The fast-changing geopolitical landscape is creating new risks and challenges for a shipping industry already juggling the energy transition and the legacy of the Covid-19 pandemic, according to insurer Allianz Commercial’s latest
insurer Allianz Commercial's has released its latest Safety and Shipping Review.
The fast-changing geopolitical landscape is creating new risks and challenges for a shipping industry already juggling the energy transition and the legacy of the Covid-19 pandemic, according to insurer Allianz Commercial’s latest Safety and Shipping Review. The industry faces an increasingly volatile and complex operating environment, marked by attacks against shipping, vessel detentions, sanctions, as well as the fall-out from incidents involving damage to critical sub-sea cables. Now, says Allianz, the ripple effect of increasing protectionism and tariffs threatens to remake supply chains and shake up established trade relations.
Given that 90% of international trade is transported across oceans, those developments are concerning, especially as the industry continues to see the potential for large claims from traditional risks such as fires, collisions and groundings, which are still the main drivers for total losses of large vessels.
However, there is also good news. The shipping industry has made significant improvements when it comes to maritime safety
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