Less losses, new problems
In its latest overall assessment, the Safety & Shipping Review 2022, published by insurer Allianz Global Corporate & Specialty SE (AGCS) reports that total losses have declined significantly - around 50 to 75 per year in the last four years, compared to more than 200 per year as recently as the 1990s.
In 2021, a total of 54 vessels were lost worldwide, compared to 65 the year before. This represents a drop of 57% over ten years (127 in 2012). The relatively low total number of losses in 2021 is all the more impressive given that there are an estimated 130,000 ships sailing worldwide today, compared to 80,000 30 years ago. This progress reflects the evolution of safety measures over time - through training and programmes, improved ship designs, new technologies and tighter regulations.
According to the report, there have been nearly 900 total casualties in the last ten years (892). The maritime region of South China, Indochina, Indonesia and the Philippines is the top global loss hotspot, accounting for one in five shipwrecks in 2021 (twelve) and one in four in the last ten years (225).
By contrast, Russia's invasion of Ukraine and port congestion due to the global transport boom pose new challenges on top of familiar problems - such as the difficulty of changing crews even though the Corona pandemic is abating.
Justus Heinrich, AGCS head of marine insurance in Central and Eastern Europe and AGCS Global hull product manager, said: "The tragic situation in Ukraine has caused widespread disruption in the Black Sea and elsewhere. At the same time, some of the consequences of the shipping boom, such as the change in use or the extension of the useful life of vessels, are also a cause for concern." (sh)