* Abidjan port calm
* Political tensions expected to continue
By Jonathan Saul
LONDON, Dec 8 (Reuters) - London's marine insurance market said on Wednesday it has not changed its risk assessment of Ivory Coast following a disputed election, although it continues to monitor political tensions in the world's top cocoa grower. An election meant to resolve Ivory Coast's decade-long political crisis has left the west African country with two candidates claiming the presidency, after incumbent Laurent Gbagbo defied international pressure to concede defeat to his rival Alassane Ouattara. [ID:nLDE6B712A]
The Lloyd's Market Association (LMA) represents the interests of all underwriting businesses in the Lloyd's market.
The Joint War Committee, which groups syndicate members from the LMA as well as representatives from the London insurance company market, in 2003 added Ivory Coast to a list of areas it considered high risk for merchant vessels and prone to war, strikes, terrorism and related perils. "Underwriters are watching the situation," Neil Roberts, a senior technical executive with the LMA, told Reuters.
"It is a slightly unusual election result but in terms of marine threat it is not directly impacting hull or indeed cargo insurance -- it is less of a concern than some other areas," he said after the Joint War Committee, which assesses threats to shipping, held its quarterly meeting.
West African regional body ECOWAS has joined world leaders in recognising Ouattara as president and urged Gbagbo to step down in a row that has raised the threat of violence, deepened divisions and risks isolating Ivory Coast.
"There is no real change for London insurers as the country is already on the list," Roberts said.
The London marine insurance market plays an influential role in the global marine insurance industry.
Roberts said underwriters would determine if they needed to alter terms and conditions of policy cover for Ivory Coast.
"It is not automatic that ship owners have to pay an additional premium, but it is necessary that they notify underwriters (when travelling to the area)," he added.
ICE cocoa futures <CCc2> eased on Wednesday from Tuesday's four-month high as investors locked in gains. But dealers said the market remained nervous despite steady export flows.
Risks to cocoa supplies from Ivory Coast are real and living conditions are not normal for people in rural cocoa growing area, the International Cocoa Organization told Reuters on Wednesday. [ID:nLDE6B71SQ]
POLITICAL SUPPORT
A ship insurance agent based in Abidjan, the country's main port and capital, said there were no shipping disruptions although a night curfew meant vessels carrying goods were unable to enter or leave the port between 2200 and 0500 hours.
"The situation in the city is really very difficult -- we have two governments and I'm quite sure at some point people will start fighting," the agent told Reuters on Wednesday.
"My recommendation is that it is better for ship crews not go out of the port because we don't know when the situation can deteriorate."
Gbagbo remains in control of the army and state television and has shown no signs of backing down.
J. Peter Pham, an African security adviser to U.S. and European governments and private companies, said the cocoa producing and coastal areas strongly backed Gbagbo.
"As long as Gbagbo retains the loyalty of the armed forces, keeps a tight rein on them, that is (allows) no atrocities which might provoke an external intervention, and neither cocoa nor offshore hydrocarbon exports are embargoed, the political stand-off can go on for quite some time," Pham said.
(Editing by Keiron Henderson)
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