
Allianz has published its Shipping and Safety Review 2021, identifying loss trends and a number of risk challenges for the maritime sector. According to the report, 49 total losses took place in 2020, representing a 50% decline over a decade.
Foundered (sunk/submerged) was the main cause of total losses during 2020, accounting for one in two. Contributing factors include bad weather, poor visibility leading to contact, flooding and water ingress and machinery breakdown.
The number of fires/explosions resulting in total losses of vessels increased again year‑on‑year, hitting a four‑year high of 10. Collectively, Continue reading “Allianz Safety and Shipping Review 2021 published”