Marine insurance supply remains stable as geopolitical and technical changes reshape the market, says IUMI President

The global marine insurance market is currently stable, with premium growth supported by a weak USD in hull and cargo insurance. The International Union of Marine Insurance (IUMI) President, Frédéric Denèfle, addressed this during the IUMI annual conference in Rotterdam. While the market is performing well, Denèfle warned that insurers must remain vigilant to the geopolitical, technical, and market changes reshaping global trade.

Hull and cargo markets have shown premium income growth, although the offshore energy sector remains subdued. US trade tariffs have not caused anticipated disruptions, and the world economy remains resilient. However, increased war risks, new competition from additional capacity, and inflationary pressures introduce significant uncertainty.

Despite these challenges, marine insurers continue to provide coverage in high-risk regions. The changing geopolitical landscape will influence future global trade and risks, prompting insurers to prepare for tomorrow's trades and emerging routes. Marine insurers must also play a leading role in supporting the decarbonisation of shipping, embracing technology, and data standards to potentially offer fully digitised and standardised global cargo insurance certificates.

Despite the pace of change, Denèfle emphasized that the marine insurance sector remains strong, agile, and ready to adapt.