Pol risk, credit & surety

Rising counterparty risk from economic slowdown will support prices and growth.

Mark Jenkins becomes chairman of the global credit and political risk team.

Join Insurance Insider, in partnership with Markel, on 10:00 ET/15:00 BT on Nov 2

The repercussions of the war between Russia and Ukraine continue to affect several countries, including Egypt and Somalia, as a result of grain-supply interruptions.

The underwriter has spent 10 years in Singapore, mainly in broking.

The report states that in the first months of 2023 as many as 1.5 million person-days were expended on cost-of-living protests in the 10 countries hardest hit.

The carrier will look to support green energy projects in developing nations.

The consultancy has outlined the financial guarantees needed from governments and availability of data from Ukraine that will enable insurers to provide risk capacity for the country's recovery.

The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.

Other appointments in the team include Nick Ayres as chairman of global credit and Doug Espenson named as head of US mortgage.

Argo has also hired former RLI surety head Greg Chilson as an adviser.

The number of global firms surveyed in WTW’s report that purchased political risk cover surged to 68% in 2022 from 25% in 2019, as the Ukraine war changed the geopolitical outlook.