The Sea Safety Conference in Haugesund, in southern Norway, an influential marine industry conference, drew more than 250 participants, among which a number of existing Allianz Global Corporate & Specialty (AGCS) clients. Sven Gerhard was invited to be the keynote speaker presenting the report on Marine Safety ”From Titanic to Costa Concordia- an insurer’s perspective”, published in April this year.
As the fifth largest ship-owning country Norway is a major shipping and marine insurance spot. When measured in the value of newly-built ships, the Norwegian fleet is most likely the largest and one of the most advanced fleets worldwide.
This invitation presented an opportunity to illustrate Allianz’s Marine expertise in the area of shipping safety in this important growth market.
Key Findings of the Study
The key findings of the study highlighted a sharp decline in the loss and fatality rates within the shipping industry over the past 100 years. Whereas the world fleet has experienced a growth of 244% since 1910, the total loss rates have dropped from 1 in 100 ships to 1 in 670 over the same period. The two main drivers of Marine safety have been technology and design as well as socio-political and regulatory aspects. In spite of all technological advancement human error still plays a large role and continues to be in focus for safety improvements. The main risks to look out for in the future are of human and economic as well as technological natures. Examples include: Piracy, but also competitive pressures and associated cost implications, as well as larger ships and polar shipping.
AGCS is monitoring emerging risks closely and will be publishing an update to the Marine Safety Study in 2013.