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Buyers in London seeing prices rise, terror cover vanish.

Publication: Business Insurance
Publication Date: 08-OCT-01 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Buyers in London seeing prices rise, terror cover vanish.(commercial property/casualty insurers in the London market are implementing terrorism exclusions, capacity restrictions and large rate increases)(Brief Article)

Article Excerpt
LONDON-Commercial property/casualty insurers in the London market are implementing terrorism exclusions, capacity restrictions and large rate increases as policies come up for renewal.

In expectation of massive losses following the terrorist attacks in the United States on Sept. 11, the London market is struggling to curb its exposure to future terrorist losses and recoup some of its existing losses.

And with capacity restrictions also being imposed, risk mangers with programs placed in London may have to restructure their programs.

Some policyholders also face canceled insurance coverage as at least one Lloyd's of London syndicate last week issued notices of cancellation on some of its policies expiring after Dec. 31, 2001.

Underwriters and brokers in London point out that the market is changing daily, almost hourly. The market is in turmoil and risk managers will find renewals tough and expensive, they say.

``The market is all over the place...

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