Insurance premiums in the shipping industry rise by 30%

Losses from navigational accidents within the shipping industry are continuing to increase that could see insurance premiums rising by as much as 30 per cent, DNV Maritime has warned. “Over the past five years there has been an increasing incidence of serious navigational accidents in several shipping segments,” Dr Torkel Soma, Principal Safety Consultant at DNV Maritime observed in the DNV seminar yesterday. Collisions, groundings and contacts now account for 60% of the “most costly” accidents, Soma said adding that the increased incidence of mishaps has been confirmed by leading insurance companies such as Skuld, Norwegian Hull Club and The Swedish Club. Noting that pressure on crew had increased due to the boom in the shipping market and increased deliveries of newbuildings Soma observed that the general level of experience is decreasing on board. “At the same time new technical solutions have been introduced which might have increased the complexity of operations.”