Guy Carpenter, a reinsurance brokerage firm, said it is "unlikely" that there will be significant financial impact on insurance markets from the July 7 bombings in London, but it should increase pricing on stand-alone coverage.
In a report issued yesterday, the firm, which is a subsidiary of New York-based Marsh & McLennan Companies, said estimates put losses at no more than ?60 million ($105 million U.S.), with minimal exposure to reinsurers, no more than $12 million for one insurer.
However, reinsurers "are expected to review their perceptions" of the risk, especially in examining accumulative "event scenarios," with more attention being paid to transportation systems rather than buildings alone.
Guy Carpenter said stand-alone terror markets are anticipating possible increases in price of around 30 percent for London-based risks and 10-to-15 percent increases on risks elsewhere in the United Kingdom.
The firm noted that the attack injured 700 people (22 seriously injured) and 74 are reported as missing or dead.
London police officials last put the number of dead at 54.
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