Pirates cause insurance hike

Crew kidnaps see rate hike.

High piracy attacks push up marine insurance rate

Comfort Oseghale

Due to increased piracy attacks in the Niger Delta region of Nigeria, Protection and Indemnity insurers, a maritime insurance association, has raised the rate of war-risk insurance for Nigeria.

SUNDAY PUNCH recently reported Nigeria’s classification among high-risk countries in doing international maritime business by the Philippine Overseas Employment Administration.

The association had directed that vessels sailing into Nigeria would pay double to engage Filipino seafarers.

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Source: punchng.com