Pakistan losing $71 million in terrorism premium to foreign insurers

A shortage of terrorism cover in Pakistan's insurance sector has caused premium outflow of 7 billion Pakistani rupees (USD 71.5 million) abroad, reports Business Recorder citing industry sources.

Pakistani insurers were not able to write terrorism insurance for small industries and commercial property as they faced difficulty offsetting this risk in the global reinsurance market, sources said.

The local industry is lobbying Pakistan Reinsurance Co. Ltd., the country's sole reinsurer, to create a terrorism insurance pool.

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