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Ship loss in decline since 2003, but rise in size keeps insurer risk high
INSURER Allianz has found that of 2,596 shipping casualties in 2013, only 94 were total losses, the second time the number has fallen below 100 since 2003 in what has become a continuous decline.
Losses declined 20 per cent compared with 2012 and by 45 per cent compared with 2003 when there were 174 losses, reported Lloyd's List. The losses recorded were mostly foundering, with bad weather being a major factor.
In its annual safety and shipping review, Allianz Global Corporate and Speciality pointed out that there is still a chance that the 2013 figures may rise as non-total loss casualties may be subsequently graded as total losses.
Four hundred and sixty-four casualties and nine total losses occurred in the east Med and Black Sea and there were 18 total losses from 252 casualties in the South China through Indonesia and the Philippines.
North Europe had 360 incidents, and the Baltic had 174. Of these, there were three total losses in north Europe.
The Allianz report echoed the alarm in the container industry over misdeclared cargo and overweight containers in reference the sinking and splitting in the case of the MOL Comfort, while hastening to add that the cause of that loss remains unknown.
Allianz also warns about the growing size of container vessels and the challenge this offers insurers. The average insured cargo value on 14,000-TEU ships in 2008 was US$280 million (at $20,000 per TEU) while an 18,000 TEUer would have an insured value of $365 million.
Losses declined 20 per cent compared with 2012 and by 45 per cent compared with 2003 when there were 174 losses, reported Lloyd's List. The losses recorded were mostly foundering, with bad weather being a major factor.
In its annual safety and shipping review, Allianz Global Corporate and Speciality pointed out that there is still a chance that the 2013 figures may rise as non-total loss casualties may be subsequently graded as total losses.
Four hundred and sixty-four casualties and nine total losses occurred in the east Med and Black Sea and there were 18 total losses from 252 casualties in the South China through Indonesia and the Philippines.
North Europe had 360 incidents, and the Baltic had 174. Of these, there were three total losses in north Europe.
The Allianz report echoed the alarm in the container industry over misdeclared cargo and overweight containers in reference the sinking and splitting in the case of the MOL Comfort, while hastening to add that the cause of that loss remains unknown.
Allianz also warns about the growing size of container vessels and the challenge this offers insurers. The average insured cargo value on 14,000-TEU ships in 2008 was US$280 million (at $20,000 per TEU) while an 18,000 TEUer would have an insured value of $365 million.
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