Cargo Risk

July 15, 2010 (LBO) – International insurers have removed Sri Lanka from their cargo war risk insurance list paving the way for reduced import costs, removal of surcharges and increasing business confidence, a government statement said. “Post-war economic revival would be greatly boosted with increased business confidence, reduction of the cost of imports, removal of insurance surcharge, and inducement for more shipping lines to call over at Sri Lankan ports due to the de-listing of Sri Lanka from War, and Marine risks, down to only a minimal level of Ground risks.”

The de-listing of Sri Lanka from a high level of 2.6 risk on marine war risk, and marine strikes risk comes in the wake of Lloyds Market Association Joint Cargo Committee (JCC) Review Meeting held in London on July 2, 2010.

The JCC said in a statement their removal of Sri Lanka from the cargo risk list followed an assessment by Exclusive Analysis, the international intelligence company advising London insurers of war risk, which visited Colombo. The Foreign Affairs Ministry said Sri Lanka has been removed from all marine war, and marine strikes risk of the Joint Cargo Committee Joint Cargo Watch List by Lloyd’s Market Association with effect from July 5, 2010.