Aon releases piracy report
by Gill Montia
Story link: Aon releases piracy report
Aon’s kidnap and ransom practice has released its first in-depth piracy report, aimed at ship owners worldwide.
The study makes use of piracy data from 2009 to 2011 to clarify changing trends in regional and seasonal Somali piracy activity, and look at the emerging threat of piracy off the west coast of Africa.
The analysis confirms an increase in overall piracy activity alongside a general decline in successful attacks on vessels over the last year.
It also highlights a regional shift in activity, attributed to an increase in anti-piracy measures, with the most notable shift from the Gulf of Aden (historically a piracy hotspot) to the Arabian Sea, which has experienced a 267% year-on-year rise in attacks.
Commenting on the study, Aon Risk Solutions’ global head of kidnap and ransom, Clive Stoddart, says: “While there has been no shortage of anecdotal accounts in recent years, access to fact-based data removes the speculation and supposition associated with activity in high-risk areas.”
He adds: “The report is also designed to clarify key elements of cover and key issues in Marine K&R policies.”
Earlier this year, Maritime & Underwater Security Consultants reported that pirates are becoming more aggressive, with a rise in violence towards seafarers and hostages being executed in 2011, for the first time.
According to the specialist firm, the average ransom increased from $2.1 million in the first quarter of 2009 to $4.6 million in the first quarter of 2011.
Simultaneously, the period that hijacked ships are being held is roughly six months, up from 2009’s average of two to three months.