【10】国家风险管理.ppt

* * * * Insurable political risks include Expropriation - asset seizure by the host government Repatriation restrictions - limit or prohibition on repatriation of earnings or cash flow to the parent firm Currency inconvertibility - inability to freely convert or exchange foreign currency for domestic currency Although these risks do not exactly match the insurability requirements from the previous slide, they are close to allow public and private agencies to write political risk insurance. * A history of political risk insurance Prior to the 1990s, government agencies such as OPIC were the primary underwriters. Private insurers were inactive. Political risk cover typically was available only up to about $10 million and for terms of only about three years. The World Bank’s MIGA was created in 1990 to promote int’l trade. During the 1990s, private insurers infused liquidity with insurable amounts to more than $100 million and terms of up to ten years. Much of this growth in the private market has been driven by the increase in project finance. There is also an emerging reinsurance market that allows insurers to lay off their political risks onto other insurers or private investors. The costs of political risk insurance Annual premiums through Lloyd’s of London or the American International Group (AIG) can be as high as 10% of the amount of the investment in high-risk countries. The premiums of private insurers vary widely, so corporations should shop around for the best terms. * * * * * * * * * * * * * * Political Risk Services’ International Country Risk Guide includes the following assessments in their financial risk index. Loan defaults or loan restructurings Payment delays Cancellations of contracts by a host government Losses from exchange controls Expropriation of private investments * * * * * * * * * * * * * * * * This is an abbreviated version of Figure 14.2. Source: Country risks ratings from Coface Group, June 2002, See their Website for current