The terrorist attacks in Madrid are unlikely to have an impact on terrorism rates and exclusions in the UK, said experts.

Hiscox war, terrorism and political risks underwriter Stephen Ashwell said: "The market will not have a knee-jerk reaction to the bombings, but a measured response."

Pool Re chief executive Steve Atkins said that although the bombings were shocking in terms of the human cost, they were in line with the warnings that the government, police and UK authorities had been issuing over the heightened risk of terror attacks.

The Madrid bombings are unlikely to have an impact on Lloyd's due to the Spanish government-backed terrorism pool arrangements.