The threat that financial pressures on shipowners may lead to cost cutting and skipped maintenance features strongly in a new shipping safety review from the Allianz insurance group.

The German insurance giant highlights the impact that freight market conditions may be having on maritime risk, although statistics quoted in the review point to a steadily improving casualty record.

The review is the fifth annual safety and shipping review from Allianz Global Corporate & Specialty (AGCS), the business unit covering large corporate and maritime risks.