There is a generalized military response in place (CTF-151 via UN). The insurance based scheme tends to work because it's basically dealing with "leakers".

UNCLOS permits any country to intervene in case of piracy. Because piracy attacks the public good of assured, consistent, low cost maritime transit and commerce (which the entire developed world is addicted to), and successful piracy begets piracy, there are a lot of countries with a lot of resources deeply interested with intervening.

> CTF-151 via UN

And Operation Atalanta by the EU.