Fully cellular container shipowners will face a 15% increase in the International Group of P&I Clubs’ reinsurance rate for 2026-27, rising to US$1.0237 per gross ton, as marine reinsurance costs move higher again.
Marine mutual insurers in the International Group have finalized their main reinsurance program for the coming policy year. Core retentions will remain unchanged, while reinsurance pricing reflects claims activity in the group pool and higher costs tied to war-related protections.
The structure keeps the individual club retention at US$10 million, with the pool covering claims up to US$100 million. Above that point, the group’s general excess of loss contract provides US$2.25 billion of coverage in three layers, including an expanded top layer reaching US$850 million in excess of US$1.5 billion.
Insurers said the broader protection aligns with elevated pool claims activity during 2025-26, which is feeding into pricing charged per gross ton for 2026-27. Several major vessel categories will see lower or flat rates, while container vessels will see the largest increase.
The renewed rates include captive reinsurance through Hydra and the cost of collective overspill and excess war risks P&I. Rates for tankers carrying persistent oil are set at US$0.5758 per gross ton, down 8%, while clean tankers are set at US$0.4337, unchanged.
Dry cargo rates are set at US$0.5751 per gross ton, down 5%, and passenger vessels are set at US$3.1472, down 8.5%.
The program also reflects changes in war-related coverage. Excess war P&I cover will be renewed for 12 months and included in overall rates, while reinsurers have maintained territorial exclusion wording tied to the Russia-Ukraine war.
To address gaps created by those exclusions, the group is buying sublimited aggregate cover from the market. The limit for Russia/Ukraine/Belarus-excluded risks has increased to US$125 million from US$100 million a year earlier.
The rate moves come as marine underwriters continue to track route-specific security and trading-pattern shifts that can change risk costs quickly, even when broader hull markets face competition.
Gallagher Specialty said 2025 market commentary has pointed to war risk premium rates on some routes rising from about 0.4% of a ship’s value to as high as 1%, alongside higher fuel and charter costs as voyages lengthen or reroute around exposed corridors.
For cyber and pandemic exposures, the group said it will maintain free and unlimited cover within the main program up to US$650 million in excess of US$100 million, with additional annual aggregate protections applying higher up the coverage structure.
Market participants will be watching whether war-related costs, pool claims activity and category-specific rate moves add pressure on marine reinsurance pricing heading into 2026 renewals.
