Despite a resurgence in the global trade volume and continuously rising fleet growth, insurance premiums have continued to stagnate, according to figures from the International Union of Marine Insurance (IUMI).

Vice-chairman of the facts and figures committee Astrid Seltmann said at the IUMI 2014 Hong Kong Conference that global marine premiums fell by 1.7% last year, dropping from $34.8bn in 2012 to $34.2bn. Of this, Europe continues to dominate with an overall marine premium market share of 52.6%, while the Asia-Pacific region has 25.5% share and Latin America 10.1%.Seltmann said although the global trade volume is increasing again, cargo premiums are stagnating.

In the $18.2bn cargo premiums market, Europe has a 43.8% market share, with the Asia-Pacific region contributing 29.2% of premiums. In terms of individual countries, China unsurprisingly tops the cargo rankings with a 9.3% market share, followed by Japan with 8.5%. Seltmann however noted that part of the reason why China passed Japan in terms of USD cargo premium as a result of the Yen/USD exchange rate.

It was a similar story of woe from hull insurers, who saw premiums stagnate despite a continuous increase of the world fleet and increasing value of vessels. Hull premiums for 2013 were $8.52bn, down 0.8% on 2012. Europe still has the most business with 52.6%, followed by Asia with 32.4%. Lloyd’s is the largest individual market with 16%, followed by China with 10.4%.

Although the loss ratio improved overall with large losses in particular declining, the hull market still recorded its 18th consecutive loss-making year in 2013, the conference was told.