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Press Article: Casualties of War
News & Insights 17 May 2016
The Singapore War Risks Mutual featured in Lloyd’s List Intelligence April edition
Transiting the Malacca Strait forces ships to reduce speed to navigate, which can make them vulnerable to piracy. In 2005, the Malacca Strait was designated an excluded zone by the Joint War Risk Committee because of this risk. However, some parties did not feel the risk was comparable to other excluded zones, as the majority of attacks that take place in Southeast Asia waters are classified as maritime robbery, whereas elsewhere more dangerous attacks including kidnapping and hijacking take place. This led to an application to Lloyd’s to have the Malacca Strait removed from the excluded areas list, which was achieved in 2006, but also prompted the creation of Singapore War Risks Mutual.
This article looks at this debate, and discusses the successful first year of operation of the class. The full article is available on the right, reproduced with kind permission of Lloyd’s List https://www.lloydslist.com