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Iraq: Insurers increase political risk premiums

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Insurer Clements Worldwide said the threat of violence due to the presence of Islamic State of Iraq and the Levant in northern Iraq has prompted insurers to increase political risk premiums, reports Middle East Insurance Review citing news website Quartz.

Premiums increased by 50% for new policies and about 10% for existing customers after ISIL advanced into northern Iraq two months ago.

Insurance availability for Kirkuk city has almost dried up, Clements President Chris Beck said.

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