Piracy pushes up insurance premiums for ship owners

The looming piracy menace in the high sea has pushed the premium cost for the Indian ship owners. War risk insurance premiums charged by international reinsurers have shot up by up to nearly 400% for vessels sailing in the danger zone due to increased incidents of piracy, said Anil Devli, CEO of Indian National Shipowner Association (Insa).
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Source: The Financial Express