Marine Insurance
Marine insurance is experiencing a period of rapid change, with a prolonged struggle to deliver underwriting profit forcing companies to reevaluate their proposition and the need to modernise. The class of business on which Lloyd’s was founded, the marine market is now navigating through a transitional period as it embraces technological reform and looks to rebuild its profit margin against a challenging operational backdrop.
Global marine market forecast to reach $48bn by 2031
Specialist cover, rising trade volumes and regional expansion are to support the sector, even as soft pricing persists in traditional marine classes
80/20 rule kicks in as marine insurers assess Hormuz fallout
Iranian targeting becoming more sophisticated, underwriter warns, as latest Houthi advances cause concern
Baltimore bridge deterioration ‘unlikely to impact renewals’
While the deterioration was a surprise, senior market figures said the $2.8bn loss was not a market-moving event for marine reinsurance renewals
Marine insurance claims costs ease off from peak
Payouts down from 2024/25 but still ‘elevated’, Cefor statistics reveal
IUMI warns cargo insurers over wood packaging exposure
Failure to meet ISPM 15 requirements can trigger detention, fumigation, repacking, re-export and other costs, even when the insured cargo itself is undamaged
Marine 2027: Softer pricing, harder risks
The headline safety trend for hull & yacht is positive, cargo underwriting is increasingly an exercise in understanding accumulation, and the opportunity for shipyards lies in a strong construction and refit pipeline
The ever-changing world of sanctions
Re/insurers and their clients face the challenge of keeping up with changes to sanctions and sanctions regimes
P&I clubs lost $250m on underwriting last year
Dali claim already in collective overspill layer and may yet bust it, Gallagher warns
London market saw 6% decline in treaty last year: IUA
London company market transacted nearly £11.3bn in treaty reinsurance premiums in 2025
War and PV market braces for first loss-making year since 9/11
Losses linked to conflict in the Middle East could be north of $2bn, against an annual gross premium of $2.5m, Marsh Re says
The case for entering the marine market: Hive’s Lewis
Nick Lewis explains why logistics, data and underwriting discipline will shape the Lloyd’s specialty MGA’s approach to marine risk
Hormuz crisis exposes shortcomings in war risk clauses amid unprecedented conflict
Marine insurers may need to re-examine outdated wordings to ensure policies stay fit for purpose
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