Global marine insurance premiums rose 5.5% to $42.6 billion in 2025, driven by hull and cargo insurance growth despite competitive pressures.
The International Union of Marine Insurance (IUMI) has published its 2026 Statistical Report on the global marine insurance market. According to the report, marine insurance premiums worldwide reached $42.6 billion in 2025, marking a 5.5% increase compared to the previous year. However, due to increasing competition, expansion in insurance capacity, and currency fluctuations, price pressures in the markets continued.
In the report released on October 27, 2026, the impacts of global trade volume, ship values, war risks, and developments in energy markets on marine insurance were evaluated.
Increase in hull and machinery insurance by 9.4%
According to the report, the global premium income from hull and machinery insurance for ships rose to $10.5 billion, reflecting a 9.4% increase.
This increase was influenced by the growth of the global trade fleet, rising ship values, and increased war risk premiums in some markets.
However, the fact that the growth of the global fleet is outpacing the increase in insurance premiums indicates that competition among insurance companies remains strong.
IUMI noted that the average age of the global trade fleet has reached 22.4 years, and maintenance and repair costs have risen.
Cargo insurance premiums rose to $24.2 billion
In the cargo insurance segment, which constitutes the largest part of marine insurance, premium income increased by 6.9% to reach $24.2 billion.
Cargo insurance accounted for approximately 57% of total global marine insurance premiums.
China's export of high-value technology products, transportation of electric vehicles, semiconductors, and equipment related to artificial intelligence technologies were among the factors supporting insurance demand.
In offshore energy insurance, premium income saw a limited increase of 0.1%, reaching $4.82 billion. London continued to be the largest insurance center in this area, holding a 62.7% market share.
War risks are prominent in marine insurance
IUMI reported that conflicts in the Middle East and attacks on commercial vessels in the Red Sea have increased demand for war risk insurance.
It was noted that rising security threats in the region have affected the availability of energy-carrying vessels and that war risk coverage has become increasingly important in marine insurance.
The Union emphasized that geopolitical developments will continue to play a significant role in shaping the marine insurance market in 2026.
Europe maintains its leadership, Asia grows
“IUMI 2026 Report: Regional Distribution of Global Marine Insurance Premiums (2025 Data)”
Europe continues to be the largest region in the global marine insurance market with a 46.5% share, while the Asia-Pacific region ranks second with 30.8%.
IUMI stated that Asian markets, particularly led by China, continue to grow, while the increase in Europe has remained more limited.
Minor damages affect the profitability of insurance companies
IUMI Secretary General Lars Lange noted that there was limited growth in global marine insurance premiums in 2025, but market conditions remain competitive for insurers.
Lange stated that there were no significant catastrophic damages affecting any insurance line throughout the year; however, smaller-scale damages have accumulated, putting pressure on companies' profitability.
In IUMI's major loss database, there are approximately 7,200 cargo losses recorded since 2013, with a total value reaching $11.4 billion.
The Union indicated that geopolitical tensions, ship repair costs, and changes in international trade should be closely monitored from a marine insurance perspective.
Source: SeaNews Türkiye
