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
Mark Lowe, Saturday 02 April 2011