Reinsurers drop some Middle East restrictions, sources say
Reinsurers, including Swiss Re, have become more willing to provide cover for the Middle East in the industry's January policy renewal season, removing a clause which allowed them to pull out if the Gaza conflict escalated, industry sources told Reuters. The removal of the restrictive property reinsurance clause predates the emergence this week of a complex ceasefire accord between Israel and militant group Hamas. The reinsurance market has become more competitive after years of a so-called hard market of rising rates and stricter policy terms and conditions, following losses due to wars, a global pandemic and natural catastrophes.