Lloyd's has bowed to pleas from the Sri Lankan government to reduce premiums.
Following the suicide bombing at Sri Lanka's international airport last month, Lloyd's declared the whole country a war-torn area. This allowed underwriters to adjust their rates. Cover for ships calling at Colombo has increased by up to $500,000 (£346,000).
On Friday, a delegation from the government, led by Minister of Port Development Hon Ronnie de Mel MP, urged Lloyd's to reconsider.
A Lloyd's spokesman said: “As a result of this discussion, it is anticipated that rating improvements may become available to shipowners in respect of vessels calling at Sri Lankan ports”.
The attack, which left one airbus with 90 bullet holes and a further two with 50 holes, is estimated to cost $500m (£35m).
Eighteen people were killed in the assault.