Showing posts from December 17, 2023

War Risk Insurance Premium Progress In Nigeria Risk Reversal Due To Developments In The Gulf

Indications have emerged that the reduction educt in the War Risk insurance premium in Nigeria may be reversed owing to recent trends in the Gulf of Guinea (GoG). A report by the International Maritime Bureau (IMB) showed that there has been an increase in the number of reported pirate attacks in the Gulf.  Nigeria which was among the eight countries comprising the states in the Gulf of Guinea (GoG),  including Benin, Côte d'Ivoire, Ghana, Guinea, Liberia, Sierra Leone, and Togo facing piracy challenges was delisted from the IMB list of piracy-prone countries in March 2022. The Gulf of Guinea is the Northeasternmost part of the tropical Atlantic Ocean from Cape Lopez in Gabon, North and West to Cape Palmas in Liberia.  It has a Regional Office based in Abidjan. For decades the region has been engulfed in a flux of piracy. From time to time vessels coming into the region have had to be hijacked, the crew members kidnapped for ransom and crude oil and other valuables stolen. Subseque