Fire and explosion incidents cause the most expensive insurance claims in the marine industry, while at a time of rising exposures and inflation, cargo damage is the most ..
The post Ship fires, inflation cited as key trends driving marine insurance claims activity appeared first on Baird Maritime.
While incentives to persuade drivers out of their gas-guzzlers and into electrical vehicles (EVs) may be good news for the climate, they should also be a wakeup call to vessel operators. A key component of EVs, and of all electronic devices is highly inflammable lithium-ion (L-ion) batteries. This, says marine insurer Allianz Global Corporate & Specialty (AGCS), is increasingly impacting shipping safety as demonstrated by a number of fires on vessels such as RO/RO car carriers and...
First the good news, then the bad. That’s the main take away from marine insurer Allianz Global Corporate & Specialty SE’s Safety & Shipping Review 2022. The good news is that though 54 large ships were reported total losses last year, that compared with 65 a year earlier and continued a positive trend that has seen total losses down 57% over past decade.
On the other side of the coin, the number of reported shipping casualties or incidents rose. The British Isles saw the highest number (668 out...