Marine insurance: premiums up in 2022

marine insuranceGlobal premiums generated by marine insurance have reached 35.8 billion USD in 2022, representing an 8.3% increase over one year.

These figures were provided by the International Union of Marine Insurance (IUMI) at its annual conference held from 18 to 20 September 2023 in Edinburgh, Scotland.

The global marine insurance market is still dominated by Europe, which alone accounted for 47.7% of the total premium income in 2022. Next come Asia Pacific, Latin America and North America, with respective market shares of 28.4%, 10.3% and 8.5%. The remaining 5.1% is underwritten in other regions such as Africa and the Middle East.

The turnover breakdown by type of coverage places the marine cargo activity in first place, with more than half (57.3%) of premiums underwritten in 2022. Next in descending order are hull, energy/offshore and third-party liability* covers, which respectively account for 23.4%, 11.5% and 7.8% of the overall portfolio.

* Other than that provided by P&I Clubs.

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