Large shipping losses hit a record low after posting a 20% year-over-year drop, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2020. However, AGCS said that the COVID-19 pandemic could endanger long-term safety improvements in the shipping industry.
“Coronavirus has struck at a difficult time for the maritime industry as it seeks to reduce its emissions, navigates issues such as climate change, political risks and piracy, and deals with ongoing problems such as fires on vessels,” said Baptiste Ossena, global product leader for hull insurance at AGCS. “Now the sector also faces the task of operating in a very different world, with the uncertain public health and economic implications of the pandemic.”
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