Allianz Global Corporate & Specialty (AGCS) believes shipping casualties could increase as the coronavirus pandemic hits safety investment.
A "sustained economic downturn" resulting from lockdowns could threaten long-term improvements and trigger an uptick in losses due to cost-cutting measures, tired crew, idle vessels and weakened emergency response, the insurance group warned in its latest accident survey.
A total of 41 large ships were lost in 2019, down by more than 20% year-on-year from 53 in 2018 — and almost 70% over a decade, the Allianz subsidiary's figures reveal.
