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Premiums likely to increase following rise in piracy

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Insurance premiums could rise for importers in Kenya following a rise in pirate attacks off the Somalian coast in the Indian Ocean in 2017, Daily Nation reported. A report found that nine piracy attacks were recorded off Somalia in 2017, up from two in 2016. The increase in pirate attacks usually comes with costs related to longer freight routes as vessels avoid hot spots and additional cost of hiring private armed guards along with higher insurance premiums.

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