Fire Insurance And Historical Weather Data: Assessing Climate Risks – For those involved in keeping our oceans safe, marine casualty data is important, but it’s also increasingly important to keep the world’s supply chains moving.
Thankfully, total losses at sea and in ports are now relatively uncommon. In 2020, only 49 large ships were lost in our oceans worldwide.
Fire Insurance And Historical Weather Data: Assessing Climate Risks
These numbers are low, especially considering that traffic has grown rapidly in recent decades. There are many common occurrences that involve other types of damage to ships such as mechanical failure, structural damage, leaks and groundings. We report about 3000 such casualties per year and these, too, can be very disruptive and costly.
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When the container ship Ever Given got stuck in the Suez Canal in March 2021, global supply chains were thrown into chaos and Lloyd’s List intelligence data revealed $9.6 billion worth of goods were being held each day. The incident left few consumers and businesses unaffected, wherever they were.
In an increasingly connected world, accurate, quickly available information can be invaluable in sorting out potential disruptions, keeping business flowing and mitigating risk.
Although the number of large ships lost in 2020 (49) was almost unchanged from 2019 (48), it was the first time in five years that the total did not decrease. Figures from the Safety and Shipping Review 2021 show that, over the past decade, shipping losses have almost halved.
Although safety at sea and in ports is improving, accidents still occur, causing heavy costs, loss of business, damage to the environment and sometimes loss of life.
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The marine environment has become a particularly hot topic in recent years, with frequent focus on pollution caused by oil spills and other materials. Shipping accidents are believed to contribute significantly to the degradation of aquatic ecosystems, as they can release harmful chemicals.
In a recent high-profile incident in the sea near Sri Lanka, a fire on a cargo ship released 1,680 tonnes of plastic pellets into the Indian Ocean. In addition, the accident was linked to a “toxic mixture of metals, carcinogens and other harmful chemicals”, discovered on beaches in the region.
Along with these potential human and environmental costs, incidents at sea can be economically devastating. Along with disruption to trade, it can be very expensive to replace equipment and property at sea or in port.
For search and rescue teams, coast guards, port authorities and law enforcement officials, quality, clear, complete information about casualties – no matter how severe or few – is indispensable to their efforts after accidents.
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This information is very valuable to professionals in shipping, finance, insurance and logistics, as they look to ensure that trade routes remain open and goods continue to flow with as few interruptions as possible despite incidents.
The marine insurance industry deals with issues involving ‘casualties’ including income or physical damage to people, property (ships, offshore energy units and cargo) or the environment. While security protocols are constantly improving and reducing risk, the world is also unpredictable, with political disruption, war and terrorism posing threats to maritime trade.
The industry increasingly requires up-to-date 24/7 accident data that comes from reliable sources, based on accurate reporting and information that is quickly validated.
Our intelligence is gathered from trusted and respected sources, including a network of over 500 Lloyd’s Agents and sub-Agents worldwide, rescue centres, coastguards and dedicated correspondents in or around the location, with whom we have close working relationships.
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We also maintain a network of specialist maritime industry resources including brokers, tug operators, maritime lawyers and loss adjusters, as well as drawing on the latest open source research techniques.
About half of the accidents happen in one day. After receiving reports of new incidents, we publish 80% of them within 20 minutes. We publish follow-up accident reports within an hour of receipt in 99% of cases. Over the past five years, we have logged 4,410 follow-up casualty reports, an average of 2.5 additional follow-up reports for every incident we report.
Our investigation team continues to monitor the casualty for ongoing developments until the situation is resolved. If rescue efforts, pollution control, insurance claims or litigation are involved, sometimes we continue to report several years after an accident.
Lloyd’s List Intelligence Casualty Reporting includes information on casualties involving merchant ships and fishing vessels of fifty gross tons or more. We record the following events:
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In addition, Lloyd’s List Intelligence Data Hub reports on relevant non-maritime incidents such as port fires or explosions, industrial action, delays due to shipping backlogs, natural disasters that affect shipping, pipeline accidents, oil spills and weather events that damage infrastructure. Include potential insurance claims.
As we have already discussed, good-quality marine casualty information is important for testing and risk avoidance. Incidents at sea often involve technical problems, such as problems with power, propulsion or steering. Fully 30% of casualties in our database are from damaged machinery. Engine outages can delay ships for hours or days, and therefore insight into the details of the event and its delays is important, so that all parts of the supply chain can have actionable information to improve business flow, move goods and reduce financial risks. .
International trade is increasingly dependent on the global shipping industry, but the way goods move around our oceans can be suddenly complicated by unexpected complications, such as rare but potentially devastating casualties. To take a famous example from 2018, the UK-flagged G Washington lost more than a hundred containers in very heavy seas in the North Pacific while en route from Xiamen, China to Los Angeles, USA. The incident highlighted issues around weather passage, securing standards on deck and structural strength of containers which offered operators invaluable lessons to prevent similar losses in the future.
The financial importance of casualty data has been underlined by the 2021 Safety Transport Review, which flagged a number of commercial matters among its key points. These included the resilience of maritime supply chains, problems with port storage facilities and regulatory compliance issues.
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Continually evolving guidelines and regulations can be better anticipated if casualty trends are identified, described in full detail, and causes and effects are understood.
For that reason, quality intelligence on incidents at sea is becoming increasingly valuable. And that’s why we ensure our casualty data provides the timely, accurate, detailed information the maritime industry needs to keep global trade moving.
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Received: 7 December 2022 / Revised: 17 January 2023 / Accepted: 31 January 2023 / Published: 2 February 2023
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