Cargo vessel fires cost insurers more than $500 million per year

Posted On: Mar. 25, 2019 5:50 AM CST

U.K.-based TT Club Mutual Insurance Ltd. said that poor packing and undeclared goods cause about two-thirds of fires on ships and cost insurers more than $500 million per year, Hellenic Shipping News Worldwide reported. The insurer said that a fire occurs every 60 days on average due to lax safety measures.