In response, the fishermen began forming armed groups to stop the foreign ships. According to the DIW and the US House Armed Services Committee, the dumping of toxic waste in Somali waters by foreign vessels also severely constrained the ability of local fishermen to earn a living. Ī United Nations report and several news sources have suggested that the piracy off the coast of Somalia was caused in part by illegal fishing by foreign boats taking advantage of the war, which resulted in lost fishing income to local communities. Insurance companies significantly increased their profits from the pirate attacks, as the firms hiked rate premiums in response. According to the German Institute for Economic Research (DIW), a veritable industry of profiteers also arose around the piracy. Piracy impeded the delivery of shipments and increased shipping expenses, costing an estimated $6.6 to $6.9 billion a year in global trade in 2011 according to Oceans Beyond Piracy (OBP). Since 2005, many international organizations have expressed concern over the rise in acts of piracy. Piracy off the coast of Somalia has been a threat to international shipping since the second phase of the Somali Civil War in the early 21st century.
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