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International

African insurance industry may lose $1 billion due to piracy attacks on mega ships: Report

May 23, 2016 Reprints

A report by German insurer Allianz Global Corporate & Specialty S.E. has said that piracy attacks on mega ships may lead to future losses of more than $1 billion for the African insurance industry, reported The Nation.

The report said that progress continues to be made on piracy in Africa with the number of incidents down in Somalia and Nigeria.

"Cyber-attacks on the shipping industry are often under-reported as companies opt to deal with breaches internally for fear of worrying stakeholders," said the report.

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African insurance industry may lose $1 billion due to piracy attacks on mega ships: Report

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