Skip to content
28 May 2015
Pirate attacks off West Africa are growing more violent, according to the International Maritime Bureau’s (IMB) latest global piracy report.
Although attacks worldwide are down 28%, some particularly violent attacks have occurred in West African waters.
“Nigerian piracy is increasing in incidence and extending in range,” IMB Director Pottengal Mukundan says.
“While the number of reported incidents in Nigeria is still less than Somalia, and hijacked vessels are under control of the pirates for days rather than months, the level of violence against crews is dangerously high.”
The report attributes the overall decrease in hijackings as due to the “application of best management practices and the increasing use of privately contracted armed security personnel”.
According to the Oceans Beyond Piracy report released in February and reported in Insurance News (the magazine) last month, the Somali pirate economy is worth nearly $US7 billion ($6.7 billion) – mainly the cost of military action to curtail piracy.
Since the first recorded Somali attacks in 2005, the markets for kidnap and ransom (K&R) and war risks cover have boomed.
Some marine insurers offer big discounts on premiums if a ship carries a security team or is separately covered for K&R.
International law firm Sheppard Mullin estimates that sales of marine K&R rose from nothing in 2008 when the cover was introduced to about $US125 million ($119.4 million) a year now.
27 May 2015
In this role you will provide innovative solutions to training needs by designing, co-ordinating and delivering training that exceeds expectations.
25 May 2015
Dynamic corporate insurer, quality products, lots of scope to progress, diverse portfolio, great team environment, lots of broker networking and attractive staff benefits!
25 May 2015
One of the fastest growing brokerages in Australia have two brilliant roles available for ambitious brokers who are keen to be recognised for their success!
25 May 2015
Administration Assistant required for insurance brokerage based in South Brisbane.
20 May 2015
RentCover Underwriting Agency is Australia’s foremost privately owned and operated landlord insurance provider.
19 May 2015
We are seeking a smart, highly organised Sales Assistant/Office Manager to join our friendly, dynamic team. This is a national role with a great Sydney CBD location.