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Brokers have said reinsurers are willing to withdraw clauses that exclude terrorism in contracts amid increasing competition, Interfax reports citing the Financial Times.
Such clauses had been part of contracts since the Sept. 11, 2001, terrorist attacks, which had led to the insurance sector losing around $40 billion, Forinsurer reported.
Some other clauses are also set to be relaxed during the annual reinsurance renewals.
1. Turkish airlines cancel flights to Iran and Iraq amid war concerns
3. Zurich Insurance to stop underwriting new oil and gas projects
4. Bermudan, European reinsurers to suffer major hit from bridge collapse
5. Tycoon gets death sentence for multi-billion-dollar fraud
6. Inflation drives 10% increase in sum insured for windstorms