AGCS Safety & Shipping Review 2018: Freaky Fridays

Fridays are the days to look forward to, but not if you’re a sailor. Freaky Fridays, the new Bermuda Triangle, the unluckiest ship and a lot more is on the radar in the AGCS Safety & Shipping Review 2018...

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For most of us, Fridays are usually good days. The work week is inching to an end and weekend vibes are getting stronger.

But for sailors, Friday can be a particularly precarious time.

Turns out it’s the most dangerous day of the week at sea –175 of 1,129 reported total losses in shipping over the past decade occurred on this day. Superstitions aside, Friday the 13th was especially unlucky in 2012. Three ships were lost on this day in that year, including the Costa Concordia, the largest-ever marine insurance loss.

Overall, however, the seas seem to have become safer. Large shipping losses have declined by 38 percent overall in the past decade, according to the Safety & Shipping Review 2018 by Allianz Global Corporate & Specialty (AGCS).

AGCS Safety & Shipping Review 2018
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Further, the number of total losses declined by 4 percent to 94 last year, the second lowest number in a decade.

“Insurance claims have been relatively benign, reflecting improved ship design and the positive effects of risk management policy and safety regulation over time,” says Baptiste Ossena, Global Product Leader Hull & Marine Liabilities, AGCS. 

Sinking was the most common cause of the loss of a vessel, with 61 foundering events recorded for 2017. Wrecked or stranded vessels were the second major cause, followed by machinery damage or failure, shows the report.

“However, as the use of new technologies on board vessels grows, we expect to see changes in the maritime loss environment in future. The number of more technical claims will grow – such as cyber incidents or technological defects – in addition to traditional losses, such as collisions or groundings,” Ossena says. 

 

AGCS Safety & Shipping Review 2018
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The new Bermuda Triangle?

Over decades, the Bermuda Triangle, a loosely-defined patch in the North Atlantic Ocean, has mysteriously swallowed up hundreds of ships and even planes.

Now, Asia seems to have its own version of the Bermuda Triangle, according to some media commentators.

Nearly a third of the worldwide shipping losses reported for 2017 were in the South China, Indochina, Indonesia and Philippines maritime region, according to the AGCS report.

Not that there was anything mysterious about this 25 percent annual rise in shipping losses in Asia. Busy seas, lower safety standards on some domestic routes and Typhoon Damrey in November 2017 were clearly to blame.

AGCS Safety & Shipping Review 2018
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Sailor's curse

Whether lightning strikes at the same place more than once or not is debatable. But a ship can experience a series of unfortunate events.

The unluckiest ship of 2017 is a passenger ferry operating in the East Mediterranean and Black Sea region – it was involved in seven accidents in 12 months.

Which were the main accident spots for shipping in 2017? What is the biggest driver of losses? What emerging risks are facing the industry? Find the answers in the AGCS Safety & Shipping Review 2018!

About Allianz Global Corporate & Specialty

Allianz Global Corporate & Specialty (AGCS) is the Allianz Group's dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Entertainment, Financial Lines (incl. D&O), Liability, Mid-Corporate and Property insurance (incl. International Insurance Programs).

Worldwide, AGCS operates with its own teams in 34 countries and through the Allianz Group network and partners in over 210 countries and territories, employing almost 4,700 people of 70 nationalities. AGCS provides insurance solutions to more than three quarters of the Fortune Global 500 companies, writing a total of 7.4 billion euros gross premium worldwide in 2017.

AGCS SE is rated AA by Standard & Poor’s and A+ by A.M. Best.

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