According to the Nordic Association of Marine Insurers (Cefor), fires and machinery damage remain the leading causes of rising insurance claims in the marine sector.
Cefor members insure around 31% of the global fleet, including more than 3,500 vessels above 20,000 gross tons.
The latest annual report shows that 2025 marked the third consecutive year of increasing high-value claims exceeding $10 million.
⚠️ Key facts
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Continued rise in large insurance claims (> $10 million)
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Growing losses even on high-value vessels, which is unusual
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Average claim cost per vessel increased by 33% compared to 2021
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13 major claims recorded in 2025
🔥 Fires remain the main driver
Fires account for a significant share of major losses:
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7 out of 13 claims in 2025 were fire-related
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Fires represent 40–70% of the most expensive losses in recent years
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Increasingly affecting newer vessels
⚙️ Machinery damage on the rise
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30% increase in machinery-related incidents since 2022
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Linked to aging fleets and human error
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In 2024, 7 out of 18 major claims were machinery-related
💰 Inflation adds pressure
Rising costs are also driven by:
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Higher prices for steel and spare parts
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Increased labor costs
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Ongoing post-pandemic inflation
💡 Conclusion
The industry faces a dual challenge:
more technical incidents combined with rising repair costs, pushing insurance claims to new highs.
