Although the number of shipping vessels has grown from some 80,000 30 years ago to more than 130,000 ocean-going ships today, overall safety in the cargo market has vastly improved.
In the early 1990s, more than 200 ships were lost per year, according to Allianz Global Corporate and Specialty (AGCS), which noted the average during the past four years has been 50-75 ships lost annually.
Overall, annual shipping losses have fallen nearly 60% since 2012. AGCS attributes the decline to an increased focus on safety, such as regulations, improved ship design and technology advancements.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
