Hosni Mubarak's resignation as president of Egypt and the subsequent military takeover have brought a measure of stability to the nation, but uncertainty about the future and potential flashpoints throughout the region have insurers casting a wary eye on political risk coverage.
In an e-mail, Elizabeth Stephens with Jardine Lloyd Thompson Group noted: "Instability and unpredictability in Egypt is a deterrent for underwriters. A protracted government change and a radical departure in governance will worry markets in the context of foreign investment, particularly in the oil and gas sectors where the insurance market risk in this area is in the billions."
She said the banking system is in some disarray, but overall there is "no real sense of catastrophic loss arising yet."
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
