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At the annual conference in Singapore, Ilias P. Tsakiris, chair of the International Union of Marine Insurance's ocean hull committee, reported that despite a 3.5% increase in global hull premiums in 2024, the insurance market is returning to a soft environment.

Challenges include an aging fleet, geopolitical tensions, and the complexities of energy transition, which are intensifying risks. The average age of the global fleet is now 22.6 years, with older vessels involved in a significant proportion of incidents. The conference also addressed the impact of artificial intelligence on marine insurance.