Allianz AGCS – Safety and Shipping Review 2018July 20 2018
Shipping is the lifeblood of the global economy, transporting approximately 90% of global trade. There are over 50,000 merchant ships trading internationally[i], carrying every kind of cargo, so the safety of vessels is critical. The maritime industry saw the number of total shipping losses remain stable during 2017, declining slightly to 94 – the second lowest total over the past decade.
Losses were down 4% compared with a year earlier (98) – current figures show a significant improvement on the 10-year loss average (113) – down 17%. Over the past decade, total losses have declined by more than a third (38%), driven by improved ship design, technology and advances in risk management and safety. Recent lower shipping activity is also a factor.
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The APAC president says changes to limits and pricing are needed for regional players to thrive.
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Climate change, increased urbanisation and a growing concentration of assets were on the risk agenda for 2018.
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Economic uncertainty, more complex risks and tighter underwriting are all influencing Asia's markets.
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Life and health premium growth is expected to outpace GDP gains in eight Asian markets.
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