Lloyd’s has initiated a new insurance consortium, called “Xin”. It is aimed at providing specialist terrorist insurance protection to businesses operating in Southeast Asia and the Asia-Pacific region.

Xin is made up of Lloyd’s syndicates Amlin, Markel, Canopius and Argenta and is based in Singapore.

The Asia-Pacific region is significantly underinsured for terrorist attacks, according to Amlin MD in Singapore, Simon Clarke.

“Many industries in Asia which have exposure to terrorist attacks are significantly underinsured,” he said. “Our vision is to be the number one specialist terrorism insurer in the Asia region and to provide competitive insurance solutions for what can be and often is a catastrophic and devastating loss event for any business.”

Xin will offer insurance to a variety of industries including maritime ports, banks, hotels, offices, telecoms, stadiums, light and heavy manufacturing, airports, logistics and others.

Policy cover includes terrorism, strikes, riots, civil commotion and protection is offered up to a maximum of $US110 million ($106.21 million).