XIN Consortium Unveils Terrorism Insurance Policy

By Tengku Noor Shamsiah Tengku Abdullah SINGAPORE, March 13 (Bernama) -- Xin Consortium is set to tap the growing regional market with a new terrorism insurance policy. It is launched here Tuesday by four leading Llyod's insurance syndicates operating on the Llyod's Platform in Singapore -- Amlin, Markel, Canopius and Argenta -- which have combined to launch the Xin Consortium, to provide insurance to companies in Southeast Asia and the Asia-Pacific region. The consortium is authorised and regulated by the Monetary Authority of Singapore (MAS), and is 100 per cent backed by Lloyd's of London. At a press conference here Tuesday, Simon Clarke, managing director of Amlin Syndicate in Singapore, the team's lead syndicate, said: "We believe there is a significant gap in the marketplace for our tailored products as distinct from the limited products currently available. "Also we believe that many industries in Asia which have exposure to terrorist attacks are significantly under-insured." He said Xin Consortium will provide tailor-made insurance to companies operating in a wide range of businesses, from maritime ports through banks, hotels, telecoms and stadia, light and heavy industry, airports and the logistics sectors. The insurance policy covers against the perils of terrorism, strikes, riots and civil commotion, and offers protection up to a maximum of US$110 million capacity for a single risk. -- BERNAMA