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Daily Insurance Industry News
Tuesday 17th of July 2018
January 30, 2009

Pirates force marine insurance price hike

by David Masters

Story link: Pirates force marine insurance price hike

Munich Re expects insurance premiums against sea piracy to rise following a spate of pirate attacks off the Somali coast.

Dieter Berg, Munich’s head of marine insurance, told Reuters that insurance rates are rising in all markets – marine insurance being no exception.

Payouts from current claims are pushing premiums up, Berg said.

He added that the risk of piracy is increasing despite naval ships being sent to patrol the Somali seas.

Attempts to hijack ships could spread to other areas of the world, such as the east coast of Latin America, and southeast Asia, Berg warned.

The business model used by the Somali pirates could become popular around the world, he said.

 

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