Allianz Global Corporate & Specialty (AGCS) recently released its second annual Safety and Shipping Review, which analyzes reported shipping losses of vessels over 100 gross tons. The report revealed that 2013 losses had declined by 20% from 2012 figures to 94 large losses. The 2013 accident year also represents a significant improvement on the previous 10-year loss average, with total worldwide shipping losses declining 45% since 2003.
With over 90% of global trade carried by sea, the safety of international shipping and routes is critical to the health of the global economy. And although the long-term downward trend in shipping losses is encouraging, there is more work to be done to improve the overall safety of these vessels as well as their cargo, crew and passengers.
While foundering (sinking or submerging) remains the most common cause, accounting for almost three-quarters of all losses, the report identified several emerging risks that are becoming a concern for the marine industry.
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