18
Sep
08

Do I need insurance coverage against pirates?

Today pirates seized two ships, one registered in Greece and the other Hong Kong, off the coast of Somalia’s semi-autonomous region, Puntland. In the wake of such acts, insurance premiums covering vessels sailing through the Gulf of Aden have increased ten fold over the past year.

The coastal region of Puntland is booming. Fancy houses are being built, expensive cars are being bought – all of this in a country that has not had a functioning central government for nearly 20 years.

Although Somalia boast one of the World’s most competitive telecommunications industry, they can now  gloat the most developed pirate based economy on the globe.

Observers say pirates made about $30m from ransom payments last year – far more than the annual budget of Puntland, which is about $20m.

Read the entire article here, via BBC.

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