| Coverage | Trend | Range |
|---|---|---|
| Marine cargo and stock throughput – favorable loss history |  |
-5% to -15% |
| Marine cargo and stock throughput – challenging risks |  |
Flat to +5% |
Key takeaways
- Marine cargo and stock throughput rates remain soft for risks with favorable loss histories and strong controls
- Insurer competition and expanding capacity continue to create favorable conditions for buyers
- Geopolitical events can quickly affect war risk pricing, trade routes and underwriting decisions
- Supply chain resilience, carrier selection and emerging loss trends remain critical risk considerations
Marine cargo and stock throughput markets remain highly competitive
Marine cargo and stock throughput markets remain favorable for many buyers. Organizations with strong risk management practices, low claims frequency and transparent supply chain controls continue to benefit from soft market conditions and competitive pricing.
Competition among insurers continues to intensify as established carriers seek to maintain premium volume and newer market participants pursue growth opportunities. This competition is supporting favorable buyer conditions and helping maintain abundant market capacity.
While challenging risks and accounts with adverse loss experience may receive additional underwriting scrutiny, most are expected to see stable renewals unless exposures are particularly severe. At the same time, many insurers are actively seeking opportunities to expand their stock throughput portfolios and are deploying significant capacity to support growth.
Insurers continue to monitor geopolitical and war-related exposures closely and may require geographic restrictions or exclusions for certain regions and trade routes.
Geopolitical developments continue to shape underwriting
Geopolitical uncertainty remains a key factor influencing the marine cargo market. Areas of focus include the Strait of Hormuz, the Red Sea and Gulf of Aden, the Black Sea region and ongoing tensions involving China and Taiwan.
Regional developments can evolve quickly, prompting insurers to reassess war risk exposures through notices of cancellation, revised terms and repricing of war risk coverage. Underwriters are expected to remain cautious regarding sanctioned territories, politically sensitive trade lanes and vulnerable supply chains.
As a result, supply chain resilience, routing strategies and carrier selection have become increasingly important components of risk management. Global supply chains continue to face pressure from tariffs, regulatory changes, port congestion and geopolitical developments that can affect the movement of goods around the world.
Outlook for 2027
The marine cargo market is expected to remain favorable for buyers, particularly for organizations shipping desirable commodities and maintaining strong loss records. Growing capacity, expanding managing general agent (MGA) participation and continued insurer competition are expected to support further rate reductions for well-performing risks.
Although market conditions remain positive, insurers will continue to monitor several factors that could influence future pricing trends, including:
- Escalation of geopolitical tensions affecting the Strait of Hormuz or Red Sea
- A series of catastrophic events or major vessel losses
- Continued multi-industry claims involving lithium batteries, fires and supply chain disruptions
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).
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