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Sources said the insurer will not be taking on any new business or renewals as the PV class continues to be threatened by potential losses. -
A cancelled Bruno Mars concert in Tel Aviv is among the losses to hit the segment.
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Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers.
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Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.
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Plus, all the latest company results, executive moves and top news from the week.
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Sources are paying close attention to several pipelines in the region, as the conflict between Israel and Hamas continues.
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Lloyd's chief of markets Patrick Tiernan said the Corporation is comfortable that a cyber risk pre-mortem exercise showed the market could cope with a major cyber incident.
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The appointment comes just over two years after Sompo International entered the political violence and terrorism market.
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With SRCC losses on the rise in recent years, the French riots have thrown a light once more on the dislocation within the political violence market.
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The cost of the damage at the end of June is already more than three times higher than the four-week riots in the autumn of 2005.
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If you only read a handful of articles this week, make it the selection below.
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The consultancy has outlined the financial guarantees needed from governments and availability of data from Ukraine that will enable insurers to provide risk capacity for the country's recovery.
