NEW YORK--Insurance for political risk will rise in cost and become more difficult to obtain as industries such as oil are threatened with nationalization, according to Aon brokerage analysts.
Roger Schwartz, senior vice president of Aon trade credit and political risk practice, said the net result of the nationalization threat is that coverage for political risk will become more expensive or capacity could dry up for industries that are under direct threat.
"The inclination of the underwriting market is to shut down, at least in the near term," he said during a press conference held here yesterday to discuss the release of Aon's fourth annual Political and Economic Risk Map for 2007.
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