Allianz study reveals growing piracy threat

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29 June 2009

Global insurer Allianz has encouraged marine clients to improve the protection of ships and crew as the threat of piracy off the Horn of Africa continues to grow.

A study by Allianz Global Corporate & Specialty last week reported 102 pirate attacks in the region during the first quarter of this year, compared to 58 incidents in the same period last year.

The coast of Somalia and the Gulf of Aden remain hot spots for piracy, with 61 incidents during the quarter.

“The region is ideal for piracy because the Gulf of Aden is the gateway to the Suez Canal, and some 20,000 tankers, freighters and merchant ships pass through it every year,” the report said.

While the threat of piracy is declining in south-east Asia, increasing activity off the coasts of Yemen and Nigeria “still poses a real threat to shipping and trade”.

Allianz says boat crews must be properly trained in using long-range acoustic devices, securing the ship’s perimeter and maintaining speed in exposed areas. But it has “strongly cautioned” clients not to use weapons to deter pirates.

The insurer says piracy cover included in standard hull and machinery policies may not be suitable in exposed areas. Instead it recommends the use of special war insurance policies, which are more flexible.