challenges remain—maintaining underwriting discipline, balancing risk concentration, and competing with established hubs like London and Hamburg.
The IUMI gathering signals that marine insurance is steadily pivoting east. Whether this becomes a true “Asian century” will depend on how well regional players sustain growth while integrating with global markets.
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Source: Lloyd’s List
