Large shipping losses have declined by 38 per cent globally over the past decade, Allianz has revealed in its annual Safety & Shipping Review.
According to the Allianz Global Corporate & Specialty SE's (AGCS) report, there were 94 total losses reported around the shipping world in 2017, down by 4 per cent year-on-year.
The South China, Indochina, Indonesia and Philippine maritime region remains the number one area worldwide for major shipping incidents in the past decade, leading some media commentators to term it the “new Bermuda Triangle”.
Last year, almost a third of losses globally (32 per cent) occurred in the region — an annual increase of 25 per cent, according to a Media OutReach statement received on Thursday.
The major loss factors in the region include bad weather, busy seas, and lower safety standards on some domestic routes. Typhoon Hato and Typhoon Damrey together caused more than six losses in the area.
The East Mediterranean and Black Sea region is the second major loss hotspot (17), followed by the British Isles (8).