Allianz Global Corporate & Specialty Safety and Shipping Review 2017 #shipping #insurance
- ASKET Broking team
- Jul 19, 2017
- 1 min read
Allianz Global Corporate & Specialty Safety and Shipping Review 2017
An annual review of trends and developments in shipping losses and safety
International shipping transports approximately 90% of world trade, so the safety of vessels is critical to the global economy. The maritime industry saw the number of total shipping losses decline during 2016 to 85. The number of shipping incidents (casualties) also declined year-on-year.
Piracy threat evolves with crew kidnapping on the rise
Incidents of piracy may have hit an 18-year-low at the end of 2016, but an increase in kidnappings in parts of Asia and West Africa, and the return of activity in Somalia, shows the risks should not be underestimated.
Piracy in 2017 Pirates attacked 43 ships and captured 58 crew members during Q1 2017, slightly up year-on-year. Over 60% of kidnappings were in the Gulf of Guinea, with Nigeria a hotspot. Nine ships were attacked in the Southern Philippines, compared with just two a year earlier.
Countering geopolitical instability
The Yemen conflict and territorial disputes in the South China Sea means a watching brief for shippers on their potential impact on vessel routes Yemen coast poses significant risk for merchant vessels
The cyber threat at sea – and how shipping needs to respond
The digital era is opening up new possibilities for the maritime industry, from remote monitoring of engines and systems to the development of autonomous ships. But it is also making it increasingly vulnerable to cyber-attacks
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