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Daily Insurance Industry News
Sunday 21st of January 2018
February 1, 2011

Marsh comment on companies affected by Egyptian crisis

by Gill Montia

Story link: Marsh comment on companies affected by Egyptian crisis

Companies are re-assessing the adequacy of their insurance coverage and risk management arrangements in the wake of political unrest in Cairo and other cities across Egypt, Marsh has reported.

According to the broker, companies investing, manufacturing and trading in emerging markets are increasingly aware that they face a more complex risk landscape, and recent events in Egypt demonstrate how political violence can occur with little warning.

The group’s global head of political risk and trade credit practice, Evan Freely, comments: “We have already seen companies across industries affected by acts of political violence in Egypt, including those in the oil and gas, hospitality and real estate sectors as well as professional services firms and financial institutions.”

He adds: “Affected companies should already be gathering as much information as possible to prepare for the claims process.”

According to Mr Freely, the incidents in Egypt should prompt every company with operations in emerging markets to re-evaluate their risk management strategies.

Finally, the Marsh executive warns that some buyers of terrorism insurance have found themselves without cover following civil disturbances, for example in Thailand last year, because of disagreements about whether certain events were acts of terrorism or political violence.

 

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