Although shipping losses declined again in 2014, the threat of cyber attacks and large losses from ever-increasing ship sizes are new threats to the maritime sector. As with other business sectors, the risk of cyber criminals targeting technology on board a vessel or attacking a major port could result in significant business interruption costs, notwithstanding liability or reputational losses. 

According to Allianz Global Corporate & Specialty SE’s (AGCS) third annual Safety and Shipping Review 2015, which analyzes reported shipping losses of over 100 gross tons, shipping losses continued their long-term downward trend with 75 reported worldwide in 2014, making it the safest year for shipping in 10 years.

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Jayleen R. Heft

Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].

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