Insurer Allianz Global Corporate & Specialty (AGCS) said ship losses in 2020 continued to be at all-time low levels, despite the impression given by several high-profile incidents.

In its annual Shipping & Safety Review, the global insurer said there were only 49 losses in 2020, compared with 48 in the previous year.

The figure marks a considerable improvement on the 10-year rolling average of 88 losses each year.