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(From Insurance Day)
Byline: Jon Guy
THE world's two largest reinsurers have confirmed they are seeking to exclude asbestos cover across the liabilities classes as the issue threatened to become a global crisis, yesterday.
Swiss Re and Munich Re confirmed they are falling into line with other European reinsurers that have decided to withdraw their support for asbestos-related claims from public and property liability classes, with many planning to toughen their stance on employers' liability (EL) in the future.
Earlier this week (ID, June 30) reinsurers across Europe announced they were to implement tough new exclusions for renewal business …