A new analysis of marine insurance claims shows no increase in numbers but costs are on the rise.
The Swedish Club has launched its new edition of Claims at a Glance, a whistle-stop tour of cases and statistics taken from its experiences in Loss Prevention over the last three years. Claims at a Glance offers the Club’s own perspective on some of the real-life cases it has recently dealt with and provides updates on some of the Club’s key Loss Prevention publications from the last three years.
It makes interesting reading: in the time period studied the report finds that a pilot is on board ship during 30% of all collisions; 66% of all contacts and 58% of all groundings. It reports that 55% of all auxiliary engine claims occur within the first 1,000 hours of overhaul; and since the last report, you are now more likely to suffer a slip or fall on a bulk carrier than a container vessel or a tanker.
Claims at a Glance reviews both P&I and H&M issues ranging from cargo damage, navigational error and machinery through to piracy and injuries and illness.
Joakim Enström, Loss Prevention Officer at The Swedish Club believes in the importance of sharing the Club’s knowledge base, “Accidents do happen and as an insurer we experience them every day. We believe by being transparent and sharing our statistics and experience from handling claims that we can raise awareness of issues and highlight best practices.
“Many accidents are caused by poor decisions and so we believe it is important to try to understand why accidents happen, train the crew, and ensure they have the correct knowledge and understanding of risks.
“We are very pleased to see the industry trend is that the overall amount of insurance claims are not increasing,” he adds. “However, the average cost for these claims is increasing. The best defence is to have a well implemented safety culture and efficient loss prevention.”
Claims at a Glance can be downloaded at www.swedishclub.com