As political unrest envelops North Africa and the Middle East, a global-insurance broker says insurers are reviewing their appetites for political coverage—at a time when multinational companies are being encouraged by events to perform their own risk review.
In its report titled “Political Risk Insurance: Mind The Gap,” insurance broker Willis Group says that while “[multinational companies may be able to assess and manage technical and even commercial risks, it is extremely difficult to deal with or indeed predict political events.”
In a statement, Bob Peilow, managing director of Willis Global Solutions (International) and lead author of the report, says: “What shocks a lot of people about the latest wave of political unrest is the unpredictability around where it will happen next, and the fact that today's stable or 'investor-friendly' regime can very easily become tomorrow's hot spot. This is why it is so important that companies have the right coverage in place should the unthinkable happen.”
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