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Sri Lanka removed from war risk insurance list

Jun 12, 2010 4:33:41 AM - itnnews.lk

London underwriters have removed Sri Lanka from the area listed for war risk insurance.

A statement from the Joint War Committee in London said it recently reviewed the Listed Areas for Hull War, Strikes, Terrorism and Related Perils and deleted Sri Lanka. The rating is only a guideline published by the Joint War Committee of London underwriters.

The risk rating was reduced last year after the 30-year ethnic war ended in May with the defeat of LTTE. Since then the Sri Lankan government has been requesting insurers to remove the country as a listed area. The ships that arrive in Colombo regularly were not charged additional war risk insurance premiums in recent times. But the Government and shipping businesses were worried that the post-war economic revival could be affected if the island remained as a listed area for war risk.