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Publication(World Bank, 2009) Lu, Kevin W. ; Verheyen, Gero ; Perera, Srilal M. ; Lu, Kevin W. ; Verheyen, Gero ; Perera, Srilal M."A investing with confidence: understanding political risk management in the 21st century", is based on papers at the 2008 symposium on international political risk management, host by the Multilateral Investment Guarantee Agency (MIGA) and Georgetown University on December 4, 2008. The symposium was the sixth such event, and coincided with MIGA 20th anniversary. Both of these milestones attest to the importance of political risk insurance (PRI) and the extent to which the PRI market has developed and grown during this period. The last 20 years have seen tremendous growth in both the number and value of projects that have been insured, and a steady and healthy increase in the number of PRI providers in the marketplace. MIGA, for one, has written over $20 billion in guarantees since the agency was established, and has worked with and received support from a wide range of private, public, and multilateral insurers. Events like the MIGA-Georgetown symposium demonstrate that there is much to be learned through the sharing of experiences and thinking together about the critical issues that confront the industry as well as new products and ideas. The chapters presented in this volume provide the reader with important and current insights into the evolving world of political risk insurance and foreign direct investment. The financial crisis presents us incredible challenges, and at the same time, incredible opportunities. Through cooperation and innovation, the author can emerge from the crisis in a stronger position. Making the most of the lessons the author have learned from the past and applying new tools puts us in a position to mitigate the impact of the current crisis on those countries with the least resilience and with the greatest need for continued foreign direct investment, as well as to benefit from new opportunities as the recovery begins and credit flows and investment levels regain momentum.
Publication(Washington, DC: World Bank, 2007) Moran, Theodore H. ; West, Gerald T. ; Martin, KeithThe main subjects discussed in this publication, International Political Risk Management: Needs of the Present, Challenges of the Future, -providing coverage based on bilateral investment treaties (BITs), unifying terrorism and traditional political violence insurance, incorporating recent experiences in the power sector in risk management plans, and improving protection against regulatory takings-are at the core of investors' concerns in the current marketplace. The book is organized into 4 parts. Part I discusses new perspectives on political risk insurance products. Part II examines private power projects in emerging markets. Part III focuses on the challenge of managing regulatory risk and Part IV deals with the international political risk insurance industry in 2010.
Publication(Washington, DC: World Bank, 2005) Moran, Theodore ; West, Gerald T. ; Moran, Theodore ; West, Gerald T.This publication is the third in a series of volumes based on the Multilateral Investment Guarantee Agency-Georgetown University Symposium in International Political Risk Management. Like its predecessors, this volume offers expert assessments of needs, trends, and challenges in the international political risk insurance industry. These assessments come from a dozen senior practitioners from the investor, financial, insurance, broker, and analytical communities. The volume leads off by examining the lessons that can be learned from recent investment losses, insurance claims, and arbitrations. It then turns to consider what the future may hold for coverage of project finance projects in emerging markets as well as recent public-private collaboration trends in the issuance of political risk insurance. It concludes by reconsidering both old and new political risk insurance products and innovations that seek to expand the tools that international investors can utilize to mitigate political risk abroad.
Publication(Washington, DC: World Bank and Multilateral Investment Guarantee Agency, 2004) Moran, Theodore H. ; Moran, Theodore H.Part One provides a first look from the "supply side" at the reaction of the political risk insurance market to September 11, 2001, the Argentine economic crisis, and other recent corporate upheavals. This section starts off with the public provider's perspective, provided by Vivian Brown, Chief Executive of the U.K.'s Export Credits Guarantee Department (ECGD) and President of the Berne Union. Part Two explores the reactions of investors and lenders to the recent upheavals in the global economy. It pays particular attention to the problems confronting large infrastructure projects, in which purchase agreements are guaranteed by the host country, and revenues are denominated in local currency. It examines how political risk insurance can help lenders to return to financing infrastructure development in emerging markets, and asks to what extent investors and lenders need new products or new kinds of coverage to deal with currency crises. Part Three brings together Felton "Mac" Johnston, President, FMJ International Risk; Charles Berry, Chairman, Berry, Palmer & Lyle Limited; and Witold Henisz and Bennet Zelner, Assistant Professors at Wharton and Georgetown University respectively. Additional commentary is provided by David Bailey, Vice President, Sovereign Risk Insurance Ltd. and Edith Quintrell, Manager, Insurance, at the Overseas Private Investment Corporation, who provide perspectives on how the political risk insurance industry might evolve to meet the needs of insurers and reinsurers, on the one hand, and investors and lenders, on the other.