Broker Marsh has announced an agreement with Anglo Arab Insurance Brokers (AAIB), the only international broker to be licensed and registered to operate in Iraq, in an effort to attract greater insurance commitment to the country’s power energy and aviation sectors.
As they launched the exclusive arrangement Simon Boxall Managing Director of Marsh’s Global Energy Practice said the aim was to deliver greater levels of information to international underwriters who are still reluctant to accept risks in the country which is still suffering security issues.
He said: “The difficulty is getting staff on the ground to assess the risks and as such underwriters will price the risks accordingly because they feel they do not have a good understanding of the risk.
“Our aim is to be in a position to provide the level of information that the underwriters need at a time when there is huge investment in the Iraqi power, energy and aviation sectors.”
He admitted there remained security and political risk concerns in the market but added that the benefit of the deal was to have brokers sitting alongside the policyholders in the country.
“Our fundamental aim is to ensure our clients in the country are paying the right level of premium for the coverage they are asking for,” added Mr Boxall.
William Wakeham, founder and CEO of AAIB, which has offices in Baghdad, Basra and Erbil, said: “The cementing of our agreement with Marsh is very exciting for AAIB as we continue to pioneer in the Iraqi insurance market. We have been established in Iraq for over five years and have spent that time developing our product base, deepening our understanding of the regulatory and operational environment and forging important relationships with local businesses, underwriters, loss adjusters and lawyers.
“After years of sanctions and war, Iraq is investing billions of dollars into the rebuilding of its economy. The opportunities are clear, but the risks are significant. Companies entering Iraq need to know they have access to the best available coverages and risk management advice, are compliant and, in the event of a claim, able to gain the maximum possible return on their policy investment. Our presence on the ground in Iraq means we can help companies invest there with greater risk confidence.”