The reasons for damage - and its cost
Marine and transport insurer Allianz Global Corporate & Specialty (AGCS) analysed more than 240,000 claims worldwide between January 2017 and December 2021, totalling a value of around EUR 9.2 billion, and identified a number of loss and risk trends.
Fires accounted for 18% of the value of ship claims analysed (equivalent to approximately EUR 1.65 billion), up from 13% in the five-year period to July 2018. One factor that has caused more fires on board ships is often the misdeclaration or non-declaration of (dangerous) cargo, while the recent rise in the number of fires in engine rooms may indicate a lack of crew competency.
Inflation is an additional important issue for marine insurers and their clients, as recent increases in the value of ships and cargoes mean that repairs or replacements are becoming more expensive. Inflation is causing the value of the global merchant fleet to grow by 26%. (sh)