Fast Growing Business

The world’s third largest insurance broker, Willis Group Holdings plc, considers piracy coverage as among its “fastest-growing” businesses.

Even amid an ever increasing demand for protection against kidnappings and ransom, Willis’ Chairman and Chief Executive Officer Joseph Plumeri, considers piracy cover as “One of the fastest-growing businesses we have.”

Plumeri, speaking at an investor conference in New York, added that “It’s crazy, but we do a lot of kidnapping and ransom business”

According to One Earth Future, a non-profit organisation based in Colorado, last year ransoms paid to Somali pirates averaged $5.4 million. One Earth Future have calculated that the average ransom in 2005 was $150,000.

Willis has a long history of activities in the maritime sector, indeed it was the broker for the Titanic, once of the worst peacetime maritime disasters in history.

See also: The Economic Costs of Maritime Piracy

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Mark Lowe, Saturday 02 April 2011

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One Reply to “Fast Growing Business”

  1. Samuel K Doe

    The K&R profit stats reported by you here are simply amazing! I should have gone for that limited partnership promising cash payout, as advertised in Puntland Online…instead of Irish bank debt!

    Thanks for pointing out this market opportunity.
    SKD

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