Piracy update 2011
What follows is a short summary from FP Marine Risks’ updated piracy report, which is available by emailing firstname.lastname@example.org
Over the course of 2011, piracy, particularly off the seas of Somalia, has refused to die down and continues to cause disruption to international trade and all enterprises involved in it.
In the nine months to September 2011, there were 352 actual and attempted attacks with 138 vessels boarded and 35 hijacked. More worryingly, 619 crew have been taken hostage and there have been eight deaths reported so far this year.
In 2011, there has been a marked increase in additional security measures, such as armed guards, razor wire, citadels and improved crew training. This is arguably having a positive effect on the ratio of successful hijackings but there has also been a noticeable change in the level of aggression and daring from the pirates.
The release of BMP 4 (Best Management Practices for Protection against Somali Based Piracy Version 4) in 2011 has also sought to help ship owners and operators safeguard their vessels, cargo and crew.
And recently, the UK announced that it would license armed guards on board UK vessels. The reaction of this in the UK has been mixed, but the general response has been a cautioned welcome.
Generally speaking, it remains the case that lower premiums from the War and Kidnap & Ransom (K&R) markets are available where vessels have increased security on board vessels.
3 September 2012
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20 July 2011
What has changed in the marine insurance markets over the last year? And can Assureds expect to see these soft markets continue?
6 December 2012
In recent months, three insurers have pulled out of the Hull and Machinery market as competitive pressures and a year of substantial claims take their toll.
28 November 2012
At the recent Meeting of the Association’s board of Directors, the general increase to be applied to the advance call rates for the 2013 policy year was set at 5%.
16 April 2013
INTTRA, the world’s largest multi-carrier shipping network for ocean freight, has launched a new member service that enables shippers to purchase cargo insurance from marine insurance specialist, FP Marine Risks.
4 February 2013
Hyperion Insurance Group Limited, the international insurance intermediary group, and FP Group Limited (FP), the Hong Kong-headquartered specialist marine broking group, are pleased to announce their partnership today, with Hyperion taking a 55% stake in FP Group Limited.
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26 November 2008