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London ship insurers add Libya to high risk zone

Libyan rebels vowing "victory or death" advanced towards a major oil terminal on Friday.

March 4, 2011 3:45 by

London’s marine insurance market has added Libya to a list of areas deemed high risk as violence escalates, a senior Lloyd’s Market Association (LMA) official said on Friday.

Libyan rebels vowing “victory or death” advanced towards a major oil terminal on Friday, calling for foreign air strikes to set up a “no-fly” zone after three days of attacks by Muammar Gaddafi’s warplanes.

“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,” said Neil Roberts, a senior technical executive with the LMA, which represents the interests of all underwriting businesses in the Lloyd’s market.

(Reporting by Jonathan Saul; editing by Keiron Henderson)

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