Allianz: Shipping losses hit record low but fire risks pose challenges

The maritime industry saw 38 large ships lost over the past year representing a record low, although the sector must guard against added fire risks associated with electric vehicles, according to a new report from insurer Allianz.

The 38 losses of vessels over 100 tonnes represents a 65% decline across the past 10 years, while the global fleet was losing 200+ vessels annually 30 years ago.

Threats posed by the ripple effects of the Ukraine conflict, decarbonisation challenges, economic uncertainty, as well as the rising cost of marine claims mean there are still plenty of obstacles to navigate, noted Allianz’s Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2023.