Allianz: Improved safety is decreasing large shipping losses
Large shipping losses went down by 50% over the past decade and 16% year-on-year to 85 in 2016, a report by Allianz Global Corporate & Specialty SE (AGCS) has showed.
In its fifth annual Safety & Shipping Review 2017, the insurance firm attributed the drop primarily to the development of a more robust safety environment by ship-owners.
According to the study, which analyses reported shipping losses over 100 gross tonnes, the number of shipping incidents also fell slightly, by 4% year-on-year to 2,611 casualties reported in 2016.
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