Allianz Global Corporate News

Electric vehicles are crisscrossing the globe to reach their eager buyers, but the battery technology involved in the zero- emission automobiles is exposing under-prepared maritime shippers to the risk of hard-to-control fires, industry, insurance, and emergency response officials said.That risk has been put under the spotlight by the burning car carrier [Freemantle Highway] drifting off the Dutch coast. The Dutch coastguard said the fire's cause was unknown, but Dutch broadcaster…

Ongoing and new threats posed by the ripple effects of the Ukraine conflict will create challenges to the shipping sector over the next 12 months and beyond, according to insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2023.Every year AGCS analyzes reported shipping losses and casualties involving vessels over 100 gross tons. During 2022, 38 total losses were reported globally, compared with 59 a year earlier. This represents a 65% decline in…

Allianz just released its 12th Risk Barometer, an annual corporate risk survey incorporating the views of 2,712 risk management experts in 94 countries and territories, including CEOs, risk managers, brokers and insurance experts. The overall global results reveal Cyber incidents and Business interruption as the biggest company concerns for the second year in succession. Macroeconomic developments such as inflation, financial market volatility and a looming recession rose to the third spot followed by the impact of the Energy crisis…

Global shipping companies are exploring ways to boost safety in transporting cargoes as risks grow from fires erupting inside containers or in cars at sea, officials said on Wednesday.Shipping transports around 90% of world trade onboard different vessels including container and Ro-Ro ships with trade routes getting busier.In a new initiative, leading carriers Evergreen Line of Taiwan, South Korea's HMM, Denmark's Maersk, Germany's Offen Group, Singapore's ONE (Ocean Network Express)…

About the Author: Captain Rahul Khanna is Global Head of Marine Risk Consulting at Allianz Global Corporate & Specialty. A marine professional with 26 years of experience within the Shipping and Maritime industry, Captain Khanna served more than 14 years on board merchant ships in all ranks, including Master of large oil tankers trading worldwide. Although shipping losses have more than halved over the past decade fires on board vessels remain among the biggest safety issues for the maritime industry.

Commercial insurer Allianz Global Corporate & Specialty released its Safety & Shipping Review, an annual analysis of shipping losses and accidents worldwide. The 2022 report reveals that the maritime sector continues its long-term positive safety trend over the past year with 54 total losses of vessels reported globally, compared with 65 a year earlier. This represents a 57% decline over 10 years (127 in 2012); while during the early 1990s the global fleet was losing 200+ vessels a year.The 2021 loss total is made more impressive by the fact that there are an estimated 130…

Global insurers are expected to receive multiple marine insurance claims from ships damaged or lost as the conflict in Ukraine spills over into sea lanes, insurer Allianz Global Corporate & Specialty (AGCS) said in a report on Tuesday.Two seafarers have been killed and six merchant vessels hit by projectiles - sinking two of them - around Ukraine's coast since the start of Russia's invasion of its neighbor on Feb.

State-owned Bangladesh Shipping Corp is seeking $22.4 million from its insurer for a cargo ship hit by a missile in March, government officials with knowledge of the talks said, in the first major marine insurance claim from the conflict in Ukraine.The UN's shipping agency said last week it would create a safe maritime corridor for merchant ships and crews stuck in the Black Sea and Sea of Azov, although shipping industry sources expect progress to be slow. Projectiles have hit four other vessels in recent days with one sunk.Insurance premiums have soared by over 100% for voyages to the region since the war started. Insurers are watching…

The international shipping industry continued its long-term positive safety trend over the past year. The number of large vessels lost remained at record low levels in 2020, while reported incidents declined year-on-year, according to Allianz Global Corporate & Specialty SE’s  (AGCS) Safety & Shipping Review 2021.The AGCS report notes that the shipping sector has shown great resilience through the coronavirus pandemic, as evidenced by strong trade volumes and the recovery seen in several parts of the industry today.

The crippling ransomware attack against the Colonial oil pipeline in the U.S. in May 2021 should be a wake up call for the maritime industry. As a critical part of the global supply chain, the shipping industry could become an attractive target for cyber criminals and politically motivated attacks. Marine insurer Allianz Global Corporate & Specialty explores these challenges in its latest Safety & Shipping Review 2021.The 9,000km long Colonial Pipeline, which connects some 30 oil refineries and nearly 300 fuel distribution terminals…

The owner and insurers of one of the world's largest container ships stuck in the Suez Canal face claims totaling millions of dollars even if the ship is refloated quickly, industry sources said on Wednesday.The 400-metre, 224,000-tonne Ever Given ran aground on Tuesday morning after losing the ability to steer amid high winds and a dust storm, the Suez Canal Authority (SCA) said in a statement, threatening to disrupt global shipments for days.GAC, a Dubai-based marine services company…

Captain Andrew Kinsey, Senior Marine Risk Consultant, Allianz Global Corporate & Specialty, recently discussed some of the trends that will shape 2021 for the maritime, ports and logistics world.MR TV: As we come to the end of 2020, talk now turns not simply to COVID-19 and a potential vaccine, but to the supply chain logistics and challenges that come with distributing those vaccines. How does the picture look from where you sit?Andrew Kinsey:  The picture looks complicated. It's a global demand. It's a global logistics problem.

