sail-world.com
 
 
News Home Cruising Photo Gallery Video Gallery

 

Sail-World.com : Piracy - raising the cost and complexity of maritime insurance

Piracy - raising the cost and complexity of maritime insurance

'Somali pirates - well armed and often well trained.'    .

It's no coincidence that Harvard Business School selected piracy as 2010's best business model. Though rather tongue in cheek, the label recognises the 'revenue' and 'ROI' that this modern day seafaring looting gleans for its proponents.

In response, London’s marine insurance community is in the forefront of devising strategies to thwart pirates, who operate mainly from untouchable bases in Somalia, from succeeding in their attacks on Indian Ocean shipping.

Catlin Group Limited, with operational hubs in London, Bermuda, the US, Europe and Asia, as well as being the managing agent of Lloyd’s largest syndicate, has therefore upped its efforts in the fight. Headed by Peter Dobbs, Catlin’s Asset Protection service offers coverage designed to deal specifically with the threats from pirates. He described the move as a 'natural extension' of Catlin’s marine and Lloyd’s business.

Lloyd’s roots go back to the need for marine insurance at the end of the 17th century, as the British Empire expanded its global reach. Until the end of the 19th century Lloyd’s was essentially a marine insurer. Although it’s a lot more than that nowadays, the marine tradition remains strong. But it needs to change.

'I think in the end the maritime industry is going to have to wake up,' Dobbs said; 'in the same way that the aviation industry had to wake up 40 years ago.' He cited the rash of hijackings that took place in the 60's, which imposed 'fairly draconian, – or at least what we though at the time were fairly draconian – security measures to prevent hijacking.' More recent events have served only to increase those security measures.

'I think it’s no longer possible now to have a vessel, valued at a hundred million dollars, with cargo valued at two hundred million dollars, and to allow that vessel through some of the rougher waters of the world completely unprotected.' As a result the maritime industry has to recognize 'the world has moved on; the world has changed, and I think possibly in the future we’re going to have to look at forms of security that the maritime industry haven’t been used to in the past.'

More at http://www.lloydslist.com/ll/sector/piracy-and-security/




by Media Services

  

Click on the FB Like link to post this story to your FB wall

http://www.sail-world.com/index.cfm?nid=89972

1:06 AM Wed 26 Oct 2011 GMT






Click here for printer friendly version
Click here to send us feedback or comments about this story.


News - USA and the World





The first annual WetaFresh is a big success by Tim Wieringa, Muskegon, MI














Techno 293 Worlds - France and Italy claim titles by International Windsurfing Association,














420 World Championship - Singapore and Spain out front by 420 International Class Association,






























Lightning strikes cut short CFJ Nationals by Andy Kopetzky, Santa Monica Bay




National Sailing Hall of Fame reveals inductees
J/111 North American Championship - Wind Czar victorious
Sevenstar Round Britain and Ireland Race sets off August 10th
PWA Fuerteventura Grand Slam - Antoine Albeau victorious on day 5
Snipe Western Hemisphere and Orient Championship headed for San Diego
WPA Championships - Kids race divisions offered
New Clever Pig launched by US Sailing
America's Cup: Group agrees to co-operate in London Meeting
Copa del Rey Mapfre - Build-up reveals some remarkable enthusiasm
Marblehead NOOD Regatta - Images by Leighton O'Connor
America's Cup: Two AC72 skippers discuss Foiling Moths and the Cup
RS Feva World Championship - Brilliant sailing on day 2
America's Cup: Alameda makes overtures on Venue hosting for San Fran *Feature
Cape Panwa Hotel Phuket Race Week 2014 - Relishing a challenge
Edgartown Race Weekend - BBBR and Round-the-Island Race winners named
Etchells Invitational Cup - Aussies take early lead in Cowes
PWA Fuerteventura Grand Slam - Antoine Albeau strikes back on day 4
Aquece Rio – International Sailing Regatta - All set for test event
ISAF World Sailing Rankings for 28 July 2014
29er World Championship - All set in Kingston
ORC World Championship - Third Course area opens for huge fleet   
Day one of the Allen RS Feva World Championships   
Anna Tunnicliffe: Final two days of the 2014 Reebok CrossFit Games   
Joachim Aschenbrenner takes gold at ISAF Youth Match Race Worlds 2014   
Maxi Soh scores double wins in CMRC Summer Doubleheader   
29er World Championship opening ceremonies in Confederation Park   
PWA Fuerteventura Grand Slam - Action resumes on day 3   
Land Rover Sydney Gold Coast Yacht Race Start 2014 VIDEO   
Laser Radial Men’s World Championship 2014- Final day   
2014 Pacific Cup - Scarlet Runner wins   
Gladwell's Line: America's Cup - Joint Statement is a curious note *Feature   
ISAF Youth Match Racing World Champ - Top four battle it out for final   
BIC Techno 293 Worlds 2014 - Day 6   
PWA Fuerteventura Grand Slam - Wind teases competitors on day 2   
Women’s Match Race Golfe du Morbihan - Action-packed day of racing   
Herreshoff Marine Museum announces successful fundraising campaign   
Brewin Dolphin Commodores' Cup - The most comprehensive victory yet   
Anna Tunnicliffe fourth at mid-point of 2014 Reebok CrossFit Games   
2014 29er North American Open Championship - Australians win   
INSA Sabot II Invitational Regatta - Erik Hou claims victory   


For this week's complete news stories select    Last 7 Days
   Search All News
For last month's complete news stories select    Last 30 Days
   Archive News







Sail-World.com  


















Switch Default Region to:

Social Media

Asia

Australia

Canada

Europe

New Zealand

United Kingdom


http://www.sail-world.com/event_images/image/Twitter_logo_small.png http://www.sail-world.com/event_images/image/FaceBook-icon.png  http://www.sail-world.com/event_images/image/RSS-Icon.png

United States

Cruising Northern

Cruising Southern

MarineBusiness World

PowerBoat World

FishingBoating World

 

Contact

Commercial

News

Search

Contact Us

Advertisers Information

Submit news/events

Search Stories/Text

Feedback

Advertisers Directory

Newsletter Archive

Photo Gallery

 

Banner Advertising Details

Newsletter Subscribe

Video Gallery

Policies

 

 

 

Privacy Policy

 

 


Cookie Policy

 

 



This site and its contents are © Copyright TetraMedia and/or the original author, photographer etc. All Rights Reserved.  Photographs are copyright by law.  If you wish to use or buy a photograph contact the photographer directly.
XLXL NEW US
LocalAds   DE  ES  FR  IT