As reported by Allianz, annual shipping losses have decreased by 70% over the past decade; furthermore, in the 1990s, the global fleet recorded an average of over 200 vessel losses per year. By the end of 2023, this number had dropped to just 26 ships (over 100GT), marking a historic low.
This substantial reduction is attributable to advancements in ship design, the implementation of stricter regulations, and the improvement of safety measures.
Despite the clear improvement in total loss figures, it is important to note that:
- The cost of claims from 2022 (still under reserve) has risen significantly due to the increased cost of spare parts, driven by inflation
- 2023 was the first year in over a decade with losses exceeding USD 50 million (the 2016-2022 period was relatively favorable)
- The losses were primarily attributable to fires on board vessels (particularly Ro-Ro ships) as well as collisions.
The first half of 2024 has so far recorded only four reported losses in the USD 10-30 million range; however, maritime insurers remain concerned about damages caused by fires and the current geopolitical situation (especially Gulf of Aden situation)
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