AGCS Safety and Shipping Review 2018: Freaky Fridays

Further, the number of total losses declined by 4 percent to 94 last year, the second lowest number in a decade.

'Insurance claims have been relatively benign, reflecting improved ship design and the positive effects of risk management policy and safety regulation over time,' says Baptiste Ossena, Global Product Leader Hull & Marine Liabilities, AGCS.

Sinking was the most common cause of the loss of a vessel, with 61 foundering events recorded for 2017. Wrecked or stranded vessels were the second major cause, followed by machinery damage or failure, shows the report.

'However, as the use of new technologies on board vessels grows, we expect to see changes in the maritime loss environment in future. The number of more technical claims will grow - such as cyber incidents or technological defects - in addition to traditional losses, such as collisions or groundings,' Ossena says.