Large shipping losses have declined by more than a third (38%) globally over the past decade, according to Allianz Global Corporate & Specialty SE's (AGCS) Safety & Shipping Review 2018, with this downward trend continuing in 2017. Yet, incidents in the South China, Indochina, Indonesia and Philippine maritime region rose by 25% in the past year and the region was the Number One area worldwide for major shipping incidents for the past decade leading it to be dubbed the "new Bermuda Triangle" by some media commentators.