Marine Insurance Counts the Cost of Increased Attacks by Pirates!

Marine Insurance Counts the Cost of Increased Attacks by Pirates!
    Marine Insurance Counts the Cost of Increased Attacks by Pirates!
    by Insurance Blogger on March 30th, 2010

    Unbelievably Marine Piracy continued to grow in 2009, which should be a sobering thought for all us sea dogs who like to roam the seven seas.

    The ICC International Maritime Bureau’s Piracy Reporting Centre (IMB PRC) has just released it’s 2009 annual report and it makes bleak reading for insurance loss adjusters and marine insurance actuaries trying to set rates for 2010.

    Piracy and armed robbery incidents topped 400 in 2009.

    Incredibly in these days of satellite surveillance and Type 45 Destroyers, incidents of Marine Piracy have grown from 239 in 2006 to 406 in 2009.

    The total number of incidents attributed to the Somali pirates stands at 217 with 47 vessels hijacked and 867 crew members taken hostage.

    Somalia accounts for more than half of the 2009 figures, with the attacks continuing to remain opportunistic in nature, with small high speed outboard land based vessels being used to pick off a certain type of easy target.

    So what precautions against pirates are being taken?

    All shipping and vessels in the gulf are required to transit the Somali coast in convoy with a minimum speed of 10 knots with absolutely no stops or slowing.

    It is recommended to protect the boat with razor wire around the freeboard or the the lowest area of the deck.
    Greased or electrified handrails have been used although the vessel owners are encouraged to use non-lethal deterrents to prevent the situations escalating.

    Vessels that regularly transit the area even resort to welding doors shut and welding metal plates across windows. The return of the Iron Clads!

    It’s quite obvious that America doesn’t want to get involved in the region after the Blackhawk incident, however it’s Insurance Blogger opinion that until very stern measures are taken against the major perpetrators, these attacks will continue and continue; and the cost of freight insurance and boat insurance will rise and rise……


    British Hostages Paul and Rachel Chandler, taken by Somalia Pirates, are spending their 159th day in captivity!

    Hey Gordon Brown!

    How about this for some political capital this Easter…….


    We interrupt the Snooker final for a message from Prime Minister Gordon Brown..

    ” It is with great pleasure that I have to tell you that this morning a team of our finest Royal Marine Commandos, successfully carried out a mission to rescue Mr and Mrs Chandler. There were no British Casualties……”
    @Posted by
    writer and blogger, founder of buy4live .

    Post a Comment