Chaos is lucrative for some.
The International Union of Marine Insurance (IUMI) has released its 2024 “Stats Report,” providing a detailed analysis of the global marine insurance market.
The report highlights significant growth in marine insurance premiums, which reached a total of US $38.9 billion in 2023—a 5.9% increase over 2022....
While claims remained relatively low, resulting in positive loss ratios across all regions, there was a slight deterioration in 2023 loss ratios, primarily due to the inflationary impact on repair costs.
Go to the link, it lays out what is and isn't costing "global marine insurers" money.
What it story says (third quoted bit above) is that they're actually making way more in premiums than they're paying out. Premiums up 5.9% globally...payouts down, and the loss ratio mainly affected by inflation.