K&R insurance spikes

Ongoing attacks see increased coverage demands.

Feature: Piracy spikes shipowners’ demand for kidnap and ransom insurance

There is a marked increase in shipowners opting for kidnap and ransom insurance across Southeast Asia and the Gulf of Aden region because of recent attacks on merchant vessels, executives involved in the deals in Europe and Asia said during the recent Sea Asia conference in Singapore.

A total of 20 incidents of piracy and armed robbery against ships — 15 actual and five attempted — were reported during January-March in Asia, according to anti-piracy watchdog Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia, or ReCAAP. The total is little changed from 17 in Q1 2016.

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Source: platts.com