Insurers withdraw from Burma
Two global insurers are pulling out of Burma just three weeks after being named in a report by human rights lobby group Burma Campaign UK.
XL Insurance has announced it will no longer insure Burmese companies or operations of companies in Burma while Chubb has barred subsidiaries from maintaining offices in Burma or providing insurance in the country.
The separate announcements come just weeks after a Burma Campaign report titled Insuring Repression identified insurers facilitating the flow of funds to the brutal Burmese regime.
Lloyd’s of London remains under pressure to discourage member operations in Burma. But a Lloyd’s spokesman told UK media that unless there are official sanctions in place Lloyd’s will not instruct the market where to write business.
XL Insurance has announced it will no longer insure Burmese companies or operations of companies in Burma while Chubb has barred subsidiaries from maintaining offices in Burma or providing insurance in the country.
The separate announcements come just weeks after a Burma Campaign report titled Insuring Repression identified insurers facilitating the flow of funds to the brutal Burmese regime.
Lloyd’s of London remains under pressure to discourage member operations in Burma. But a Lloyd’s spokesman told UK media that unless there are official sanctions in place Lloyd’s will not instruct the market where to write business.