Insurance Ship losses are decreasing worldwide - but risks are increasing
Last year, fewer ships sank than ever before: Allianz Commercial recorded losses of around 100,000 larger ships on the seven seas of the global merchant and fishing fleet. That was eight fewer total losses than in the previous year.
27.05.2025, 10:21
SDA
This continued a positive trend that has been ongoing for decades. According to the corporate insurer, an average of over 200 ships were lost per year as recently as the 1990s. However, the number of shipping accidents worldwide rose by ten percent to 3310, almost 800 of which occurred in the waters around the British Isles.
The main dangers: Fire, collision and extreme weather
In shipping, "total loss" refers not only to the sinking of a ship but also to the most serious damage that exceeds the value of the ship and/or its cargo. According to Allianz, 10 of the 27 ships lost were not freighters but fishing vessels.
According to the report, the main causes of ship losses include fires, collisions and storms. Allianz Commercial is a subsidiary of the Munich-based Dax group. The company publishes an annual analysis of shipping risks.
Shadow fleet a threat to safety and the environment
However, shipping has by no means become risk-free: According to the insurer, growing geopolitical tensions mean increasing risks. The "shadow fleet", whose ships are used by Russia or North Korea to circumvent international sanctions, plays a major role in this.
These are ships registered with letterbox companies that sail the oceans without the usual international shipping insurance, concealing their true ownership. There are estimated to be around 600 tankers exporting Russian oil.
According to Allianz Commercial, these ships are usually old and poorly maintained. If one of these tankers were to cause an oil spill, the insurer estimates that cleaning up the sea could result in uncovered costs running into billions.
