IUMI – Global Marine Insurance Market, 2023

The 2023 Stats Report by IUMI reveals positive growth in the global marine insurance market after a prolonged period of negative returns. While inflation has slightly decreased, high interest rates and slow post-pandemic consumer confidence remain challenges. The report highlights future uncertainties, including rising asset prices, inflationary pressure, fluctuating oil prices, and changing trade routes due to the war in Ukraine. The emergence of new risks such as lithium-ion batteries and new propulsion technologies adds complexity to the industry's risk management. Climate change and new weather events also pose challenges for insurers. However, the report acknowledges improvements in marine insurers' performance due to changes in frame conditions and skilled underwriting. It provides data on the global marine insurance market in the context of world economic performance, trade, and the shipping industry. IUMI represents 43 national and regional marine insurance and reinsurance associations, compiling and analyzing data from national associations and cooperating with other data providers. The report expresses gratitude to member associations and data providers for their support. The Nordic Association of Marine Insurers (Cefor) receives special thanks for compiling global marine insurance data and providing up-to-date hull trend analyses.