Mitigation Tactics Stemming the Tide of Sea Piracy
(Click here to watch the video on the AM Best website)
AM Best Video featuring Head of Global Marine, Americas, John Barnwell discussing how risk mitigation measures have reduced maritime piracy losses, particularly off the East African coastline, but warn against complacency. It is estimated that more than USD 400 million was claimed in ransoms for pirate acts from 2005-2012, according to a report from the United Nations Office on Drugs and Crime.
John Barnwell, Global Marine Insurance Product Leader, Allianz Global Corporate & Specialty, said pirates have increasingly become more organized, and now include cargo theft alongside kidnapping. Both executives said strategies such as water cannons, maneuvers, blinding lasers and armed guards have helped to reduce the number of pirate attacks and reduce the cost of premiums.