OLDWICK, N.J.–(BUSINESS WIRE)–In this AM BestTV episode at the Risk and Insurance
Management Society, Inc.’s (RIMS) conference in Boston, MA, a panel of
political risk insurance experts said private equity firms and other
investors are increasing their use of political risk insurance to
protect their investments across a range of regions. Click on http://www.ambest.com/v.asp?v=politicalriskpanel419
to view the entire program.
Jared Kotler, head of credit & political risk insurance (CPRI) practice,
The Hartford, highlighted what type of political risk insurance
coverages typically are available.
“There are a number of insured perils that are covered under a political
risk insurance policy,” said Kotler. “These perils, such as
expropriation, currency convertibility and political violence are
typically not covered under a global property program for manufacturers
or various types of investors with assets overseas. … If you are a
company that has not invested in emerging markets in the past and are
thinking about it or are concerned about your assets that are in
emerging markets, this is the type of coverage for you.”
The panel also addressed the cyber and terrorist components to political
“On the terrorism side, cyber is proving to be a very effective way to
impact, to get headlines and to disrupt,” said John Minor, director of
crisis management and political risk, Aon Risk Solutions. “The challenge
is how do you know if it is a terrorist or a government? Generally, if
it is an attack that requires more resources, it is probably government.
North Korea, Russia and China have been known to do cyber attacks. These
countries are clear examples of governments using cyber to attack and
create disruption. Unfortunately, our market does not yet have a good
solution to address these risks.”
Other people that appear in this episode:
- Richard Abizaid, regional product leader and head of the Americas, Axa
- Suzanne Garrod, senior vice president and head of the Americas, credit
and political risk
Zurich North America.
For full video coverage of RIMS, including exclusive executive
interviews, visit http://www.ambest.tv/rims19.
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