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19 March 2018

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QBE leads $30mn-$50mn pipeline terror loss

Bernard Goyder 14 February 2018

An oil pipeline that passes through Turkey has been hit by a terrorist attack that looks set to cost insurers between $30mn and $50mn, The Insurance Insider can reveal.

The insurers were notified of the loss after an attack on the BP-operated Baku-Tbilisi-Ceyhan pipeline last June.

Global insurer QBE is the lead market on the impacted political violence insurance policy, sources said.

The claim represents a significant loss for the political violence market.

Bomb damage was discovered on the pipeline...

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