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Insurance stocks fall following London terror attacks

Insurance stocks fall following London terror attacks

Share prices in Lloyd's (re)insurers have fallen sharply in response to the explosions which rocked London this morning.

At 1.30 pm (07 July), Wellington was the largest faller down 5 percent to 102p, with Amlin also down significantly lower by 4 percent to 178p.

Other notable falls include: Chaucer 3.8 percent lower to 63p, Hiscox 3.1 percent lower to 164.5p and Beazley 2.7 percent lower to 88p.

The falls were also reflected among the large European reinsurers, with Munich Re down 3.7 percent to €85.6 and Swiss Re 2.9 percent lower at SFr 77.6. After a steep fall of 10 percent, French reinsurer SCOR has climbed back to €1.64, 5.2 percent lower than this morning's opening price.

Terrorism losses in the UK have been covered by the Government backed mutual reinsurer Pool Re since 1993.

Munich Re said that it will not be exposed to damage from today's explosions because it is not a member of Pool Re.

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