Insurers see risks with Panama Canal

As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks that will arise from its plan to double the cargo-carrying capacity of ships transiting the waterway.

In a new report entitled Panama Canal 100: Shipping Safety and Future Risks leading marine insurer, Allianz Global Corporate & Specialty identifies that the value of insured goods transiting the canal zone may increase by more than $1 billion per day following completion of the Third Set of Locks Project.

Every year, more than 12,000 oceangoing ships navigate the canal, a figure which could increase significantly following the anticipated opening of the new locks in 2015.

Source: Marine Link