Transport insurance spans U.S. inland-marine coverage for goods moving over land and other movable property, as well as maritime risks. The statistics below distinguish premium measures, underwriting results, insurer market share, state totals, and reported vessel losses and incidents by geography and period.
Key Transport Insurance Statistics
The most useful headline figures are:
- In 2024, U.S. inland-marine net premiums written were $20.148 billion after reinsurance, excluding state funds.
- In 2023, U.S. inland-marine net premiums written were $22.675 billion after reinsurance, excluding state funds.
- In 2024, the inland-marine annual premium change was -11.1% in the United States.
- In 2022, the inland-marine annual premium change was 20.6% in the United States.
- In 2024, the inland-marine combined ratio was 81.2 in the United States after policyholder dividends.
- In 2020, the inland-marine combined ratio was 98.0 in the United States after policyholder dividends.
- In 2024, Liberty Mutual wrote $4.316 billion in direct inland-marine premiums and held a 12.8% U.S. market share.
- In 2024, CNA Financial wrote $2.833 billion in direct inland-marine premiums and held an 8.4% U.S. market share.
- In 2024, California recorded $3.664 billion in inland-marine direct premiums written.
- In 2024, Florida recorded $2.597 billion in inland-marine direct premiums written.
- In 2024, 27 large ships were total losses worldwide among vessels over 100 gross tons.
- From 2015 through 2024, the South China, Indochina, Indonesia and Philippines region recorded 169 total losses among vessels over 100 gross tons.
- In 2024, foundering caused 12 worldwide vessel total losses among vessels over 100 gross tons.
- In 2024, there were 3,310 reported shipping casualties or incidents worldwide among vessels over 100 gross tons.
- In 2024, machinery damage or failure accounted for 1,860 reported shipping incidents worldwide among vessels over 100 gross tons.
- In 2024, the British Isles recorded 799 shipping incidents in the worldwide incident database.
- In 2023, there were 205 reported vessel fire incidents worldwide among vessels over 100 gross tons.
Contents
- U.S. inland-marine premium trends
- Underwriting results and combined ratios
- Leading U.S. transport insurance writers
- State-level transport insurance premiums
- Global maritime transport insurance losses
- Shipping incidents and cargo-risk trends
U.S. Inland-Marine Premium Trends
Inland marine is a broad U.S. property/casualty line that includes goods in transit over land and other movable property. It is not identical to every transport-insurance product, so this series should be read as a major U.S. proxy rather than a complete global market total.
The Insurance Information Institute’s Inland Marine Insurance, 2015-2024 reports net premiums written after reinsurance and excludes state funds.
| Year | Net premiums written | Annual change |
|---|---|---|
| 2015 | $11.398 billion | 3.9% |
| 2016 | $11.389 billion | -0.1% |
| 2017 | $11.960 billion | — |
| 2018 | $14.576 billion | 21.9% |
| 2019 | $15.585 billion | — |
| 2020 | $14.881 billion | -4.5% |
| 2021 | $17.619 billion | 18.4% |
| 2022 | $21.242 billion | 20.6% |
| 2023 | $22.675 billion | 6.7% |
| 2024 | $20.148 billion | -11.1% |
The reported series shows modest movement in 2015 and 2016, a 21.9% annual increase in 2018, and a 4.5% decline in 2020. Growth was strongest in the supplied annual-change observations in 2022, followed by a decline in 2024.
The premium measure is not direct written premium: it is net written premium after reinsurance. That distinction matters when comparing it with insurer rankings and state figures later in this article.
Transport Insurance Underwriting Results and Combined Ratios
The combined ratio measures underwriting results after policyholder dividends in the supplied inland-marine series. A ratio below 100 indicates underwriting profitability under the source’s stated definition.
| Year | Combined ratio | Interpretation under source definition |
|---|---|---|
| 2015 | 83.9 | Below 100 |
| 2020 | 98.0 | Below 100 |
| 2021 | 86.9 | Below 100 |
| 2022 | 86.2 | Below 100 |
| 2023 | 82.3 | Below 100 |
| 2024 | 81.2 | Below 100 |
The Insurance Information Institute inland-marine table reports 83.9 for 2015 and 98.0 for 2020, followed by 86.9 in 2021, 86.2 in 2022, 82.3 in 2023 and 81.2 in 2024.
