Although shipping losses declined again in 2014, the threat ofcyber attacks and large losses from ever-increasing ship sizes arenew threats to the maritime sector. As with other business sectors,the risk of cyber criminals targeting technology on board a vesselor attacking a major port could result in significant businessinterruption costs, notwithstanding liability or reputationallosses.

According to Allianz GlobalCorporate & Specialty SE’s (AGCS) third annualSafety and Shipping Review2015, which analyzes reported shipping lossesof over 100 gross tons, shipping losses continued their long-termdownward trend with 75 reported worldwide in 2014, making it thesafest year for shipping in 10 years.

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Jayleen R. Heft

Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].

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