IUMI released its 2024 analysis of the global marine insurance market – the IUMI “Stats Report”. This annual document reports on the health 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:

• Global marine insurance premiums in 2023 totalled USD38.9 billion - a 5.9% uplift on 2022. Development was seen across all lines of business. Drivers included a continued rise in global trade volumes and values (cargo), coupled with increases in vessel values (hull), or the increase in oil price encouraging more activity in the offshore energy sector.
• Ocean hull premiums were reported at USD9.2 billion, up by 7.6% on the previous year. More activity, more vessels, rising values and reduced market capacity were responsible. Claims continued to be low resulting in positive loss ratios for all regions, although 2023 loss ratios show some deterioration which can be attributed to inflation impact on repair costs. Fires on large vessels continues to be a concern. 
• Premiums for cargo insurance reached USD22.1 billion representing a 6.2% uptick on last year and continuing the trend for market development in this sector. This was on the back of healthy global trade growth. 2023 loss ratios were also positive and started at their lowest point since 2017.
• The offshore energy sector continued its run of premium base growth  - reflecting the rally in the oil price – and reported USD4.6 billion for 2023, an increase of 4.6%. Fortunately, increased activity had not yet resulted in substantially more claims and loss ratios were positive and relatively stable, although 2023 figures were starting from a higher point than in previous years and claims costs typically take several years to develop.

The full report can be downloaded here.