The Shipping News

Shipping losses continued on a downward trend in 2017—but be wary of Fridays

From T-shirts to Toyotas, whatever merchandise you buy that came from overseas, it likely arrived here by ship. Approximately 90% of global trade relies on transport by ship, according to Allianz Global Corporate & Specialty’s report, Safety and Shipping Review 2018.

The good news for marine insurers and consumers is that shipping losses have been trending downward for a decade, thanks in part to advances in technology. However, new technology also creates news risks, as demonstrated by the NotPetya malware, which caused cargo delays and congestion at nearly 80 ports.

Number of total losses of vessels in 2017—second lowest total in a decade

Number of total losses in the past decade (out of 1,129) that have occurred on a Friday

Number of total losses that occurred on a Friday the 13th in 2012, including the Costa Concordia, the largest-ever marine insurance loss

Number of total losses in 2017 from bad weather

Source: Allianz Global Corporate & Specialty

Copyright © 2018 Transcontinental Media G.P. This article first appeared in the August edition of Canadian Insurance Top Broker magazine

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