Ole Wikborg has spoken out on piracy
As theInternational Union of Marine Insurance prepares for its upcoming annual conference, president Ole Wikborg has spoken out onpiracy.
Mr Wikborg said the conference will have a significant focus onthe piracy problems in the Gulf of Aden and the Indian Ocean, as he deemed thatthe problems are, “an absolutely unacceptable disruption of global trade to which marine insurers must respond.”
He added: “The cargo as well as the hull and machinery insurance markets have made their contributions to mitigate the financial losses resulting from the hijacking or detainment of vessels. Insurers have also helped in negotiations with the pirates and to provide the funds demanded to release crews and return them safely to their homes and families.”
The decisions taken at the conference may well shape the future response of underwriters, and speakers will be urgingsolutions rasther than simplyreassessing the problems.One issue expected to be discussed at length is the use of armed guards, andthe vetting of maritime security providers.
Source: Maritime Security Review
