Political risk specialist Exclusive Analysis has warned Lloyd's underwriters covering risks in Saudi Arabia that Saudi militants could target the country's oil industry.
Exclusive Analysis Middle East specialist Zaineb al-Assam said: "Oil pipelines are potential targets, since it is clear that militants' tactics have shifted to include the oil industry.
"Saudi militants are fully aware of the extent of damage attacks like those in Yanbu and Khobar can inflict on an oil-based economy heavily dependent on foreign workers, especially now that Saudi Arabia needs all of its technical expertise to produce near maximum capacity levels."
Al-Assam added that Saudi militants may launch attacks in an effort to unsettle expatriate workers employed by oil companies in Saudi.
"Despite the vulnerability of even well guarded pipelines, the Achilles heel of the Saudi economy remains the confidence of vital expatriate workers," Al-Assam said. Exclusive Analysis acts as political risk consultant to Lloyd's insurers Atrium, Limit and Brit.