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Member, Beacon International Group, Ltd.
Protection and Indemnity insurers in Nigeria have increased the rate of war-risk insurance in the country due to rising piracy attacks in the Niger Delta, reported The Punch.
"This problem of piracy is very unfortunate because it is now happening regularly," said Nigerian Ship Owners Association's acting president Aminu Umar.
The insurance rate "will be high for vessels staying permanently on Nigerian waters, especially for those of us who trade here," said Mr. Umar, adding that the rate could be "two or three times the previous amount."