Marine Market Survey 2024

Explore the primary ocean marine market conditions

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Uncover the nuances of the global marine insurance market to make informed decisions and secure a competitive edge.

The Munich Re Marine Market Survey provides a sector-by-sector analysis of the global marine insurance market and highlights regional variations, challenges, and opportunities. It offers a qualitative evaluation of the overall primary ocean marine market conditions, as well as specific marine business lines where data is available.

Definitions of the market condition categories

Extremely Hard
Significant increases in rates/premium across majority of line of business. Multiple years of rate increases achieved to attain technically adequate levels and meet/exceed cost of capital and required returns. Placements on challenging classes unable to be completed. Outlook excellent.
Hard
Rates/premiums increasing across line of business and terms/conditions improving. Loss affected accounts addressed with significant corrective action. Rate/premium increases exceeding loss trend/claims inflation. Results improving (C/R below 90%). Further restriction in appetite/capacity deployment. Outlook good.
Good
Rates/premiums increasing. Loss affected accounts addressed with corrective action. Rate of premium/rate change exceeds that of claims trend/inflation. Results marginal and outlook improving. Appetites/capacity deployment restricting. C/R low 90's.
Stable
Premium rate change >= loss trend/claims inflation. Results marginal (premiums adequate to cover loss and expenses but not fully cover cost of capital and required returns)
Deficient
Rates/premium below technically adequate (risk adequate) levels. Rate of claims trend/inflation exceeding premium rate changes. Results unprofitable.
Extremely Deficient
Rates/premium significantly below technically adequate (risk adequate) levels. Multiple years of rate/premium reductions and broadening of coverage/terms drive unprofitable and unsustainable results. Markets exiting class and outlook poor.

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Have a detailed look at the results of the Marine Market Survey. Explore the regional variations and the facts behind them. Discover the key challenges and opportunities of our sector-by-sector analysis.

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