Editor's note: Andrew Tobin is a partner in Cozen O’Connor’s London office, a member of the Global Insurance Group and the Political Risk team.
On May 22, following months of unrest, Thailand’s military overtly seized power in a coup d’état. Thailand is used to such events – there have been 11 successful coup d'états since 1932, as well as seven attempted coups. What does this mean for insurers?
The political situation in Thailand has been unstable for several years. Fires arising during the unrest of May 2010 triggered large claims against both the All Risks and Political Violence (PV) insurance markets, leading to still-unresolved litigation in the Thai Courts. For the All Risks insurers exposed to those claims, the question was whether fires’ proximately caused by rioting and looting were excluded because they were “occasioned directly or indirectly by or through or in consequence of…civil commotion assuming the proportions of or amounting to a popular rising…[or] insurrection.”
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