Dec. 16, 2013 14:45 UTC

A.M. BestTV: Mitigation Tactics Stemming the Tide of Sea Piracy

OLDWICK, N.J.--(BUSINESS WIRE)-- Insurance industry executives discuss how risk mitigation measures have reduced maritime piracy losses, particularly off the East African coastline, but warn against complacency. It is estimated that more than USD 400 million was claimed in ransoms for pirate acts from 2005-2012, according to a report from the United Nations Office on Drugs and Crime. Lars Gustafson, senior vice president, global marine practice, Marsh, said the financial impact is actually much higher, especially in cases of a kidnapping where logistics can be costly and difficult. John Barnwell, global marine insurance product leader, Allianz Global Corporate & Specialty, said pirates have increasingly become more organized, and now include cargo theft alongside kidnappings. The two executives said strategies such as water cannon use, maneuvers, blinding lasers and armed guards have helped to reduce the number of pirate attacks, and as a result, sharply reduce the cost of premiums. Click on www.ambest.com/v.asp?v=piracy1213 to view the video program.

People who appear in this episode include:

  • Lars Gustafson, Senior Vice President, Global Marine Practice, Marsh; and
  • John Barnwell, Global Marine Insurance Product Leader, Allianz Global Corporate & Specialty.

A.M. BestTV covers exclusive A.M. Best Co. information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M. BestTV episodes at www.ambest.tv.

A.M. Best Company is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2013 by A.M. Best Company, Inc. ALL RIGHTS RESERVED.

Contacts

A.M. Best Co.
Jim Peavy, 908-439-2200, ext. 5644
Assistant Vice President, Public Relations
james.peavy@ambest.com
or
Rachelle Morrow, 908-439-2200, ext. 5378
Senior Manager, Public Relations
rachelle.morrow@ambest.com


Source: A.M. Best Co.