Despite international efforts that have suppressed some attacks on Gulf of Aden shipping, the piracy problem is escalating–driving a tenfold increase in vessel insurance rates–one maritime expert observed.
Meanwhile, no permanent solution appears imminent, according to Peter Townsend, executive director for the Aon insurance brokerage marine division.
While the recent pirate attack against an unarmed container ship, the Maersk Alabama, and the dramatic rescue of its captain, Richard Phillips, drew worldwide attention to the threat posed by pirates–including vows by President Barack Obama to alleviate the problem–pirates resumed business as usual right after the incident, indicating that there is no immediate relief in sight for shippers and their insurers.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