These figures describe underwriting performance for U.S. inland marine, not the profitability of every transport policy or maritime insurer. They also use a different premium basis from the direct-premium rankings, which include state funds and are measured before reinsurance.
Leading U.S. Transport Insurance Writers
The Top 10 Writers of Inland Marine Insurance By Direct Premiums Written, 2024 ranks U.S. writers by direct premiums written before reinsurance. The U.S. total excludes territories, and the table includes state funds.
| Rank | Insurer | Direct premiums written | Market share |
|---|---|---|---|
| 1 | Liberty Mutual | $4.316 billion | 12.8% |
| 2 | CNA Financial | $2.833 billion | 8.4% |
| 3 | Allianz | $2.483 billion | 7.4% |
| 4 | Chubb | $1.874 billion | 5.6% |
| 5 | Zurich | $1.513 billion | 4.5% |
| 6 | AIG | $1.491 billion | 4.4% |
| 7 | Assurant | $1.157 billion | 3.4% |
| 8 | Travelers | $993.580 million | 3.0% |
| 9 | State Farm | $884.972 million | 2.6% |
| 10 | FM Global | $882.831 million | 2.6% |
Liberty Mutual led the 2024 ranking with $4.316 billion and 12.8% share. CNA Financial ranked second at $2.833 billion and 8.4%, while Allianz ranked third at $2.483 billion and 7.4%.
The remaining ranked writers were Chubb, Zurich, AIG, Assurant, Travelers, State Farm and FM Global. Their reported shares ranged from 5.6% for Chubb to 2.6% for both State Farm and FM Global.
State-Level Transport Insurance Premiums
The Insurance Information Institute’s Direct Premiums Written, Property/Casualty Insurance, By State By Line, 2024 reports 2024 inland-marine direct premiums written by state. The figures include some state funds.
| Geography | 2024 inland-marine direct premiums written |
|---|---|
| California | $3.664 billion |
| Florida | $2.597 billion |
| Georgia | $1.103 billion |
| Arizona | $661.853 million |
| Colorado | $629.711 million |
| Alabama | $507.230 million |
| Connecticut | $443.298 million |
| Arkansas | $320.517 million |
| Delaware | $234.780 million |
| District of Columbia | $164.732 million |
| Alaska | $92.244 million |
California’s reported 2024 total was $3.664 billion, while Florida’s was $2.597 billion and Georgia’s was $1.103 billion. The supplied state observations also range from $661.853 million in Arizona to $92.244 million in Alaska.
These are direct premiums written, not the net-premium series used for the 2015–2024 trend. State totals therefore should not be added to or compared directly with the national net-premium figures without preserving the measure definitions.
Global Maritime Transport Insurance Losses
The Safety and Shipping Review 2025 covers reported vessels over 100 gross tons and uses Lloyd’s List Intelligence data. Its definition of total loss includes actual or constructive total loss.
Worldwide large-ship total losses fell to 27 in 2024 from 35 in 2023. The report states that the 2024 count was 75% below the 105 recorded in 2015, while the South China, Indochina, Indonesia and Philippines region recorded 169 total losses over 2015–2024.
The 2024 loss composition included 10 fishing vessels and 6 cargo vessels. Foundering caused 12 total losses, while fire or explosion caused 7.
The same report’s vessel population and regional definitions are important: vessels under 100 gross tons are excluded, and the figures describe reported total losses rather than every insured transport loss.
Shipping Incidents and Cargo-Risk Trends
The Safety and Shipping Review 2025 recorded 3,310 reported shipping casualties or incidents worldwide in 2024, about 10% more than 2,963 in 2023. Machinery damage or failure accounted for 1,860 incidents, and vessel collision accounted for 251.
Regional reporting was concentrated in the British Isles, with 799 incidents in 2024, and the East Mediterranean and Black Sea, with 694. Across 2015–2024, the British Isles accounted for 5,613 of 28,331 reported incidents, or 20%.
The earlier Safety and Shipping Review 2024 recorded 2,951 reported shipping incidents worldwide in 2023, compared with 3,036 in 2022. It also recorded 205 reported vessel fire incidents worldwide in 2023 and 55 vessel total losses caused by fires during 2019–2023.
For 2023, the South China, Indochina, Indonesia and Philippines region recorded 8 total vessel losses, while cargo ships represented more than 60% of vessels lost worldwide. The report cautions that some losses and minor incidents may be unreported, so these are reported-database measures rather than a complete census of every maritime event.