With the number of piracy attacks as ever on the increase off the Somali coast the International Chamber of Commerce (ICC) has urged governments to take immediate action to address the growing risk that last year was reported to cost the global supply chain up to $12bn.
Somali piracy has taken an alarming turn for the worse in the first quarter of 2011 and governments and organisations must therefore evolve their tactics and attempt to anticipate changes in the criminals behaviour, according to Special Contingency Risks Limited (SCR) and Maritime & Underwater Security Consultants (MUSC).
French cargo ships are increasingly employing armed security teams in a bid to protect themselves against the raised threat of piracy, according to experts at a transportation insurance conference in Cannes, France.
Piracy has hit an all time high in the first three months of 2011 with 142 attacks worldwide, the International Chamber of Commerce (ICC) International Maritime Bureau global piracy report has revealed today.
Whilst Marsh has predicted that buyers of marine insurance are likely to see rates continue to soften globally in 2011, the shipping industry will be adversely affected by the current unrest in Africa and the Middle East that has only added to difficult operating conditions, according to Moody’s.
The German arm of industrial insurer Torus ended 2010 with a bang as the Cologne-based office of the company announced that it would offer German shipowners war risks cover from January 2011. Herbert Fromme spoke to Clive Tobin, chief executive officer at Torus, about the company’s plans in Germany.
Shipowners faced a calmer Protection and Indemnity (P&I) renewal season than in previous years with general premium increases ranging between 0 and 10%, according to Aon Risk Solutions.
The Lloyd’s Market Association (LMA) has addressed Nato this week to help with the fight against piracy.
With the Rhine still closed to ships travelling downriver companies and ship owners alike have been hit with business interruption and delivery problems. Concerns now mount as to whether insurance coverages are in place to cover the losses.
The number of hostages taken at sea in 2010 rose to an all time high, the International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) global piracy report revealed yesterday.