Too early to assess extent of damage
Lloyd’s Market Association (LMA) has issued a warning to the market about ramifications from the current political unrest in Egypt.
It said marine underwriters are concerned by the possible risks to ships transiting major trade artery the Suez Canal.
LMA said there are also concerns about possible loss or damage to goods in transit on land and in storage for cargo underwriters.
Property and terrorism markets may have exposure in the form of buildings and the political and credit market will be looking at economic aspects.
But the LMA added that, at present, the canal remains open and, despite reports of isolated incidents, the ports are largely functioning as normal.
Unless the situation changes drastically and there is extensive disruption over an extended period, the current situation is unlikely to have a major impact for insurances.
The LMA said at this stage it is too early to assess the extent of damage from recent riot activities and that cost figures will only emerge over the next few weeks
