Understanding implications of new terrorism exclusions in renewals.
Q: Brokers have begun to receive notification of renewal terms from insurers imposing terrorism exclusions to apply, in most cases, with effect from 1 January 2002. What do the wordings and impact of these exclusions mean?
A clear understanding of the approach to be adopted by insurers hasnot yet emerged. Reinsurance treaties have yet to be concluded in some
cases, so insurers cannot yet calculate their own exposures and decide
upon the options open to them.
The British Insurance Brokers Association continues to discuss the issue
with the Association of British Insurers, Pool Re, the British Bankers'
Association, the Confederation of British Industry, HM Treasury, insurance
and reinsurance brokers, and individual
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