Marine insurance: losses at all-time low, but Covid-19 clouds on the horizon
Consequences of coronavirus and a sustained economic downturn could however threaten long-term safety improvement
Large shipping losses are at a record low having fallen by over 20% year-on-year, according to a report from Allianz Global Corporate & Specialty SE’s (AGCS).
However, 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.
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