Image for representation purposes only Global marine insurance premium income increased by 5.5% in 2025 to USD 42.6 billion, according to the latest market analysis from the International Union of Marine Insurance (IUMI), presented today at its annual conference in Rotterdam. The headline increase, however, masks a continuing soft market across most marine insurance business lines, IUMI said. Currency movements, increased capacity and competitive pressures have all contributed to underlying market conditions remaining challenging. Global premium income in 2025 was distributed across the major marine insurance regions as follows: Europe 46.5%, Asia/Pacific 30.8%, Latin America 10%, North America 7.2%, Middle East 3.5% and Africa 2.1%. Transport/cargo remained the largest business line, accounting for 57% of global premiums, followed by ocean hull at 24.7%, offshore energy at 11.1% and marine liability, excluding P&I business covered by the International Group of P&I Clubs, at 7.3%. Commenting on the figures, IUMI Chief Analyst Veith Huesmann said: “Changes in marine insurance premium income are generally driven by factors such as global trade volumes and commodity prices for cargo, vessel values for hull and oil prices and activity levels in the offshore energy sector.” “Although we report an increase in global premium income, 2025’s reporting figures are heavily supported by exchange rate effects. The weakness of the US dollar has had a significant impact on the global figures, with major reporting currencies appreciating by around 7-13%. Once currency effects are taken into account, the market remains soft across all major business lines, with increased capacity adding to competitive pressure in most sectors. The claims environment has remained relatively stable, with no catastrophic loss significantly affecting any sector of the market. However, attritional losses continue to build and are eroding profitability, particularly in ocean hull. More broadly, ta