Lloyd’s is taking a hard stance against insuring the stock of Californian wineries, leaving domestic insurers under pressure to provide cover. Sonoma is the world’s fourth -largest wine producer by volume and wineries have traditionally relied on Lloyd’s , specifically the cargo market, for inventory stock throughput policies. However, Lloyd’s undertook a strategic review since suffering a $ 2.6bn loss in the calendar year , leading to the cutting of unprofitable lines. The regions of Napa and Sonoma are world-famous and are known for producing some of the most highly prized – and priced – wines. Risk aggregation concerns also exist with such a high concentration of wineries in an area prone to wildfires. As a result, some wineries are going without insurance.
Lloyd’s is taking a hard stance against insuring the stock of Californian wineries, leaving domestic insurers under pressure to provide cover. Sonoma is the world’s fourth -largest wine producer by volume and wineries have traditionally relied on Lloyd’s , specifically the cargo market, for inventory stock throughput policies. However, Lloyd’s undertook a strategic review since suffering a $ 2.6bn loss in the calendar year , leading to the cutting of unprofitable lines. Risk aggregation concerns also exist with such a high concentration of wineries in an area prone to wildfires. As a result, some wineries are going without insurance.