Personal accident rates for workers in Iraq have doubled in the past three weeks, said Heath Lambert director of facilities, Anne Williams.
She attributed the increase to the recent spate of kidnappings of foreigners working in the country.
“Rates will stay as they are for the foreseeable future, but will escalate or fall as the situation changes,” said Williams.
Since May 2003 there have been two or three sharp changes in personal accident rates for the country, she added.
Despite the increase in kidnappings of foreign nationals, Williams said insurers would continue to write business for the area: “The majority of cover for Iraq comes through Lloyd’s and has done so since the beginning of Coalition involvement in the area. If companies continue to send employees to Iraq then the market will continue to provide cover.
She also pointed to an increase in awareness of the risks and possible costs of sending employees to work in the country: “Twelve months ago clients were not considering the cost of insurance when tendering for business in Iraq. Now they know that they need to factor in the costs of cover.
“Employers are now making sure that they have adequate cover for their employees.
