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.
There are now more queries for K&R insurance and they are increasingly translating into actual purchase by shipowners, said a senior executive with a K&R insurance specialist company.
“Unlike the past, when many owners won’t follow up after an initial inquiry, our company is able to sell at least…
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