A new insurance consortium, Xin, has been launched by Lloyd’s syndicates, specialising in helping businesses protect against the on-going threat of a terrorist attack in Asia. Four Lloyd’s syndicates – Amlin, Markel, Canopius and Argenta – set up the Singapore-based consortium to provide terrorist insurance protection to businesses operating in South East Asia and the Asia Pacific region.
The consortium’s underwriters also believe there is a need to raise awareness of the availability of such specialist insurance cover in a region which could be prone to attacks and is considered significantly under-insured. The four syndicates all have a long track record in providing specialist coverages that protect against the catastrophic effects of political violence. Simon Clarke, Managing Director of Amlin’s operations in Singapore, the lead syndicate in the four-strong consortium, says: “Many industries in Asia which have exposure to terrorist attacks are significantly under-insured. Our vision is to be the number one specialist terrorism insurer in the Asia region and to provide competitive insurance solutions for what can be and often is a catastrophic and devastating loss event for any business. Our mission will be to explain why this cover is needed and why it plays a vital part in risk mitigation for any business, large or small, ” continues Clarke.
Pooling market resources
“This is another example of the Lloyd’s market’s ability to offer substantial capacity for specialist products by pooling together the talent and resources of the market, ” says David Indge, Head, Class of Business Underwriting Performance at Lloyd’s.
Xin Consortium will provide insurance to businesses operating in a range of industries, from maritime ports through to banks, hotels and offices, telecoms and stadia, light and heavy manufacturing, airports, logistics and others.
Xin’s coverage is directly aimed at businesses wishing to protect themselves against the consequences of being directly or indirectly involved in a terrorist attack. Specifically the Xin terrorism insurance policy covers against the perils of terrorism, strikes, riots and civil commotion and offers protection up to a maximum of US$110 million capacity for a single risk.
(source: Lloyd’s of London)