Insurers review Middle East events coverage after cancellations | Reuters
Some insurers are excluding Israel, Lebanon and other Middle Eastern countries from their event cancellation policies after the Israel-Hamas war resulted in some activities being pulled.
European Aquatics last week called off the continental water polo championships, which was scheduled to take place in Israel in January, because of the ongoing conflict.
"Insurers in the cancellation contingency space are beginning to err on the side of caution," said Edel Ryan, a senior executive at broker Marsh.
Organisers of large events often buy cancellation insurance one to two years in advance. Such policies typically exclude war or terror attacks. Many organisers choose to buy that cover through an add-on political violence and terrorism policy.
"Some (insurers) have stated that they will not be looking at writing new business in certain territories or are having very clear specific exclusions around those territories, particularly in the Middle East -- but of course Israel and Lebanon were quoted," Ryan said.
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