| Trend | Range | |
|---|---|---|
| Hull and machinery (U.S.) |  |
Flat to +2.5% |
| Hull and machinery (London) |  |
-5% to -7.5% |
| Hull and machinery (Scandinavia) | |
Flat to +2.5% |
| P&I (U.S.) |  |
+2.5% to +5% |
| P&I (International club) | |
+5% |
| Marine liability (Primary U.S.A.) | |
Flat to +2.5% |
| Marine liability (Excess U.S.A.) | |
Flat to +5% |
| Marine liability (London) | |
Flat to +5% |
| U.S. L&H mutual | |
Flat to +2.5% |
Rate trends
| 2023 Q1/2 | 2023 Q3/4 | 2024 Q1/2 | 2024 Q3/4 | 2025 Q1 | |
|---|---|---|---|---|---|
| Hull | 6.25% | 3.75% | 1.25% | 1.25% | 0% |
| P&I | 7.50% | 6.50% | 6.25% | 6.00% | 5% |
| Marine liability | 7.50% | 7.50% | 6% | 5% | 2.5% |
Key takeaway
As we move into 2025, the marine insurance market continues to soften with all classes of business under pressure from increased insurer capacity.
- London’s hull markets are seeing the largest reductions due to over-capacity
- U.S. and Scandinavian markets are holding firmer on rate
- This is putting pressure on clients to remarket
- Volatility in large claims
- Some of the stronger club’s rebated capital
- Dali/Baltimore bridge incident mainly affected IG Club reinsurance, containership operators
- Market is flattening due to over-capacity but markets holding due to claims of inflation
- Marine excess markets still requiring rates on non-marine underlings — mainly auto – larger and more frequent nuclear verdicts
- Markets require careful review of non-marine underlings and continue to require higher underlying attachment points, reduced capacity and higher pricing
- Ukraine/Russia/Black Sea and Israel/Houthi rebels in Southern Red Sea and Gulf of Aden, still an area of uncertainty and causing high hull war risk rating and restriction from the market
To read more, download the full report below.
Download
| Title | File Type | File Size |
|---|---|---|
| Insurance Marketplace Realities 2025 Spring UpdatePDF | 12.3MB |
Disclaimer
WTW hopes you found the general information provided here informative and helpful. The information contained herein is not intended to constitute legal or other professional advice and should not be relied upon in lieu of consultation with your own legal advisors. In the event you would like more information regarding your insurance coverage, please do not hesitate to reach out to us. In North America, WTW offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).