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Global ocean hull premiums grew 3.5% to $9.67 billion in 2024, even as market conditions began to soften, according to updates shared at the IUMI annual conference. Asia-Pacific accounted for 35% of premium volume, Europe 53%, and other regions 12%. Insurers remain cautious as claims pressure persists: machinery failure continues to lead losses and older vessels drive incident rates, with 52% of 2024 incidents involving ships over 20 years old.
Market exposure is increasing as the global fleet value rose 4% to $1.54 trillion amid low scrapping and limited newbuilding. A quarter of newbuild orders now feature alternative fuels, introducing unfamiliar technical and safety risks. Meanwhile, geopolitical tensions are adding costs, delays, and weather-related exposures to marine operations.
Underwriters expect pricing discipline to continue in segments with aging tonnage or weaker risk controls, while capacity may remain supportive where operators demonstrate robust maintenance and loss-prevention programs.
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