Large shipping losses continue to fall

West Africa remains a hotspot for pirates in 2020. However, the good news is that large shipping losses more generally are falling, according to the latest report from Allianz Global Corporate and Specialty

Large shipping losses are at a record low having fallen by more than 20 per cent year on year to 41 total losses in 2019 among ships of more than 100 gt, according to marine insurer Allianz Global Corporate and Specialty’s (AGCS) “Safety & Shipping Review 2020”. However, the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges.