Magazine date:
Jul 2023 
Increasing trade volumes, the appreciation of the US dollar, growing offshore activity and rising ship values have underpinned this sector.
Marine transport insurance premiums per region
European insurers had the bulk of 2021 market share, at 47.2%, followed by Asian operators (29.3%) and Latin American operators (10.3%). In the same year, European and Asian insurers reported the highest growth rates in marine insurance [4] premiums.
| Region | 2021 shares |
|---|---|
| Europe | 47.20% |
| Asia/Pacific | 29.30% |
| Latin America | 10.30% |
| North America | 7.70% |
| Other regions | 5.50% |
| Total | 100% |
Source: IUMI
Marine transport insurance premiums per type of coverage
Marine cargo insurance continues to account for the largest share of the marine transport market, with 57.4% of premiums written in 2021.
Hull insurance accounts for 23.5% of premium income, followed by offshore energy 11.8% and marine liability (excluding P&I clubs) 7.3%.
In USD
| Coverage | 2021 Premiums | In % |
|---|---|---|
| Cargo/freight | 18 900 000 000 | 57.40% |
| Ship hull | 7 800 000 000 | 23.50% |
| Offshore/energy | 3 900 000 000 | 11.80% |
| Marine liability (1) | 2 400 000 000 | 7.30% |
| Total | 33 000 000 000 | 100% |
(1) Other than that provided by P&I Clubs
Source: IUMI