The global offshore energy insurance market continued to be challenging throughout 2025, as reported by the International Union of Marine Insurance (IUMI). Michele Cibrario, Chair of IUMI's Offshore Energy Committee, stated at the annual conference in Rotterdam that premium growth observed was largely a result of currency movements and changes in the types of business insured, rather than an expansion of the underlying market itself. This suggests that while gross premiums might have increased, the core profitability and organic growth of the sector are under strain.
For freight forwarders and supply chain analysts involved in project cargo and offshore wind logistics, this trend in the insurance market could translate into higher insurance costs for complex and high-value offshore energy projects. As insurers face reduced profitability, they may seek to increase premiums or tighten coverage terms for marine and project cargo insurance, particularly for specialized vessels and equipment used in offshore installations. This could impact overall project budgets and risk management strategies for shippers and EPC contractors, potentially leading to increased operational expenses for moving heavy-lift and oversized components.