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Offshore energy insurance premiums edge up in 2025 as some rates harden
Global offshore energy insurance premiums rose 0.1% in 2025 to USD 4.8 billion, while subsea construction pricing is already described as a micro-hard market.
Insurance Business reports that global offshore energy insurance premiums increased just 0.1% in 2025 to USD 4.8 billion, extending a soft market cycle that the outlet says has lasted six or seven consecutive years. According to IUMI's Offshore Energy Committee, insurers are still focused on growth even as capacity outpaces demand, and the London market, covering Lloyd's and the International Underwriting Association, accounts for about 60% of global offshore energy premium, broadly unchanged through 2025. The report also highlights that the soft market is not uniform. Willis's energy market review flagged subsea construction as capacity-constrained enough to function as a micro-hard market, even as broader upstream rates declined, with Gallagher Specialty estimating 2025 blended upstream rate reductions at around 11% and expecting further double-digit cuts through 2026.