It has long been a bone of contention between the marine hull and cargo community and the clubs over whether they should be asked to pay a share of the ransom costs.

The marine insurers have said that the biggest potential exposure for a captured vessel was now pollution and the costs of clean up which falls fairly within the P&I Club remit. However, despite efforts to address the issue with the International Group of P&I Clubs the Group is refusing to participate.

The Group was invited to the 2009 annual conference of the International Union of Marine Insurance but the issue was not fully addressed. A year later and while the feeling is that the clubs should pay their share a resolution is no closer.

Peter McIntosh Marine Underwriter with Ark Syndicate at Lloyd’s said: “There is no way to put a price on the cost on the life of a seaman and I would not want to. However pollution is now by far the larger exposure if a vessel was captured and then deliberately sunk by piracy gangs and as such there is a role for the P&I Clubs to play.

“There have been talks but the view is that the management of the International Group are not minded to change their opinion that they do not see the need to play a role in the payment of the ransom via general average.”

The piracy issue remains a hot topic and Mr McIntosh dismissed a report in Germany last month which claimed that the marine insurance industry was keeping the piracy situation alive as they were profiting from the increase in premiums.

“It is clearly a very ill advised statement,” he added. “I think the publicly quoted figures in the media are that the industry had paid $150 million in ransoms in the past year and if that is correct the marine insurance market has not received anywhere near that amount in increased premiums for the coverage of piracy risks.”