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Coronavirus impact on shipping industry: idle vessels face new risks, Allianz warns

29 May 2020 Allianz Global Corporate & Specialty (AGCS)

• Increasing disruption and economic pressures caused by the pandemic also has serious risk management implications for the maritime community and insurers alike.
• Covid-19 pandemic makes it difficult to relieve crews, resulting in growing seafarer fatigue, which is a main cause of human error on board.
• Delay in inspections and maintenance or supply of oils can impact technical safety.

Restrictions on supply chains and international travel due to the coronavirus outbreak have serious implications for the maritime industry. Although the threat from the perils ships usually encounter at sea may have reduced in many cases due to an increasing number of vessels waiting at anchorage or being in lay-up, other risk challenges have replaced them, as a new publication Safety of Maritime Assets – Tugged By A Pandemic from Allianz Global Corporate & Specialty (AGCS) highlights.

“The increasing disruption and economic pressures caused by the pandemic also has serious risk management implications for the maritime community and insurers alike,” says Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS.

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