November 3, 2001	Saturday	Shaba’an 16, 1422

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LONDON, Nov 2: The High Commissioner of Pakistan in United Kingdom, Abdul Kader Jaffer, has appealed to the chairman of the Lloyd’s war risk committee, Rupert Atkin, to reduce insurance premiums on vessels visiting Pakistan ports because it will not only lose business but also people working in the textile industry will lose more jobs.

According to a report, nearly 10,000 jobs have already been lost.

Mr Atkin said on Thursday that he is trying to respond to the appeal but decisions would be taken by individual underwriters both inside Lloyd’s and outside the market.

“Underwriters are not worried about the war in Afghanistan but they are worried about terrorist attacks on ships. The market has already paid huge amounts on claims from Sept 11. The idea that we are profiteering is quite upsetting when we are all sitting on substantial losses, he said.

“It was grossly unfair to blame the underwriters for job losses in Pakistan,” he said.

One senior figure in the commercial area in London said: “If the economy of Pakistan is being damaged by these war risk surcharges, it will greatly harm the coalition objectives in the region.”

The London-based international maritime industries association which represents shipowners and marine companies warned that the increase in insurance rates was hitting the vessel operators as well as the manufacturers and port interests in Karachi and Port Qasim.

Export markets in Pakistan has recently suffered because of high and punitive insurance rates on vessels after Sept 11.