We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

Saudi ransom for hijacked ship gets cbank OK-paper

The payment needs the Interior Ministry's approval to secure the release of the crew.


August 2, 2010 11:31 by

A $20 million ransom from insurers for Somali pirates who hijacked a Saudi ship and its crew of 14 in March has been approved by Saudi Arabia’s central bank, the Arab News daily reported on Monday.

The ship’s owner told Arab News that the crew — one Greek and 13 Sri Lankans — was being tortured by their captors.

The ship was seized on March 1 as it returned from Japan to the Saudi port town of Jeddah and was not carrying any oil.

Pirates from impoverished Somalia, which is battling an Islamist insurgency, have stepped up attacks in recent months, making tens of millions of dollars in ransoms from seizing ships in the Indian Ocean and Gulf of Aden.

The payment needs the Interior Ministry’s approval to secure the release of the crew aboard the 5,136-ton Al-Nisr Al-Saudi.

“Being the ship’s owner, we have already sent a cable to the Interior Ministry to allow quick payment of ransom by the insurance company,” Kamal Arri, manager of International Bunkering Co., was quoted as saying.

The London-headquartered International Maritime Bureau said its piracy reporting centre in Kuala Lumpur logged a total of 196 pirate incidents globally from January to June.

This included 31 successful hijackings, 27 of which were off the coast of Somalia or in the Gulf of Aden.

(Reporting by Souhail Karam; Editing by Jason Neely)


Tags: , , ,

Leave a Comment