In its full 2026 Stats Report, IUMI said US dollar weakness masked any underlying market development. Increased capacity and competition continued to keep conditions soft across all main business lines.
Cargo, the largest line, grew 6.9% to US$24.2 billion, supported by seaborne trade and asset and commodity price movements. Chinese premiums continued to grow strongly, driven by high-value exports including AI-related technology. Loss ratios improved, but the market stayed soft. Ocean hull premiums rose 9.4% to US$10.5 billion on fleet growth, higher vessel values and war premiums, though fleet growth continued to outpace premium growth - a sign of continued competitive pressure, IUMI said.
Offshore energy premiums were broadly flat at US$4.82 billion, up 0.1%. London retained 62.7% of that market, around 30% of which is renewables business. IUMI said that while the market remains soft, energy security and geopolitical concerns could support significant future investment.
The pressure point is claims. “On the claims side, the overall picture remained relatively stable with no single catastrophic loss significantly affecting any individual sector. However, attritional claims continued to accumulate putting pressure on profitability,” IUMI secretary general Lars Lange said.
IUMI’s Major Claims Database, which draws on data from 30 national insurance associations since 2013, now holds 7,200 cargo claim observations, with a cumulative loss of US$11.4 billion. The report also includes IUMI’s revised Hull Inflation Index, which uses macroeconomic indicators to explain marine repair cost inflation.
Lange said the global race for AI had begun to influence marine trade, “with high-value semiconductors becoming an increasingly important component of international cargo movements.” He added that war cover became increasingly prominent into 2026 as conflict in the Middle East intensified. IUMI put the conflict’s cost to marine insurers at around US$2 billion, as reported at IUMI’s October conference in Rotterdam.
The IUMI report describes a market that still favours buyers on cargo and hull, but with less room left to soften. Steadily accumulating attritional losses tend to be what ends soft cycles, and IUMI’s language on profitability pressure is a signal worth watching at the next renewal conversation.
For clients shipping high-value technology - semiconductors, AI-related hardware, and related components - rising cargo values make this a good time to review limits per shipment and per conveyance. As trade routes and cargo composition shift, policies written for different risk profiles may no longer be adequate.
War cover and geopolitical exposure should also be on the agenda for clients with Middle East trade or transit exposure. IUMI’s October conference flagged the concentration of marine insurance exposure to a small number of geopolitical flashpoints, and brokers placing hull or cargo on affected routes should ensure clients understand what war cover they hold and what it excludes.
