During the past decade, the number of shipping vessels deemed total losses declined 57%, according to Allianz Global Corporate & Specialty (AGCS). Although total losses continued this trend by declining in 2021, which saw 54 total losses compared with 65 in 2020, the number of reported shipping causalities and incidents rose this past year.
Accounting for the most total losses, by vessel type, during 2021 were cargo ships, fishing vessels and passenger ships, respectively.
"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. However, regulation, safety management systems and salvage capabilities appear to have not always kept pace."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
