Marine Accidents

Marine Accidents

Marine accidents killed 1,135 people and caused $814 million in insured losses in 2013. In June, a fire on a cargo vessel in the Indian Ocean near Bahrain resulted in about $300 million in total damages. In 2012, 30 people were killed when the Costa Concordia cruise ship carrying 4,200 passengers went aground off the coast of Italy. The Costa Concordia incident was the costliest man-made disaster in 2012, causing $515 million in insured damages losses when it occurred. The greatest maritime disaster in peacetime happened in December 1987, when the Philippine ferry, the Doa Paz, collided with the Vector, a small coastal oil tanker, according to the National Maritime Museum in the United Kingdom. Only 24 of the 4,317 Doa passengers survived. By contrast, 1,500 perished in the sinking of the Titanic in 1912.

 

MARINE DISASTERS, 2013 (1)

Category Number of events Victims Insured losses ($ millions)
Freighters 2 0 $54
Passenger ships 16 1,079 20
Drilling platforms 3 1 453
Other maritime incidents 4 55 287
Total 25 231 $814

(1) Based on events classified by Swiss Re as a catastrophe. The threshold for a maritime disaster is $19.3 million in insured losses or total losses of $96 million; or at least 20 dead or missing, 50 injured or 2,000 made homeless.

Source: Swiss Re, sigma, No. 1/2014.

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PASSENGER SHIP LOSSES, 2007-2011 (1)

Year Number Victims Insured losses ($ millions)
2007 38 2,096 $50
2008 32 1,553 31
2009 35 2,146 NA
2010 22 1,058 27
2011 29 1,873 NA

(1) Based on events classified by Swiss RE as a catastrophe. The threshold is $17.4 million in insured losses or at least 20 dead or missing, 50 injured or 2,000 made homeless.

NA=Not applicable.

Source: Swiss Re, sigma, No. 2/2012.

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