As the threat of piracy off the East Coast of Africa declines, the significant security costs for transits in the Indian Ocean and through the Red Sea are no longer justified, according to risk intelligence firm Dryad Global.
In its annual piracy report for 2019, Dryad said there is little incentive for the insurance industry to remove its premiums that are linked to the piracy threat off East Africa in spite of the reduced threat. “Despite commanding the largest premiums and associated costs of armed guards, the Indian Ocean ranks fourth in maritime crime incidents with less than one fifth of incidents of the most active; West Africa.”
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Source: defenceweb.co.za
