Weather continues to be the main cause of total losses
The average size of dry bulkers and tankers suffering total losses is continuing to rise, according to the International Union of Marine Insurance, with underwriters warning that major casualties at sea are continuing at a high level.
IUMI statistics show 623 losses have been reported to date for 2010, meaning the tally of losses will likely be as bad as in the previous two years.
Moreover, the number of total losses for both 2008 and 2009 has increased during the past year – for 2008, the number of reported total losses has increased from 89 to 96, and for 2009 from 67 to 86.
Weather continues to be the main cause of total losses, followed by groundings.
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