Insurance companies continue to provide piracy cover to ships traveling in the troubled Horn of Africa regions, but piracy remains a "significant problem," a representative of the Lloyd's Market Association told Congress.
Neil Smith, head of underwriting for the LMA, said that despite great danger and cost, the insurance industry as a whole has continued to provide piracy cover. However, insurers do not have the power or influence to fundamentally impact the threat of piracy by themselves, Smith added.
Smith made his comments at a hearing April 10 designed to update members of Congress on U.S. efforts to combat piracy. The hearing was held by the Subcommittee on Coast Guard and Maritime Transportation, a part of the House Transportation Committee.
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