A “silver tsunami” of ageing ships is driving up insurance claims, with geopolitical upheavals forcing the global fleet on longer journeys through tougher conditions, according to a report.
The Nordic Association of Marine Insurers (Cefor) said on Tuesday that machinery claims had seen the biggest spike of all marine insurance claims in 2024, which tallies with an ageing fleet.
Ship deliveries surged in the aftermath of the 2008 financial crisis, but those vessels are now getting old and are more prone to fires, machinery breakdowns and other damage.
