Two more insurers pull out.
Two insurers revealed they were pulling out of Burma earlier this week. The companies, XL and Chubb, separately announced the withdrawals in statements to the Burma Campaign.
Chubb told the campaign that after conducting an internal review it now “bars its member companies from maintaining an office in Burma, from directly writing insurance in Burma or providing insurance into Burma from outside the country”.
XL Capital stated that the company now has a policy that it will no longer “seek to insure Burmese companies or operations of companies in Burma." XL Capital owns one of the 12 largest reinsurers in the world, XL Re, and a large Lloyd’s of London syndicate, XL London Market, which has in the past insured a Burmese regime owned airline.