Ship Losses Reach 10 Year Low

A new report by Allianz Global Corporate and Specialty indicates that ship losses are at a 10 year low.

The Executive Summary of that report is as follows:

  • 75 large ships lost worldwide in 2014, down 32% year-on-year
  • South China and South East Asian waters top loss hotspots
  • East Mediterranean and British Isles top locations for incidents
  • Cargo and fishing vessels account for over 50% of all losses
  • Ship size growth raises risk management concerns. Industry should prepare for $1bn+ loss
  • Lessons not learned from overreliance on e-navigation. Cyber protection a major concern

The complete report is at this link.

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