AGCS Safety at Sea. Causes of total losses 2007-2016

Foundered (sunk, submerged) has been the cause of more than half of all total losses over the past decade (598 out of 1,186) and accounted for a similar share of all losses through 2016 (46 out of 85) according to the just-released Allianz Global Corporate & Specialty (AGCS) annual “Safety at Sea” review, which noted that bad weather was often a factor.

The number of total losses resulting from fire/explosions increased slightly year-on-year (8) and included one case of suspected arson.

Of the 1,186 total losses over the past decade, nearly all causes reflected the overall improvement (a roughly gradual downward trend from 171 total losses in 2007 down to 85 last year). Foundered’s improvement has slightly lagged the improvement in other causes, with Collision showing the most marked decliining trend (losses of 17, 13 and 13 in 2007, 2008 and 2009 – losses of 2, 6 and 1 in the past three years).