Steel is one of the world’s most important industrial commodities, with global exports of finished and semi-finished steel products reaching approximately 456.5 million tonnes in 2025, according to the World Steel Association. Much of this trade depends on maritime transport. Steel underpins construction, infrastructure, shipbuilding, energy and manufacturing, making it a significant risk exposure for marine cargo insurers.
According to IUMI’s latest Statistics Report, global marine cargo insurance premiums reached USD 22.64 billion in 2024, while the IUMI Major Claims Database recorded 543 major cargo claims, totalling USD 677 million, based on claims exceeding USD 250,000. These figures illustrate both the scale of the market and the continuing value of effective loss prevention.
Despite decades of guidance issued by P&I Clubs, marine insurers, classification societies and survey organisations, steel cargo claims continue to arise from familiar causes, including moisture damage, corrosion, inadequate stowage and securing, mechanical handling damage and documentation deficiencies. The industry understands these risks well. The more important question is why many of the same losses continue to occur despite the knowledge and guidance already available.
Perhaps it is time to look at steel cargo claims differently. Instead of asking, “What caused the damage?” we should ask, “What was the first preventable failure?” In many cases, the answer lies long before the vessel sails. Cargo may have been accepted in poor condition, exposed to rain during loading, inadequately protected, incorrectly stowed or insufficiently documented. Identifying and addressing this first preventable failure offers one of the greatest opportunities to reduce future losses.
This also presents an opportunity for marine cargo insurers to redefine their contribution to loss prevention. Beyond transferring financial risk, insurers can strengthen prevention through better underwriting, risk-based survey requirements, systematic analysis of claims trends and closer collaboration with cargo owners, brokers, carriers and surveyors. Claims should not simply end with settlement; they should generate practical lessons that improve future underwriting and risk management.
Looking ahead, the future of steel cargo loss prevention will depend on three key drivers: better data, stronger collaboration and smarter technology. Commodity-specific claims analysis, greater information sharing across the supply chain, artificial intelligence, digital cargo inspections and predictive analytics all have the potential to identify risks earlier and support better decision-making. Technology will not replace the judgement of experienced marine professionals, but it can significantly enhance their ability to identify risks and prevent avoidable losses.
The marine insurance industry has developed extensive technical guidance over many years. The next challenge is not necessarily to produce more guidance, but to make better use of the knowledge already available. Turning claims experience into better underwriting, stronger collaboration and more effective loss prevention will help reduce future steel cargo losses.
Ultimately, the success of marine cargo insurance should be measured not only by how efficiently claims are settled, but also by how effectively the industry helps prevent future losses.
