Reinsurers introduce cancellation provisions amid Middle East war
Reprints
Reinsurers globally have started inserting cancellation provisions into policies to safeguard against a full-scale Middle East war, in a move that may further increase costs and risks for businesses operating in the region, Financial Times reported. Some market participants said that the get-out clauses were inserted into some contracts drawn up with insurers as part of the Jan. 1 policy negotiations. Such clauses were completely new and had not been used before.
