Shipping loss and accident locations and common causes

The Safety and Shipping Review 2019 analyzes shipping vessel losses and incidents over 100 gross tons around the world. Some of the key findings can be found below.
2018: The database shows 46 total losses of vessels over 100GT during 2018 around the world. This compares with 98 during 2017 – a significant decline of more than 50%. South China, Indochina, Indonesia and Philippines remains the top region for total losses. A quarter (26%) of losses occurred here, although the total of 12 also represents a significant decline (29 in 2017) – the first time the region has seen a fall in losses in four years. Globally, the number of weather-related total losses halved year-on-year from more than 20 in 2017 to 10 in 2018.
All figures are based on reported total losses as of April 1, 2019. 2018 total losses may increase slightly in future as, based on previous years’ experience, developments in losses lead to a number of total losses being confirmed after year-end. The average variance over the past nine years has been an increase of fewer than two total losses per year. However, in some years this can increase, with up to four additional losses being notified for one year. Source: Lloyd's List Intelligence Casualty Statistics. Data Analysis & Graphic: Allianz Global Corporate & Specialty
Annual shipping losses have fallen by more than 65% over the past decade – from 132 in 2009 to 46 in 2018 and are now at their lowest level this century. There were 207 total losses reported in 2000 alone. Source: Lloyd's List Intelligence Casualty Statistics. Data Analysis & Graphic: Allianz Global Corporate & Specialty
“Today’s record low loss activity is the culmination of a number of initiatives, regulatory responses and innovations, such as improved ship design and more robust safety management systems on vessels. At the same time, we are also seeing an improvement in the insurance environment with positive signs in the hull market, driven by lower claims activity and technical underwriting. However, the lack of an overall fall in shipping incidents, as well as heightened political risks to vessel security and compliance with emissions rules in 2020 bring new challenges.” - Baptiste Ossena, Global Product Leader, Hull & Marine Liabilities, AGCS.
Cargo vessels account for over 40% of total losses over the past decade. Source: Lloyd's List Intelligence Casualty Statistics. Data Analysis & Graphic: Allianz Global Corporate & Specialty
Cargo vessels (15) accounted for a third of all total losses during 2018, driven by activity in the South East Asia, Japan, Korea and China and Mediterranean regions in particular. However, loss activity involving these vessels was significantly down year-on-year – by over 70%.
Foundered (sunk/submerged) has been the cause of over half of all total losses (53%) over the past decade. In 2018 it was the primary cause of more than 65% of losses around the world (30 in total). Analysis of more than 230,000 marine insurance industry claims with a value of €8.8bn ($9.9bn) between July 2013 and July 2018 by AGCS shows that ship sinking/collision incidents are the most expensive cause of loss for insurers, accounting for 16% of the value of all claims – equivalent to €1.39bn/$1.56bn.
Foundered (sunk/submerged), wrecked/stranded, fire/explosion, machinery damage and collision are the most frequent causes of total losses over the past decade, accounting for over 90% of all reported cases. Source: Lloyd's List Intelligence Casualty Statistics. Data Analysis & Graphic: Allianz Global Corporate & Specialty
Machinery damage/failure was the top cause of shipping incidents over the past year (1,079). Fire and explosion activity increased during 2018 with 174 reported incidents.
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