07.23.10
Seychelles Insurance increases 50% because of Piracy
On July 12, Seychellois President James Michel said that piracy in the Indian Ocean has affected insurance costs. Because of piracy threats, insurance costs in Seychelles soared, which decreased ports and fishery revenue.
President said: “Insurance costs have ballooned by 50%. Port and fisheries receipts have declined by 30%”. He also added that while trade levels go down, “anarchy is being exported across our region”.
According to Michel, piracy caused the loss of 4% of the Seychelles’ GDP in 2009.