2023, a good year for marine insurance

The International Union of Marine Insurance (IUMI) has published its new report on the marine insurance market situation in 2023.

The business closed the 2023 financial year with a turnover of 38.9 billion USD, up by 5.9% year-on-year.

Factors driving the sector's growth include the growing volume and value of world trade, and the rising value of ships.

According to IUMI, 2023 was a positive year for marine insurers, despite the effects of geopolitical tensions in certain regions.

Europe is still the world leader in marine insurance, with a 48.5% share of total premiums written in 2023. The old continent is followed by Asia Pacific (28.1%), Latin America (10.9%), North America (7%) and other regions (5.5%).

Broken down by type of coverage, the marine cargo business accounts for the largest market share (56.9%), followed by marine hull (23.6%), energy/offshore (11.9%) and marine liability* (7.7%).

* Excluding P&I