Trade credit insurer Euler Hermes has added a Political Risk Insurance team, based in New York, to its U.S. and Canadian services.
Arjan van de Wall, regional director, says the provider of protection against nonpayment of commercial debt had provided political risk insurance on a case-by-case basis but the company wanted to "formalize the product" based on an increase in demand, and to provide a "one-stop shop" for insureds.
According to Euler Hermes' estimates, the political risk insurance market, designed to protect foreign assets against confiscation, expropriation and nationalization, has grown 10-20 percent over the past five years.
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