Maritime security and sanctions concerns are mounting, with the continued threat of increasingly violent piracy, cyber risks and interruptions, and AIS-related compliance and safety risks.
Allianz Global Corporate & Specialty’s (AGCS) latest Safety and Shipping Review warns of a number of risks to shipping that threaten the future stability of the industry.
AGCS statistical analysis found that the Gulf of Guinea is now the world’s piracy hotspot, accounting for over 95% of crew numbers kidnapped worldwide in 2020. Last year, 130 crew were kidnapped in 22 separate incidents in the region – the highest ever – and incidents continued in 2021. The analysis found that ships are also being targeted further from the shore, over 200 nautical miles from land in some cases. AGCS experts warn that the Covid-19 pandemic could exacerbate piracy: “Piracy is tied to underlying social, political and economic problems, which could deteriorate further with the impact of Covid-19. We may yet see recent piracy hotspots like Somalia re-emerge, in addition to the tragedy we already see in West Africa,” Captain Andrew Kinsey, senior marine risk consultant at AGCS, said.
Cyber worries
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