Pirates go, but marine premiums still rising
Premiums for insurance cover against high sea piracy will rise, according to Munich Re.
Dieter Berg, head of Munich Re’s marine division, told a United Nations conference on piracy last week that despite foreign navies cutting pirate attacks off the coast of Somalia by half, premiums will still have to rise.
He says claims “still have to be paid”.
Mr Berg is also concerned that piracy will spring up in coastal areas of southeast Asia and the east coast of Latin America.
He says the need for hijack insurance from shipping companies is almost completely due to the exposure in Somalia and Nigeria.
Dieter Berg, head of Munich Re’s marine division, told a United Nations conference on piracy last week that despite foreign navies cutting pirate attacks off the coast of Somalia by half, premiums will still have to rise.
He says claims “still have to be paid”.
Mr Berg is also concerned that piracy will spring up in coastal areas of southeast Asia and the east coast of Latin America.
He says the need for hijack insurance from shipping companies is almost completely due to the exposure in Somalia and Nigeria.