Libya to stay on high risk list: ship insurers

Reuters, Monday 22 Aug 2011

Underwriters are looking for a stable period before considering whether to de-list, says syndicate head

There is no immediate prospect of Libya being removed from a list of areas deemed high risk by London's marine insurance market and underwriters will seek a stable period before looking at de-listing, a market official said on Monday.

The Joint War Committee (JWC), which groups syndicate members from the Lloyd's Market Association (LMA) and representatives from London's insurance company market, added Libya to its high risk zone in March.

"There is no immediate prospect that Libya would be taken off the listed areas if hostilities were declared over," said LMA senior technical executive Neil Roberts. "Every situation is different, but underwriters would certainly be looking for a stable period in the country before considering whether to de-list," he told Reuters.

Libyan government tanks and snipers put up scattered resistance in Tripoli on Monday after rebels swept into the heart of the capital, cheered on by crowds hailing the end of Muammar Gaddafi's 42 years in power.  

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