IUMI has presented their Stats Report for 2024. Overall, the 2023 insurance year was positive for marine underwriters with market
development seen across all lines of business. World trade continued to grow which impacted positively on the global premium base, particularly for cargo insurance. The oil price appears to have stabilised which is good for the offshore sector.
Inflationary pressure has eased and many central banks are beginning to cut their interest rates, although this does not necessarily have an immediate effect on vessel repair costs. Apart from some inflation impact on hull repair costs, the claims environment was also relatively moderate in 2023, with no major weather events or vessel casualties making a significant impact on the overall costs, despite a few major fires. Large vessel fires, particularly on containerships and car carriers, are still a growing concern for hull and cargo insurers.
Increasing geopolitical tensions are creating headwinds for the industry and there seems no end to their impact in 2024 or beyond. The
continuing Houthi attacks in the Red Sea area and the Russia/Ukraine war are disrupting traditional shipping routes and causing some carriers to change the way they operate. Other headwinds for 2024 and beyond will include the impact of the US election, climate change and associated extreme weather events, zero-carbon fuel technology and cyber-risks. But despite this, the marine insurance market fared well in 2023.
This report presents data on the global marine insurance market set in the context of world economic performance, trade and the shipping
industry. We also offer commentary and opinion based on the data we have collected. IUMI represents 42 national and regional marine
market insurance and reinsurance associations.
The IUMI Facts & Figures Committee compiles and analyses data submitted by national insurance associations and cooperates with other data
providers.
Thanks go to those IUMI member associations for their continued support and to the other data providers, who are identified at the end of this report, for supporting IUMI with extensive and up to date information on the relevant trends that impact the marine industry.
Special thanks are offered to the Nordic Association of Marine Insurers (Cefor) for annually compiling global marine insurance data on behalf of IUMI and supporting IUMI with up-to-date hull trend analyses from the Nordic Marine Insurance Statistics database (NoMIS).
Download the IUMI 2024 analysis report at: IUMI 2024 analysis
