Lloyd's underwriters wary of risks posed to marine insurance in Libya
The Lloyd's market has added Libya to a list of regions that represent a high risk for marine insurance.
The move came as violence escalated in Africa's third-largest oil producer last week.
Heavily armed rebels clashed with forces loyal to Muammar Gaddafi on Friday on the outskirts of the key oil terminal of Ras Lanuf.
The Joint War Committee, which groups syndicate members from the Lloyd's Market Association (LMA) as well as representatives from London insurance company market, added Libya to a list of areas it considered high risk for merchant vessels and prone to war, strikes, terrorism and related perils.
LMA senior technical executive Neil Roberts told Reuters: "The emerging risk had reached a level where as a matter of prudence insurers will require notification from vessels calling to Libyan ports or waters."
He added: "On the issue of pricing, that's a matter for individual negotiation on a voyage-by-voyage basis. It's likely that things will change on a day-to-day basis."
Other countries on the risk list include Iran, Pakistan, Ivory Coast, Somalia and Yemen.
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