Piracy attacks down, but IMB identifies areas of concern

Piracy attacks down, but IMB identifies areas of concern

Piracy attacks down, but IMB identifies areas of concern

Piracy and armed robbery attacks against ships hit a five-year low during the first nine months of this year, with a total of 121 incidents recorded by the International Chamber of Commerce’s International Maritime Bureau (IMB). However, the IMB said there is growing concern over attacks in the Gulf of Guinea and southeast Asia. The IMB’s latest piracy report also…

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft behind 10% of TT Club’s claims costs as problem persists for insureds

Cargo theft accounted for 10% of all claims recorded by transport and logistics insurer TT Club during the past 10 years, and continues to cause considerable loss to insureds and their insurers. Mike Yarwood, senior loss prevention executive at TT Club, said cargo theft is widespread. As well as a financial loss, cargo theft damages reputation and disrupts the supply…

Supply chain a strategic risk

Supply chain a strategic risk

Supply chain a strategic risk

 With business interruption cited as the number one risk by risk professionals the world over in the annual Allianz Risk Barometer for four consecutive years, it is no wonder supply chain risk remains high on the risk agenda. Commercial Risk Africa recently held a one-day forum in Johannesburg, together with the Global Transport Asset Intelligence Bureau, as Liz Booth reports…

Insured risks escalating  as supply chains grow  in complexity

Insured risks escalating as supply chains grow in complexity

Insured risks escalating  as supply chains grow  in complexity

  Increased incidence of natural disasters and accumulation of risk have pushed up global insured losses Supply chain is a global issue. More than 80% of the world’s goods are transported by sea, whether that is the raw commodity or the finished article. While Sub Saharan Africa may not be the biggest region in terms of imports, it is often…

Risk managers and supply chain must work together

Risk managers and supply chain must work together

Risk managers and supply chain must work together

Better communication within organisations can mitigate the issues of supply chain risk, delegates at Commercial Risk Africa’s recent supply chain event in South Africa heard   The breakdown of any supply chain causes a major threat to every business along the route but, too often, separate parts of the organisation are not communicating fully, ultimately increasing that risk significantly. As…

Piracy attacks increase in first quarter 2017

Piracy attacks increase in first quarter 2017

Piracy attacks increase in first quarter 2017

Marine piracy increased in the first quarter of this year compared to the same period of 2016, as piracy hotspots continued off Nigeria and around the southern Philippines, according to statistics from the ICC International Maritime Bureau (IMB). Piracy and armed robbers targeted a total of 43 ships in the first quarter of 2017, up from 37 incidents during the…

Big data and new markets will be key disruptors in transport sector

Big data and new markets will be key disruptors in transport sector

Big data and new markets will be key disruptors in transport sector

Some 43% of transport sector respondents believe big data will be the most significant driver of change, according to an annual survey from Norton Rose Fulbright. The eighth edition of The way ahead transport report reveals that 90% of aviation and 86% of rail respondents are positive about market conditions, compared with 64% and 37% in logistics and shipping respectively.…

Improved risk management lowering shipping losses

Improved risk management lowering shipping losses

Improved risk management lowering shipping losses

Successful counter-measures have reduced piracy incidents around the coast of Africa still further in the past year, as overall shipping losses are reduced through improving risk management. The 2017 edition of Allianz Global Corporate & Specialty SE’s (AGCS) fifth annual Safety & Shipping Review shows that, in 2016, piracy continued its downward trend as it recorded only 191 incidents, down 22…

US forces warn Somali piracy resurgence driven by famine

US forces warn Somali piracy resurgence driven by famine

US forces warn Somali piracy resurgence driven by famine

Risk managers involved in the marine sector and those with goods transiting the Horn of Africa have been warned famine is fuelling a resurgence in Somali piracy activity. Last week more than 225 attendees from various organisations participated in the first US Africa Command Chiefs of Defense (CHoD) conference.  Besides Africom senior leadership were representatives from 42 African countries, 35…

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