There were 94 total losses reported around the shipping world in 2017, down 4 percent year-on-year, according to Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2018.

The report indicates that large shipping losses have declined by more than a third (38%) over the past decade and that the downward trend continued into 2017, marking the second lowest losses in 10 years after 2014.

However, Allianz stressed that the sinking of the oil tanker Sanchi and the impact of the NotPetya malware on harbor logistics underline that the shipping sector is being tested by a number of traditional and emerging risk challenges.