Lloyd’s Market Association Issues Statement on Middle East Unrest

The Lloyd’s Market Association has issued the following statement concerning the wave of political protest and demonstration that have been unfolding in the Middle East and North Africa:

“Clearly there has been considerable property damage as a result of the recent civil disturbances in North Africa and the Middle East, but the extent of this will not be clear for some time, particularly as protests are continuing in several countries.

“As supporters of international trade, insurers will have a variety of exposures in the region but because of the generally limited nature of the events, will not be seriously affected – at least in the short term.

“There has been an entirely different regime response in Libya but here, Western insurers have tended to stay away due the country’s past volatility and political isolation. For that reason, exposures are not expected to be significant other than in oil-related industry. If an authoritarian regime comes to power, further Western sanctions are possible – that would have consequences for oil traders and consumers beyond the effect on Libya itself.”

Source: Lloyd’s Market Association

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