The year 2020 has presented a litany of challenges to the safe movement of global project cargo. While heavy lifts and engineered cargo movements always present challenges from a rigging and execution standpoint, we have also faced exceptional challenges on other fronts. These have included cancelled vessel bookings, port facilities as well as prefabrication/modulization yard closures, lack of vessel and facility access as well as travel restrictions. At Allianz Global Corporate & Specialty (AGCS)…

The record low 41 large shipping losses worldwide in 2019 represents a 20% improvement year-on-year and almost 70% over a decade, but the coronavirus crisis could endanger the long-term safety improvements in the shipping industry for 2020 and beyond, as difficult operating conditions and a sharp economic downturn present a unique set of challenges, according to recent report from marine insurer Allianz Global Corporate & Specialty (AGCS).Consequences of coronavirus and a sustained…

The pandemic has brought about sudden changes for cargo transportation, impacting shippers and transport companies around the world and potentially increasing the risk environment, particularly for high-value and temperature-sensitive goods. In a new risk bulletin AGCS highlights steps for cargo owners to consider when developing contingency plans.While in most cases initial government directives have established cargo transportation as an essential activity, permitted during any quarantine period…

The United States Coast Guard Marine Safety Alert 06-19 (USCG MSA 06-19) outlines a February 2019 incident aboard a deep draft commercial vessel that called on the Port of New York / New Jersey after experiencing a significant cyber incident that impacted their shipboard network. The Safety Alert stated in part:“An interagency team of cyber experts, led by the Coast Guard, responded and conducted an analysis of the vessel’s network and essential control systems. The team concluded that although the malware significantly degraded the functionality of the onboard computer system…

The Allianz Global Corporate & Specialty AGCS) Safety & Shipping Review 2019 provides a unique and in-depth look at the emerging risks facing international shipping stakeholders.Large shipping losses are now at their lowest level this century having declined by over 50% year-on-year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2019. The annual study analyzes reported shipping losses over 100 gross tons (GT). AGCS provides global marine and shipping insurance for all types of marine risk, from single vessels and shipments to the most complex fleets and multinational logistics businesses. All told, the Marine Line of Business contributed 11% to AGCS overall premium volume of EUR 8.2bn in 2018.

Allianz Global Corporate & Specialty SE  (AGCS) said that, effective July 1, 2019, Ulrich Kadow will be appointed as AGCS Global Head of Marine. Currently Chief Agent of AGCS Canada, Kadow will take over from current Global Head of Marine and Energy Simon Buxton, who is leaving Allianz. Until a successor in Canada is confirmed, Kadow will maintain a dual leadership role for both the country and Marine Line of Business responsibilities.Kadow has led AGCS’ Canadian business since May 2015, after originally joining AGCS in 2006.

The international shipping industry is responsible for around 90% of world trade. There are around 60,000 merchant ships, transporting every kind of cargo.The world fleet is registered in over 150 nations, and manned by over a million seafarers, meaning the safety of vessels is critical. The maritime industry saw the number of total shipping losses of vessels over 100GT plummet during 2018 to 46 – the lowest total this century. To put this into context there were 207 total losses reported in 2000.The figures are published by the Safety and Shipping Review from Allianz Global Corporate & Specialty (AGCS) incorporating the statistics from the past 10 yearsShipping losses declined by a record level of more than 50% year-on-year from 98 in 2017…

The IMO January 2021 deadline for shipping interests to incorporate cyber risk management into their existing Safety Management Systems is fast approaching. It is critical that stakeholders understand their vulnerabilities. The IMO has issued MSC-FAL.1/Circ.3 guidelines on maritime cyber risk management that does a good job of outlining the many vulnerable systems within marine operations, including:1.Bridge systems;2. Cargo handling and management systems;3.Propulsion and machinery management and power control systems;4.

There have been numerous articles and opinion pieces speaking of the potential application areas of maritime autonomous technology, the elimination of “human error”, and the resulting safer operations that will supposedly be realized. The question of whether autonomous ships will offer safer solutions than crewed ships remains to be answered, and will not be resolved today. However, there is an important issue regarding levels of autonomy in vessel operations that needs to be addressed.Many vessel operators feel that this technology will not impact their particular operating environment, and therefore there is no reason for them to worry about it. But the reality is that all vessel operators should stay abreast of developments in the arena of autonomous vessel operations.

By Captain Andrew Kinsey, Senior Marine Risk Consultant, Allianz Global Corporate & SpecialtyConfusion reigns in the ongoing debate on autonomous and remotely operated vessels. Before constructive dialogs can take place, the parameters of the discussion need to be agreed upon. Bottom line: in order to understand each other, we need to be speaking the same language.There are two recent publications that I strongly advise all maritime professionals review, as they offer valuable guidance and insight into this rapidly developing segment of the Marine Transportation Industry.

Allianz Global Corporate & Specialty (AGCS) said that Baptiste Ossena, Global Product Leader of Hull and Marine Liabilities (HML), will assume additional responsibility as the North American Regional Head of HML, effective April 1, 2019.Relocating to New York from Paris, Ossena will work closely with direct report John Kiernan, the current Head of HML in North America, who will take on the key responsibility for large account management and portfolio steering across the business.Ossena has held his current global role since 2017.