Covid, cyber, piracy, and sanctions test the appetite of the maritime risk market

The Gulf of Guinea has emerged as the world’s top piracy hotspot. It accounted for more than 95% of crew numbers kidnapped worldwide in 2020, as well as the sole crew fatality, according to the International Maritime Bureau (IMB). Last year, 130 crew were kidnapped in 22 separate incidents in the region, the highest ever number. The problem has continued into 2021, with the West African Gulf home to almost one-third of the 68 piracy incidents reported in the first half of this year.