Marine losses have reached a 12-year low in 2022 according to insurer Allianz Global Corporate & Specialty.

In its annual Shipping and Safety report the Allianz said there were only 38 ship losses in 2022, including 10 cargo ships, compared to 59 a year earlier, a decrease of 36%.

Last year’s tally was also the lowest since Allianz began to monitor marine losses.