Allianz Global Corporate & Specialty (AGCS) issued an annual review of trends and developments in shipping losses and safety, entitled as ‘Safety and Shipping Review 2015’. This review focuses on key developments in maritime safety and analyzes shipping losses (of over 100 gross tons) during the 12 months prior to December 31, 2014.
- 75 large ships lost worldwide in 2014, down by a third year-on-year
- South China and South East Asian waters top loss hotspots
- Increasing size of container ships and floating offshore facilities could cause larger losses exceeding $1 billion
- Cyber risks a growing concern in shipping sector, particularly around e-navigation
- Crewing levels, Arctic shipping, the increase in human trafficking by sea and further geopolitical uncertainty create new industry risks