Total loss casualties are at record lows in the last five years but fires on container ships and car carriers are a major concern, according to leading marine insurer Allianz, alongside port congestion, crew challenges and the Ukraine war.

Shipping’s improving safety trend continued last year but Russia’s invasion of Ukraine, a growing number of costly issues involving larger vessels, crew and port congestion challenges and decarbonisation targets mean there is no room for complacency, it said in its annual review.