The number of shipping losses decreased again last year.

Figures released by Allianz Global Corporate & Specialty showed 94 vessels were lost in 2013, only the second time the figure has come in at under 100 in the last 12 years. This was a 20 per cent reduction in incidents compared to 2012, while results showed a fall of 45 per cent in the last decade.

The most common cause of accidents in the past year was foundering (sinking of submerging), which accounted for 75 per cent of all losses. This represented a rise of 28 per cent against 2012 and an increase of 31 per cent on the previous 10-year average of 44 per cent.

Tim Donney, global head of Allianz Marine Risk Consulting, stated: "While the long-term downward trend in shipping losses is encouraging, there is more work to be done to improve the overall safety of these vessels as well as their cargo, crew and passengers."

Meanwhile, the study showed waters around the UK have been the location for of the most casualties over the last 12 months. January appeared to be the worst month for incidents, recording, on average, 23 per cent more accidents than the quietest month of June.