| Trend | Range* | |
|---|---|---|
| Hull and machinery (U.S.) |  |
Flat to +2.5% |
| Hull and machinery (London/international) | |
Flat to +2.5% |
| P&I (U.S.) |  |
+2.5% to +5% |
| P&I (International Club) | |
+5% to +7.5% |
| Marine liability (primary U.S.) | |
+2.5% to +5% |
| Marine liability (excess U.S.) | |
+5% to +7.5% |
| Marine liability (London) | |
+2.5% to +7.5% |
| USL&H mutual | |
Flat to +2.5% |
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Survey Report
Insurance Marketplace Realities 2025 – Marine hull and liability
The marine market has slightly softened but generally requires low single-digit increases due to claim inflation (social and increased cost of repairs).
*All rate projections shown above are subject to good loss record accounts with higher end of range on accounts with greater risk exposure. Increased rates for accounts with adverse loss experience.
Rate trends for marine hull and liability
| 2023 Q1&2 |
2023 Q3&4 |
2024 Q1&2 |
2024 Q3 |
|
|---|---|---|---|---|
| Hull | 6.25% | 3.75% | 1.25% | 1.25% |
| P&I | 7.50% | 6.50% | 6.25% | 6% |
| Marine liability | 7.50% | 7.50% | 6% | 5% |
Marine underwriters are requiring premium increases for claim inflation.
- Crew and third-party liability larger verdicts
- Hull & machinery and marine property — increases in raw material costs
- Larger and more frequent NatCat and nuclear verdicts — increased costs of insurance and reinsurance
Market restrictions
- Excess liability underwriter review of non-marine underlying coverages (auto liability) — some markets are requiring higher underlying attachment points for fleets of significant size, reduced capacity and higher pricing.
- Markets are preferring to quota share primary and first layer excess placements due to challenging first excess layer lack of market appetite and increased working layer of losses.
- Markets tend to offer higher primary limits as long as it is quota shared.
Global political environment ongoing
- Ukraine/Russia, Black Sea, and Southern Red Sea and Gulf of Aden (Israel/Houthi rebels) remain areas of uncertainty, causing high hull war risk rating and restrictions from the market.
Disclaimer
Willis Towers Watson hopes you found the general information provided in this publication 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, Willis Towers Watson offers insurance products through licensed entities, including Willis Towers Watson Northeast, Inc. (in the United States) and Willis Canada Inc. (in Canada).
