“Currently, most ships lack suitable firefighting capabilities and early detection systems to tackle these fires at sea,” says Miguel Herrera, senior marine risk consultant at Allianz Risk Consulting. (Credit: Avigator Thailand/Shutterstock.com) “Currently, most ships lack suitable firefighting capabilities and early detection systems to tackle these fires at sea,” says Miguel Herrera, senior marine risk consultant at Allianz Risk Consulting. (Credit: Avigator Thailand/Shutterstock.com)

Demand for lithium-ion batteries is soaring on the back of sales for items ranging from smart devices to electric vehicles. A key component for the renewable energy sector as well, lithium-ion batteries are expected to see sales grow from $44.5 billion this year to more than $135 billion by 2031, according to market research.

While lithium-ion offers the highest energy density among rechargeable battery types, it also carries fire and explosion risks if incorrectly stored or handled, according to Allianz Global Corporate Specialty (AGCS). These risks become even more troublesome on cargo vessels, which already face difficulties in fighting blazes.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • 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?

Steve Hallo

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

More from this author

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.