Crew kidnaps see rate hike.
High piracy attacks push up marine insurance rate
Due to increased piracy attacks in the Niger Delta region of Nigeria, Protection and Indemnity insurers, a maritime insurance association, has raised the rate of war-risk insurance for Nigeria.
SUNDAY PUNCH recently reported Nigeria’s classification among high-risk countries in doing international maritime business by the Philippine Overseas Employment Administration.
The association had directed that vessels sailing into Nigeria would pay double to engage Filipino seafarers.
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