Asia Pacific Marine and Cargo Insurance

Marine & Cargo.

Features and key stories

Large cargo ship navigating the Strait of Hormuz with containers onboard.

Traditional Japanese street lined with dark wooden shops, hanging signboards, and warm lanterns, with mountains in the background

Large cargo ship with blue upper hull and red bottom balanced on a thick rope, flags of Iran and the United States at each end, conveying geopolitical tension.

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hong-kong-general-insurers-profits-jump-in-2025-as-health-insurers-drive-growth-pi-clubs-expand-offshore

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Hormuz war-risk rates climb again after brief easing in June

Renewed strikes on vessels have lifted Hormuz war-risk rates to around 2% to 4% of hull value, though they remain below March's highs.

Japan general insurers' underwriting performance improves as fire claims fall in FY2025

Fire insurance led Japan's non-life market improvement in FY2025, as claims fell sharply despite continued premium growth across major commercial lines.

Lloyd's Asia premiums flat in 2025 after four years of growth

A first fall in offshore business since 2020 offset continued onshore growth, while inward reinsurance set a new high.

India's GI premiums grow 9% in May as fire weakness persists

A fifth straight decline in fire premiums was offset by growth in health and motor, alongside sharp gains in aviation, marine and personal accident.

Korea non-life insurers post 4.9% Q1 premium growth, but profits fall on higher claims, weaker investments

Claims and investment pressure dragged net income down 10.7% year-on-year, even as long-term non-life premiums held firm and GI growth accelerated.

Some insurers ease Hormuz rates on US-Iran deal hopes, but pre-war pricing hinges on stability

Early cuts of up to 40% have surfaced, though pricing stays patchy and a history of broken ceasefires leaves many insurers reluctant to move fast.

Singapore GI market flat in Q1 2026 as claims fall and underwriting results hold steady

Direct premiums slipped 0.4%, with onshore credit, aviation hull leading premium growth, while offshore property and cargo dragged.

India GI premiums reach new heights as health, cargo and personal accident offset April fire slump

Several major lines helped contribute to record monthly premiums, cushioning a sharp pullback in fire, where coverage remains thin.

Korea launches marine war-risk pool for ships in the Strait of Hormuz

The KRW300bn (US$197.5m) facility aims to ease costs and secure cover for smaller Korean shipping firms exposed to heightened Middle East risks.

Standard Club faces higher exposure after Australia court rejects liability cap on wreck claims

Australia's High Court ruled that wreck removal claims excluded under Australia's maritime reservations cannot be capped by reclassifying them as property damage.

India rolls out war risk cover under US$1.5bn Bharat Maritime Insurance Pool

Three policies have been issued to Hoger Offshore and Marine, Vedanta Sterlite Copper and Balrampur Chini Mills, indicating early uptake by industrial and shipping‑linked corporates.

HK general insurers' underwriting profits soar 175% in 2025 as AIA leads health charge, P&I clubs drive offshore gains

The impact of the Wang Fuk Court fire offset some of the sector’s growth, with property damage profits falling sharply last year.

Aviation, personal accident continue to lead gains as India’s March GI premiums rise 8.4%

Aviation and personal accident posted another month of outsized gains, rising 78.9% and 27.6%, while miscellaneous and fire extended last month’s fall.

Hong Kong GI direct premiums fall 11% in Q4 as offshore contracts, but full-year profit rebounds

Offshore premiums halved, onshore property claims rose, but full-year profits jumped almost 175% in 2025.

India approves US$1.4bn Bharat Maritime Insurance Pool

Sovereign-backed scheme aims to cut reliance on foreign insurers and build domestic marine underwriting expertise.

Singapore reinsurance profits collapse in Q4 as incurred losses surge 98%

Offshore reinsurance swung into a SG$2.9m loss, while smaller onshore operations remained profitable amid a 49% property premium surge.

DFC adds six new insurers to Gulf maritime facility, doubles capacity to US$40bn

Liberty, Berkshire, AIG, Starr, Travelers, and CNA join the facility, while Chubb retains its role as lead underwriter.

Singapore GI direct insurers lift underwriting profit despite softer Q4 premiums

Stable claims trends, liability-driven demand supported profitability across onshore and offshore portfolios, even as premiums edged down 1.49%.

Singapore Court of Appeal sides with insurers in US$56m Teras Lyza marine insurance dispute

The ruling sets an important precedent that insureds cannot invoke the presumption of loss by perils of the seas where investigation was possible but not pursued.

New MGA regime flagged as last-mile growth lever for India’s insurance market

Newly recognised MGAs can bind policies and underwrite risks locally, offering a faster route to regional and niche product growth in India.