Tag: Allianz

Allianz Commercial’s "A turning point for offshore wind" report identifies emerging trends and a number of risk challenges facing the sector as it prepares for global growth.

Allianz highlights that fires on vessels remain one of the biggest safety issues for the shipping industry. As there are several incidents in recent years where Li-Ion batteries have been reported as contributing to fires on vessels, Allianz experts Capt. Rahul Khanna, Captain Randy Lund and Captain Anastasios Leonburg, share their considerations on how electric vessels may impact safety onboard.

Mukesh Chatter, CEO and co-founder of Alsym Energy explains that the maritime industry needs help to progress toward net-zero emissions. The industry is struggling partially due to inaction by governments but also because it’s waiting for new alternative fuel technologies to become available, including ammonia, methane, and hydrogen.

According to Allianz Safety Shipping Review 2023, cargo fires are a major safety issue. However, the industry does not seem to be taking fire safety seriously. Inadequate fire safety measures as detected by PSC inspections, misdeclared cargo and improper handling of new, dangerous materials are some of the most common reasons why cargo fires remain a challenge.

Cyber security has been a major challenge for shipping in the past years. Growing connectivity networks and digitalization efforts modernize shipping but also pose a serious threat to its integrity when targeted by malicious attacks.

According to Allianz Safery and Shipping report 2023, decarbonization of shipping is now well underway, but the pace of these efforts is influenced by range of factors, including green technology, regulation and market forces.

Allianz Safety and Shipping Review report highlights that fire is the second top cause of loss over the past year with 8 vessels lost and more than 200 incidents reported – the highest for a decade.

According to Allianz, the energy crisis arrives in the top 10 global risks for the first time at #4, at its Risk Barometer, as the world grapples with spiraling fuel costs, supply disruptions, inflation, and the effects of Russia’s invasion of Ukraine.

In its latest Risk Barometer, Allianz reports that cyber risks, such as IT outages, ransomware attacks or data breaches, rank as the most important risk globally (34% of responses).

Allianz Risk Barometer 2023 focuses on stability and change. Namely, Cyber incidents and Business interruption rank as the biggest company concerns for the second year in succession (both with 34% of all responses).