LONDON: Lloyd's of London underwriters are leading insurers in raising rates and cutting the amount of cover they offer for risks involving Taiwan as concerns grow over possible military action by China, industry sources with knowledge of the matter say. Insurers are on heightened alert after Russia's inva
LONDON: Lloyd's of London underwriters are leading insurers in raising rates and cutting the amount of cover they offer for risks involving Taiwan as concerns grow over possible military action by China, industry sources with knowledge of the matter say.
Lloyd's insurers have become more focused on how much risk they are exposed to from ships in ports in a conflict zone, Hodges added. The Lloyd's of London insurance market, which has around 100 syndicate members, asked members in January to identify potential exposure to so-called realistic disaster scenarios related to conflict in Taiwan in insurance classes including marine, aviation and political risk, in documents seen by Reuters.
After Lloyd's collates the market's overall exposure to a realistic disaster scenario in both insurance and reinsurance, it can ask individual syndicates to pare their business or put more capital behind it, this industry source said. Such policies are usually sold as an add-on to property insurance, and cover property damage and business interruption losses for issues including terrorism, sabotage and war. Broader political risk insurance can also cover confiscation of assets.
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