Europe has a 52.6% share of the marine insurance market, with Asia-Pacific on 25.5% and Latin America 10.1%, according to data from the International Union of Marine Insurance (IUMI).

In the $US18.2 billion ($20.75 billion) cargo premium market, Europe has a 43.8% share, with the Asia-Pacific region accounting for 29.2%.

China leads the way in cargo, with a 9.3% market share, followed by Japan (8.5%) and Germany (7.2%).

The data was released at the IUMI annual conference in Hong Kong last week.

IUMI facts and figures committee vice-chairman Astrid Seltmann told the conference global marine premium fell 1.7% last year to $US34.2 billion ($39 billion).

Ms Seltmann says global trade volumes are on the rise again, but cargo premiums are stagnating despite claims costs being unlikely to decrease.

It is a similar story for hull premiums, which stagnated despite a continuous increase in the world fleet.

Hull premiums last year were $US8.52 billion ($9.71 billion), down 0.8% on 2012. Europe has the most business, with 52.6%, followed by Asia on 32.4%.

Lloyd’s is the largest individual market, with 16%, followed by China on 10.4%.

More than 500 IUMI members attended the conference, which marked the organisation’s 140th anniversary.