According to the Safety and Shipping Review 2022 report by Allianz Global Corporate & Specialty (AGCS), the marine industry's most anticipated yearly report on incidents and casualties, the shipping industry has continued its long-term positive safety trends over the past year.

However, the outbreak of the Russia-Ukraine war, for which an increasing number of large ships are paying the price, the challenges of crew scarcity and port congestion brought on by the shipping boom, and trying to meet challenging targets for reducing carbon emissions all require efforts to be made to address.

The AGCS report examines recorded shipping losses and casualties (incidents) involving more than 100 gross tons. In 2021, 54 vessels worldwide reported total losses, compared to 65 in the previous year. The number of 54 vessels in 2021 represents a significant decline of 57% compared to 127 vessels in 2012, 10 years ago. The figures for the past two years are also lower than the average of 89 ships in the past decade.

The maritime region of South China, Indochina, Indonesia, and the Philippines is the largest worldwide loss hotspot, owing to huge trade volumes, congested ports, ageing fleets, and harsh weather.

While total losses have decreased in recent years, the number of recorded maritime casualties or accidents has increased. The British Isles had the highest number of ship accidents.

The maritime sector has been impacted by Russia's invasion of Ukraine on numerous fronts, including the loss of life and vessels in the Black Sea, trade interruption, and the mounting cost of sanctions.