Shipowners are expected to face the eighth consecutive annual increase in maritime insurance premiums in 2026, due to the continued rise in the cost of protecting against risks.
According to the international credit rating agency Standard & Poor’s, based in New York, protection and indemnity insurance premiums will have an average increase of approximately 5% from February 2026.
This assessment is made as the 12 subsidiaries that make up the International Group of P&I clubs are preparing to announce their new pricing for 2026.
Bargaining power
However, as noted, large shipping groups and large shipbrokers have such bargaining power that they can secure more favorable terms and targeted discounts, partially limiting the additional cost.
Standard & Poor’s noted that insurers, despite their resilient capital base, with reserves of over 6 billion dollars, are in a critical phase of reassessing the sustainability of premiums and the balance between costs, coverage and transparency.
Some brokers have long argued that this represents an inefficient use of capital and that the money could be used to keep discounts low.
In any case, Standard & Poor’s warns that the “patience” of shipowners is running out and it estimates that there will be a coordinated reaction in 2027, with shipping companies adopting a tougher stance against continued increases.
Source: Naftemporiki
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