The demand for terrorism insurance by companies in the Middle East and North Africa remains low despite a high number of terrorist attacks in the area and a market that is better-equipped to deal with them, according to a Lloyd's syndicate underwriter.
According to a report of his remarks by Willis brokerage, David James, senior underwriter from the Terrorism & Political Risks Insurance Practice at Ascot Underwriting, said, “Over 23 percent of terrorist attacks occur in the Middle East and North Africa; however, this region accounts for only 4 percent [of] premium…in Ascot's total terror portfolio.
“This is in stark contrast to North America, the biggest buyer of terrorism insurance, [which] accounts for some 26 percent of Ascot's terror portfolio, despite a relatively small number (1.2 percent) of terrorist attacks.”
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