So Now You Know
The Jolly Roger page confirms that blood red flags were flown by hard-hearted pirates to indicate that they'd be taking no prisoners (sparing no lives). This red flag was more frightening than the buccaneer's basic white skull on black ground. A skull and crossbones was meant to inspire terror, a horned skull suggested a tormented death; other signature flags depicted grisly variations on a morbid theme.
Source
Source