Grounding Loss Prevention Best Practices
Despite the advantages in training, advantages in technology onboard ship, we are still getting ships running aground, so something is amiss. What's going wrong? Why are we concerned about it? The concern firstly arises from cost considerations. The table below is rather difficult to interpret of first glance. What it shows is the development of claims on the International Group pool in the first 6 months of the underwriting year, as at the 20th August of each underwriting year as shown in the top line, and then the development of those claims in 12-month intervals thereafter. You can see from that, what we know already is that 2006-2007 had been the worst two years on record. If you track along to 2012 you can see that in the first six months of 2012 claims notified were around about double the previously highest level, and in 2013 things are not looking good either. Claims of US$96.7 million notified in the first six months of 2013, so that's the background to the concern. If we drill down to look at some of these claims and try to understand what is causing them, from the following chart for the last six...
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