Large shipping losses are down more than they have been in years, according to the "Safety & Shipping Review 2019" released recently by Allianz Global Corporate & Specialty SE's (AGCS) . The annual study analyzes reported shipping losses over 100 gross tons (GT). In 2018, 46 total losses of vessels were reported around the shipping world, down from 98 losses 12 months earlier. "Today's record low total loss activity is certainly influenced by fortunate circumstances in 2018, but it also underlines the culmination of the long-term improvement of safety in the global shipping industry," Baptiste Ossena, Global Product Leader Hull & Marine Liabilities, AGCS, said in a press release. "Improved ship design, technology, tighter regulation and more robust safety management systems on vessels have also helped to prevent breakdowns and accidents from turning into major losses." Here are some of the other key findings from the Safety & Shipping Review 2019: |

• 46 large ships lost worldwide in 2018, down by a record 50% and 55% below the 10-year average of 104.
• Total losses significantly fell in accident hotspots such as South East Asia.
• Piracy and stowaway incidents increased in 2018 with serious consequences.
• Machinery damage is the major cause of shipping incidents, responsible for US $10 billion marine insurance claims over five years.
• Current challenges for shipping industry include political threats to vessel security, impact of 2020 emissions rules and growing number of fire incidents

The slideshow above spotlights additional information from Allianz about the state of today's international shipping industry. See also: Shipping losses declined in 2017, says Allianz report