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Member, Beacon International Group, Ltd.
U.K.-based insurance broker Aon P.L.C., said that several clients with operations in North and East Asia are seeking to broaden policy wording for war and terror insurance in case of conflict between the United States and North Korea, Asia Insurance Review reported. Geoffrey Lambrou, Aon’s chief executive of specialty broking and operational excellence in Asia, said that underwriters are seeking to clarify what is covered under traditional products to prevent payment for events which the insurers did not intend to cover. Events such as a North Korean test missile accidentally landing in a populated area would be counted as an insurable loss, Mr. Lambrou said.