Although the number of shipping vessels has grown from some 80,000 30 years ago to more than 130,000 ocean-going ships today, overall safety in the cargo market has vastly improved. In the early 1990s, more than 200 ships were lost per year, according to Allianz Global Corporate and Specialty (AGCS), which noted the average during the past four years has been 50-75 ships lost annually. Overall, annual shipping losses have fallen nearly 60% since 2012. AGCS attributes the decline to an increased focus on safety, such as regulations, improved ship design and technology advancements. Although vessels deemed total losses declined in 2021, the number of reported shipping causalities and incidents rose this past year, according to AGCS. "A number of recurring themes have emerged in major incidents in recent years, many of which are a consequence of the increased size of vessels," Justus Heinrich, global product leader marine hull at AGCS. "As vessels have grown larger, values at risk have increased, while the environmental bar has been raised." The above slideshow highlights 2021's top ocean marine insurance carriers based on net premiums written, according to S&P Global Market Intelligence and the National Association of Insurance Commissioners (NAIC). Related: |

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