Marine insurance intermediary Seacurus has developed a petro-piracy endorsement which can be added to existing Kidnap & Ransom (KR) insurance cover in response to the evolving threats to ships, their cargoes and crews when transiting the South China Sea, Malacca Straits, Indonesian Archipelago and Gulf of Guinea.

According to recent figures published by the International Maritime Bureau, South-East Asia accounted for three-quarters of global maritime piracy last year after a surge in tanker hijackings helped to fuel a 22 per cent jump in armed robbery and pirate attacks on ships in the region. There were 183 actual and attempted incidents of piracy and robbery involving ships in South-East Asian waters last year, compared to 150 in 2013. In the Gulf of Guinea, meanwhile, cargo theft is likely to remain on the agenda of Nigeria-based criminal gangs throughout 2015.

Tags: Seacurus Ltd