Reinsurers willing to forgo terrorism exclusion clauses, say brokers

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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.

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