Shipping losses in Asia on the rise
Friday, 07 20 2018, Category: Insurance and Reinsurance, Country: Asia
Despite large shipping losses declining by 38% globally, maritime incidents in Asia increased by 25% in the past year, according to global insurer Allianz.
The report by Allianz Global Corporate and Specialty (AGCS) revealed that the maritime region covering South China, Indochina, Indonesia, and the Philippines remains the number one area in the world for major shipping incidents, leading it to being dubbed as the “new Bermuda Triangle”.
In 2017, 32% of global losses occurred in the region, driven by activity in Vietnamese waters. Weather disturbances, most notably Typhoon Hato and Typhoon Damrey, caused more than six losses due to busy seas and lower safety standards on some domestic routes.
Source: Insurance Business