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Sailing in a hard maritime cargo insurance market

Rough seas, improperly declared cargo, fires and rising container loads are among the factors driving the hard insurance market for cargo.

This past summer in Beirut, some 2,750 metric tons of ammonium nitrate, which was stored for six years in the city’s port without proper safety measures, detonated and caused around 200 deaths, 7,500 injuries and an estimated $15 billion in property damage. Public fury over the massive explosion turned violent as protesters stormed government institutions and clashed with security forces, according to the Associated Press. <i> (Credit: Hussein Malla/AP Photo)</i> This past summer in Beirut, some 2,750 metric tons of ammonium nitrate, which was stored for six years in the city’s port without proper safety measures, detonated, and caused around 200 deaths, 7,500 injuries and an estimated $15 billion in property damage as seen in the above photo of the port. Public fury over the massive explosion turned violent as protesters stormed government institutions and clashed with security forces, according to the Associated Press.  (Credit: Hussein Malla/AP Photo)

On Jan. 16, 2021, an A.P. Moller-Maersk A/S ship sailing out of a Chinese port lost 750 containers in the Pacific, one of a spate of such incidents in the recent past. Potentially among the containers foundering and floundering in the sea was cargo belonging to Allianz Global Corporate & Specialty (AGCS) clients.

Speaking to PropertyCasualty360.com on Jan. 27, Ryan O’Connor, AGCS North American regional head of ocean cargo, explained losses couldn’t be determined until the ship is off-loaded.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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