JLT says problems are made worse by misinformation and a lack of knowledge

Jardine Lloyd Thompson has called on the insurance industry to pull together on piracy and become better informed about the risks involved.

The comments came when the insurance broker hosted an event titled Protecting Ships in the Gulf of Aden.

"The shipping industry is under severe economic pressure and insurers have suffered many losses resulting from the exposures associated with this crisis,” said Sean Woollerson, a partner at JLT.

“However, misinformation and a lack of knowledge can often exaggerate problems and whilst no one is denying that this issue is complex as it crosses many issues, countries and organisations, we need to pull together both as an insurance industry and as a wider group involved in maritime activity to find solutions".

The JLT event also heard from naval commanders who emphasised the need for an international political approach to piracy. Speakers said maritime operations are not a cure, but that measures were being taken to reassure the shipping community including the Internationally Recommended Transit Corridor (IRTC) with support from the Maritime Security Centre.

Sean Woollerson added: “Our approach needs to be intelligence and understanding driven and as such means we need to work together with insurers and experts in the maritime industry to support clients in this difficult area.”