Stakeholders in the maritime sector under the umbrella of the Sea Empowerment and Research Centre (SEREC) have revealed that Nigeria pays an annual sum of $500m for war risk insurance, amounting to $1 ...
Despite sweeping gains in maritime security, including Nigeria’s removal from piracy-prone and high-risk zones, shipowners still pay crippling war risk insurance premiums on Nigeria-bound cargoes.
Notwithstanding achieving a three-year milestone without a single piracy attack on vessels bound for Nigeria through the Gulf of Guinea, the country has lost over $1.5 billion in “War Risk Insurance ...
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