A 2023 “Safety and Shipping” report from financial services provider Allianz has shown that fire ranked second in the top causes of shipping vessel loss last year. In 2022, eight vessels were lost to fire, with over 200 incidents reported.
Captain Rahul Khanna, global head of marine risk consulting at Allianz Commercial, said, “Although shipping losses have declined by 65% over the past decade, unfortunately, fire incidents have not followed. We continue to see major events involving large container ships, car carriers and ro-ro vessels.”
An ADCS analysis of 250,000 marine insurance industry claims revealed that fire-related losses are the most expensive cause of loss, and they account for 18% of the value of all claims analyzed.