Monday may have been the official “talk like a pirate” day, but to ship insurers, piracy is no laughing matter.

Attacks by pirates on oil tankers, especially those in the Indian Ocean, are cause for great concern, and insurers are taking steps to combat this growing risk management issue. At the International Union of Maritime Insurance (IUMI) annual meeting in Paris, IUMI confirmed that there were more than 20,000 transits a year in the Gulf of Aden and the Indian Ocean. Seaborne gangs are set to ramp up attacks in the area after the monsoon season ends.

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