Allianz Warns of Car Ship Pain After 4,000 Vehicles Lost at Sea
- Vessel incidents now major cause of loss, insurer says
- Felicity Ace sank in March with thousands of Volkswagen cars
This article is for subscribers only.
Allianz SE says car-shipping incidents are now a major cause of loss for the insurance industry after a cargo ship with about 4,000 Volkswagen AG vehicles caught fire and sank in the Atlantic two months ago.
Fires on board car carriers have become a loss driver over the past decade, according to a report published on Tuesday by Allianz Global Corporate & Specialty, the German company’s industrial insurance arm. In many cases, fires resulted in the total loss of cargo and vessel, it added.