6.4% increase in marine insurance premiums in 2021

marine insuranceAccording to a report by the International Union of Marine Insurance (IUMI), premiums generated by the marine class of business have reached 33 billion USD in 2021. This amount represents a 6.4% increase compared to the 31 billion USD of 2020.

Several factors have contributed to the development of this sector. These include the increase in the volume of world trade, the appreciation of the US dollar, the development of offshore activity, and the turnover growth of cargo, hull, offshore energy and marine liability insurance.

According to the report, the global marine insurance market is dominated by Europe, which accounts for 47.2% of the global portfolio. The second, third and fourth largest markets are Asia-Pacific, Latin America and North America with respective market shares of 29.3%, 10.3% and 7.7%.

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