“Perfect Storm” of Cyber Security, Regulation and Cost Cutting Impacts Global Shipping, According to Allianz Safety & Shipping Review 2017

  • 85 large ships lost worldwide in 2016, down 50% over a decade. Top losses in South China and Southeast Asia; the East Mediterranean replaces British Isles as top incident hotspot.
  • Cyber, autonomous shipping and piracy risks concern maritime industry as economic pressures challenge budgets.
  • Human error accounts for $1.6bn in liability losses over past five years. New navigational and monitoring technologies could help reduce impact, but over-reliance brings risks.

NEW YORK–(BUSINESS WIRE)–Large shipping losses have declined by 50% over the past decade, mostly driven by the development of a more robust safety environment by ship owners, according to Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review 2017. There were 85 total shipping losses reported in 2016, down 16% compared with a year earlier (101). The number of shipping incidents (casualties) declined slightly year-on-year by 4% with 2,611 reported, according to the review, which analyzes reported shipping losses over 100 gross tons.
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Source: http://www.businesswire.com/

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