Tag: Allianz

Capt. Kinsey, who is one of the lead authors of the 'Safety & Shipping Review' by Allianz, notes that although there is a significant improvement in terms of maritime safety, there is still need to address the ‘culture of risk taking’ in the industry.

Harvey and Irma, two of the three powerful hurricanes which hit the Caribbean and southern US in 2017 along with Maria, resulted in damage of approximately 63,000 boats in the US alone, at a cost of an estimated $655 million, providing a clear reminder that traditional maritime risks should not be overlooked.

In its recently-published Shipping and Safety Review, Allianz cites a top-10 list of the largest ships lost throughout 2017, noting that half of the cases involved bulk carriers. The highlights of the year were the sinking of the two bulk carriers, 'Stellar Daisy' and 'Emerald Star', which caused death of a total of 33 seafarers.

In its latest Shipping Review, Allianz noted that climate change is impacting ice hazards for shipping, opening new trade routes in some areas, while increasing the risk of ice in others. Arctic ice has been thinning over the past 40 years, bringing new opportunities for shipping, but also environmental concerns.

In its annual Safety and Shipping Review, Allianz provided a statistics review of shipping incidents by vessel type, by cause and by region, for the last decade. Cargo ships accounted for almost half of incidents, while the main cause has been foundering accounting for over half of all total losses during this period.

Technology disruption is becoming a reality and autonomous vessels are getting more and more attention. Around the world, significant milestones continue to be reached. However, legal, safety and cyber security issues are likely to limit the growth of autonomous vessels for the foreseeable future.

Shipping industry is increasingly using sensor technology to conduct performance monitoring and maintenance operations. This technology can be proven very useful, as the data generated by such devices could provide better solutions to mitigate risk. Sensors can also be combined with other developments, like blockchain.

The use of drones in the shipping industry is about to take-off. They are used more and more by class societies and marine surveyors and they can provide faster and more informed decision-making on board, reducing the impact of any incident. What is most important however, is the fact that drones can help protect lives.

In its annual Safety and Shipping Review, Allianz revealed that 2017 saw the second lowest total of shipping losses over the past decade, with a decline of more than 38%, driven by improved ship design, technology and advances in risk management and safety, as well as recent lower shipping activity.

Businesses' failure to manage the earth’s natural resources or “natural capital” has consequences that extend beyond environmental effects. A new report by Allianz Global Corporate & Specialty has categorized the transportation sector into the 'danger zone' in terms of natural capital risk exposure.