Increasingly common extreme weather events such as “super storms” pose a growing threat to ships, according to Allianz Global Corporate & Specialty (AGCS).

Bad weather claimed five large ships last year, including the bulk carrier Los Llanitos, which ran aground off the Mexican coast amid Hurricane Patricia, while Hurricane Joaquin was blamed for the sinking of the El Faro off the Bahamas.

Sunk or submerged ships are the most common causes of loss, accounting for 75% of overall vessel loss last year – up 25% from 2014. Weather is often the culprit.

“The fact super storms are causing ships to sink is concerning,” AGCS Global Product Leader Hull and Marine Liabilities Sven Gerhard said.

“We are seeing more and heavier natural catastrophe events.”

Extreme weather puts the spotlight on ships’ safety measures and maintenance programs – an issue that has taken on increased urgency amid global economic weakness.

“While the long-term downward trend in shipping losses is encouraging, the continuing weak global economy, depressed commodity prices and an excess of ships are pressurising costs and raising safety concerns,” AGCS says.

“AGCS has observed an increase in frequency losses over the past 12 months, which, for some classes, can likely be attributed to some extent to the economic environment.

“It’s critical that economic pressures do not allow a ‘put it off until later’ safety mentality to develop.”