The South China, Indochina, Indonesia and Philippines shipping region continued to top the list of regions for shipping losses in 2020, according to Allianz Global Corporate & Specialty (AGCS) in its report titled "Safety and Shipping Review 2021".
The report, which identifies loss trends and highlights a number of risk challenges for the maritime sector, says that the region accounted for a third of all losses in 2020 (16), with incidents up slightly year-on-year (2019: 14).
Together, the South China, Indochina, Indonesia and Philippines, East Mediterranean and Black Sea, and Japan, Korea and North China maritime regions accounted for half of the 876 shipping losses of the past 10 years (437).
Overall, the international shipping sector continued its long-term positive safety trend through 2020 with the number of reported total losses of over 100GT remaining stable at 49 compared with 48 a year earlier.
Source: asiainsurancereview.com
