Allianz Global Corporate & Specialty (AGCS) has issued its fifth ”Safety and Shipping Review”, a report which focuses on key developments in maritime safety and analyzes shipping losses during the 12 months prior to December 31, 2016.
- 85 large ships lost worldwide in 2016, down 50% over a decade.
- Top losses were reported in South China and Southeast Asia; East Mediterranean region is considered as the top incident hotspot, replacing the British Isles.
- Cyber, autonomous shipping and piracy risks are the current major concerns for the industry as economic pressures challenge budgets.
- Human error accounts for $1.6bn in liability losses over past five years. New navigational and monitoring technologies could help reduce impact, but over-reliance brings risks.
Click on below image to download full report:
Source: Allianz Insurance