Global marine insurance premiums reached a record $39.92 billion in 2024, marking a growth rate of 1.5%. This is a noticeable slowdown compared to the 5.9% growth in 2023 and 8.3% growth the year before, according to the International Union of Marine Insurance (IUMI). Despite this slower pace, competition in the industry is heating up, with insurers turning to data as a key advantage.
Sam Hellebush, president of US Marine at Intact Insurance Specialty Solutions, explained how the marine insurance market is shifting towards using data to manage risks better. Companies are increasingly relying on real-time cargo tracking and investments in technologies like sustainability retrofits for vessels. These tools help insurers move away from just reacting to claims and instead try to prevent problems before they happen.
One major focus is on real-time visibility of cargo. Tracking shipments closely helps reduce uncertainty about risks, especially in complex areas like ships, ports, and busy waterways. Although the technology to follow individual shipments is still costly, prices are dropping, making it more accessible. This improved visibility is crucial as climate change increases the chances of extreme weather events, storms, and port disruptions that could impact the safety of cargo.
Climate change also pushes insurers to pay closer attention to environmental factors, as many trade routes pass through climate-sensitive coastal zones. Hellebush emphasized that marine insurers have a strong interest in managing these risks and the concentration of insured assets. Intact Insurance has put about $500 million into improving data quality, which is already helping them underwrite risks more confidently and offer better prices to customers.
The rise of geopolitical tensions is another factor reshaping marine insurance. Attacks by Houthis on commercial shipping in the Red Sea since late 2023 have led to sharp increases in war-risk premiums for that route. These premiums have jumped from about 0.3% to as high as 0.7% of a ship’s insured value. An incident in July 2025, where two vessels were attacked—with one sunk and crew members lost—caused many underwriters to pause coverage on certain paths. As a result, many ships are rerouting around the Cape of Good Hope in Africa, a longer journey that adds miles, fuel costs, and complexity to shipments.
At the same time, sustainability is becoming more important in the relationship between insurers and shipping companies. Many firms are trying out new green technologies like hybrid-electric engines and alternative fuels such as hydrogen and ammonia. These efforts are encouraged by global regulations aiming for net-zero emissions by 2050. Insurers like Intact offer better pricing for ships that properly update their vessels to be more eco-friendly. This helps reduce emissions and the chance of expensive insurance claims.
The marine insurance market is also feeling the effects of overcapacity, especially in cargo and hull coverage. Growth is slowing, so insurers are focusing on preventing risks rather than just competing on price. Hellebush pointed out that rewarding customers who take steps to reduce claims benefits everyone and can lower costs for clients.
Looking ahead to 2026, this period of change could mean new chances for brokers and insurers who understand how data and technology impact risk and pricing. Hellebush reminded that the marine insurance industry has always adapted through the years, and now the pace of change is faster than ever. He encouraged brokers to see this as a chance to succeed by embracing these new tools and ideas.