Total losses in shipping at record low, but pandemic and political tensions cloud the outlook
Allianz press release on the AGCS Safety & Shipping Review 2020 study: Total losses in the shipping industry are at a record low - 41 major ships were lost worldwide in 2019. Year-on-year, they have fallen by more than 20%, compared to the average of the last decade by almost 70%, according to the "Safety & Shipping Review 2020" study by ship and industry insurer Allianz Global Corporate & Specialty SE (AGCS). However, the consequences of the Covid-19 pandemic could jeopardise long-term safety improvements in shipping this year and beyond. Difficult operating conditions and the looming economic downturn pose major challenges for the industry.
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