Demand for maritime insurance rises over 70% in Espírito Santo

Espírito Santo recorded a sharp increase in maritime insurance revenue in the first half of 2025, reaching R$21.3 million — a 70.8% rise compared with the previous year. The figures, from the National Confederation of Insurers (CNseg), reflect the expansion of logistics activity and heightened risk awareness in sectors linked to cargo and passenger transport. Claims paid out totaled R$3.2 million in the period, up 395%, highlighting the economic role of insurance as a tool for resilience and operational continuity.

The strong performance of Espírito Santo’s maritime insurance sector mirrors the dynamism of the state’s economy, which depends heavily on logistics modes to move production, particularly in oil, pulp, mining, and agribusiness. After the Hull sub-branch, which collected R$13.9 million (up 44.6%), Comprehensive Insurance for Port Operators also had a positive impact, reaching R$7.3 million. The growth of this product has paralleled the expansion of the Port of Vitória, which has doubled its capacity to receive large vessels.

With the port’s increased capacity — now able to handle up to 1,089 ships of 245 meters in length and 32.5 meters in beam — Vports, the concessionaire managing the site, reported net operating revenue of R$144.5 million. The period was marked by higher cargo volumes: fertilizers rose 13% in the first six months of the year compared with the same period in 2024, while fuel increased by 15%. In June, the port registered a record for imported vehicles in a single month: 49,650 units.

According to Ronaldo Vilela, executive director of the Rio de Janeiro and Espírito Santo Insurance Syndicate (Sindseg), the growing demand for maritime insurance in Espírito Santo shows how the sector has consolidated as a key element in protecting logistics chains and ensuring the continuity of port and transport operations. “This trend reflects not only the expansion of local infrastructure but also greater awareness among companies about the importance of risk management in strategic activities for Espírito Santo’s economy,” he noted.

Vilela added that Comprehensive Insurance for Port Operators is mandatory for companies handling cargo in organized ports. Its main purpose is to protect operators against losses arising from material or bodily damage caused to third parties during port activities, such as damage to cargo, equipment, vessels, and accidents involving people.

He explained that this insurance is required by Law No. 12.815/2013 and regulated by the National Waterway Transport Agency (ANTAQ). It is essential for companies to operate legally in the port sector, ensuring they have civil liability coverage and legal security for their operations.

The rise in claims payments for this product was particularly significant in the first half of 2025 compared with 2024. A total of R$3 million in claims were paid — a 403.8% increase. This amount represented 94% of total payouts in the maritime insurance branch, which reached R$3.2 million overall, up 1,882.9% year-on-year.

With the growth of port activities and the strengthening of regional aviation, it is expected that the insurance sector will continue to expand in the state, increasing its role in the logistics chain and contributing to risk management, asset protection, and operational safety for companies.

Source: CNseg (Confederação Nacional das Empresas de Seguros Gerais, Previdência Privada e Vida, Saúde Suplementar e Capitalização)

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