Cash Calls

In a letter regarding the role of underwriters in Somali piracy, Commander Shishir Upadhyaya Research Fellow, Indian National Maritime Foundation questions the fact that underwriters make the world go round, and of their yeoman service to the shipping industry.

With the OEF Foundation study stating that $240 million was paid in ransom during 2010, he states that insurance companies collected $2-3 billion from premiums.

He believes that its not simply pirates making a financial killing off the coast of Somalia.