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Ocean hull insurance premiums rise, but rates did not increase
IUMI estimates the global ocean hull premium base at $10.5 billion in 2025, up 9.4% year over year, with Europe at 51.3% of the total.
The global ocean hull insurance market is still softening, even as total premiums appear to grow, according to research presented by IUMI at its annual conference in Rotterdam, with Ilias Tsakiris, chair of the Ocean Hull Committee, commenting on the figures.
Insurance Business reports IUMI puts the global hull premium base at $10.5 billion for 2025, a 9.4% increase from the prior year, and notes Europe accounts for 51.3% of that total.
Tsakiris said the headline premium growth should not be interpreted as stronger market pricing or improved underwriting profitability, pointing instead to fleet growth, elevated vessel values, and exchange rate movements.
He emphasized that the premium figures rose "without a single rate going up," calling it a softening market that looks like it is growing.