The terrorist attacks in Mumbai, India, may raise rates for terrorism risk coverage, but should not impact the overall insurance market, one expert suggested.
"In terms of losses, the attacks in Mumbai are not a market-turning event for the insurance industry generally," said Alex Clayton, executive director at Willis Global Markets International in London.
"However, the losses may significantly impact the terrorism insurance market," he added. "It now seems that the hotels are insured against the peril of terrorism through the Indian terrorism pool, which in turn is reinsured in London."
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