News

How insurers and clients are being affected by Somali piracy

14 November, 2011

Piracy along the east coast of Africa is becoming a lucrative business for Somali pirates, who encounter little or no opposition from their victims.

Radio and television broadcasts and regular web updates document an increase in formerly isolated incidents of piracy off the coast of Somalia and further south towards Tanzania and Mozambique.

Operating out of Somalia, pirates board passing ships and hold cargo and/or passengers to ransom. Such piracy has had an adverse effect on the insurance industry and created many challenges for insurers, brokers and clients.

Etana’s head of Marine, Frank Ponnen, highlights the importance of taking out “kidnap and ransom” cover, while an article featured in the November 2011 issue of RiskSA highlights further issues that brokers should take into consideration when dealing with such an eventuality.

Read the full article by downloading the PDFs below.

20111114123544611.pdf
20111114123607415.pdf
20111114123641429.pdf