Maritime piracy remains a persistent and evolving threat to global shipping networks, international trade, and supply chain stability. Despite significant advances in maritime security practices, piracy incidents continue to generate substantial operational, financial, and insurance-related risks for shipping companies and associated stakeholders. This paper proposes an interdisciplinary framework for assessing the risk of maritime piracy by integrating quantitative risk modeling with qualitative operational analysis. The study examines historical piracy data, regional risk patterns, and contributing socio-economic and geopolitical factors that influence the frequency and severity of piracy incidents.
The research develops a structured risk assessment model that combines statistical techniques, including probabilistic risk analysis and scenario-based modeling, with expert-based evaluation methods such as multi-criteria decision analysis. This approach enables the identification of key risk drivers, interdependencies, and potential escalation pathways. Particular attention is given to the impact of piracy on shipping operations, insurance costs, and logistical disruptions, as well as to the effectiveness of existing mitigation strategies such as onboard security measures, routing optimization, and international cooperative initiatives. The proposed framework is further positioned within the context of operational risk modeling and is designed to be compatible with emerging explainable artificial intelligence approaches in cyber and hybrid risk management.
The framework considers emerging challenges, including the increasing technological sophistication of maritime operations and the interaction between physical and cyber risks. The findings highlight the necessity of incorporating maritime piracy into comprehensive enterprise risk management and insurance decision-making processes. By treating piracy as an interdisciplinary risk that intersects operational, financial, and geopolitical domains, stakeholders can develop more resilient strategies to protect assets and maintain continuity of global trade. The proposed approach contributes to a broader understanding of emerging risks in maritime contexts and offers practical insights for policymakers, insurers, and shipping operators seeking to enhance risk preparedness and adaptive response capabilities.
