Marine insurance premiums to rise after Sirius Star theft
Somalia-based pirates have captured a fully laden Saudi oil supertanker the Sirius Star in the biggest act of piracy ever. Insurance premiums are expected to soar.
Reports suggest the ship is holding $100m-worth of crude oil (£67m).
Shipping analysts said that the cost of transporting freight would leap as a result of higher insurance premiums and an increase in charter rates.
The Sirius Star is the latest and largest of more than 60 ships seized off the Somali coast this year.
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
