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Political Risk Insurance: Protecting Business Investments Along the Belt & Road

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Political Risk Insurance: Protecting Business Investments Along the Belt & Road POLITICAL RISK INSURANCE: PROTECTING BUSINESS INVESTMENTS ALONG THE BELT & ROAD JARDINE LLOYD THOMPSON LIMITED 5 June 2018 AGENDA PROTECTING BUSINESS INVESTMENTS ALONG THE BELT & ROAD • About JLT • Belt & Road Initiative (“BRI”) Overview • Business Opportunities • Underlying Risks • Why purchase Credit & Political Risk Insurance • Types of Insurance Policies • Key Countries & Sectors • Insurer’s Risk Perspective • Claims in APAC JARDINE LLOYD THOMPSON LIMITED 2 THE JARDINE MATHESON GROUP JLT is an Associate Company of Jardine Matheson Group, an Asia-based conglomerate with a broad portfolio of market-leading businesses in engineering, construction, transport services, motor trading, property, retailing, restaurants and hotels. The Jardine Matheson Group also includes Jardine Pacific and Jardine Strategic, which are holding companies. JLT is a leading specialty insurance broker listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. JARDINE LLOYD THOMPSON LIMITED 3 ABOUT JARDINE LLOYD THOMPSON Market Expertise • We are a market-leading Credit, Political & Security Risks (CPS) team. Market Track-Record • Founded in 1986, the CPS team has a longstanding and proven track record both managing transactions and in claims handling. Market Leverage • We handle insurance capacity of approx. USD 80bn at any one time. Global Reach • 180 specialists in 16 international hubs of expertise. JARDINE LLOYD THOMPSON LIMITED 4 BELT & ROAD INITIATIVE (“BRI”) OVERVIEW • Silk Road Economic Belt • Maritime Silk Road • USD 4 trillion initiative • 65 countries • Asia, Europe, Africa and Middle East JARDINE LLOYD THOMPSON LIMITED 5 BELT & ROAD INITIATIVE MAP JARDINE LLOYD THOMPSON LIMITED 6 7 BUSINESS OPPORTUNITIES Key Business Opportunities Investment Opportunities • Infrastructure Development • World class infrastructure/services companies • Mergers and Acquisitions • Property development, telecoms, transportation, port services, aviation etc. • New consumer markets New markets Opportunities for Hong Kong • BRI will encourage trade with markets having • Financial Services increased appetite for consumer goods o Estimated USD 750mil funding shortfall for Asian Infrastructure projects a year through • Hong Kong stands to benefit as a key trading 2020 hub (telco equipment, electronics, precious o Hong Kong as a key international finance stones/metals etc.) hub – mobilize private funding o Insurance JARDINE LLOYD THOMPSON LIMITED 8 UNDERLYING RISKS • Late or non-payment by buyer • Contractual Disputes • Expropriation by government authorities of assets • Change in law/regulations (Contract Frustration) • Political Unrest (damage to property / project abandonment) • Currency Inconvertibility / Non-transfer • Non-honouring of Arbitration Award JARDINE LLOYD THOMPSON LIMITED 9 UNDERLYING RISKS IMPACT TO BUSINESSES • Cash flow problems • Balance sheet loss • Bankruptcy JARDINE LLOYD THOMPSON LIMITED 10 WHY PURCHASE CREDIT & POLITICAL RISK INSURANCE Corporates and Traders • Obtain bank financing on the transaction and reduce the cost of financing the transaction by using insurance as security. Banks • Obtain Basel II / III compliant insurance policies. Removing barriers to entry • Expanding your business to new emerging markets while offsetting the higher country risks with globally recognised insurers. Increased confidence • Protecting your balance sheet when trading in higher risk territories. JARDINE LLOYD THOMPSON LIMITED 11 TYPES OF INSURANCE POLICIES CREDIT INSURANCE Applicable to • Wide range of financial obligations like short term trade loans, asset backed financing, project financing, pre-export financing, working capital financing, etc. Trigger of Loss • Buyer / borrower’s failure to meet payment / delivery / debt obligations for any reason. Tailored policy wording to suit the needs of the Insured Credit insurance is widely used by banks and exporters as • It provides security against non-payment of loans or sales and purchase agreements. • Basel compliant insurance policies reduce the amount of regulatory capital that banks are required to hold in respect of the transaction. Policy Tenors: ranging from 12 months to up to 10 years Used to cover risks in both emerging and OECD countries JARDINE LLOYD THOMPSON LIMITED 12 TYPES OF INSURANCE POLICIES CONTRACT FRUSTRATION (CF) INSURANCE Applicable to • Trade, commodity and structured finance • Project Finance Trigger of Loss • A counterparty / borrower’s failure to meet payment / delivery / debt obligations for any reason • Counterparty / borrower = Stated-owned Enterprise Perils that can be covered • Government Buyer or Guarantor non-payment • Government Supplier Non-performance • Government Frustration of Contract • Confiscation / Deprivation • War / Political Violence • Currency Inconvertibility and Non-Transfer • Unfair / Politically Unfair Calling of Bonds Policy Tenors: ranging from 12 months to up to 15 years JARDINE LLOYD THOMPSON LIMITED 13 TYPES OF INSURANCE POLICIES POLITICAL RISK INSURANCE Applicable to banks / investors transacting in foreign countries (cross border element required) where they are not comfortable with the country risk aspect of the transaction Trigger of Loss • An occurrence of a political risk event (named as a peril under the policy) that leads to a loss to the bank / investor Named Perils • Confiscation, Expropriation, Nationalisation and Deprivation • Currency Inconvertibility and Transfer Risk • Political Violence • Non-honouring of an arbitration award by a government entity Policy Tenors: ranging from 12 months to up to 15 years Other features: • Insured Percentage: Up to 100% • Claims Waiting Period: 180 days JARDINE LLOYD THOMPSON LIMITED 14 KEY COUNTRIES & SECTORS Common enquiries • Bangladesh, Pakistan, Sri Lanka, Laos, Vietnam & Indonesia. Key sectors • Energy & Power, Infrastructure, Telecommunications & Ports Typical risks • Terrorism • Sovereign Credit Risk • Contract Repudiation • Legal & Regulatory changes. JARDINE LLOYD THOMPSON LIMITED 15 INSURER’S RISK PERSPECTIVE How do Insurers assess projects? • Insurers’ appetite for BRI-related projects vary according on the country, sector and transaction structure. • The strategic importance of a sector to a country would influence the premium pricing. For example, power, energy infrastructure and manufacturing projects are considered to be of higher strategic value in Bangladesh. • Location of the project also affects insurance capacity & appetite. For example, insurers may be willing to offer mobile asset cover for certain locations in Kurdistan in Northern Iraq but not Baghdad. • Transaction structure – projects which will generate revenue in local currency is less popular with insurers as this brings a higher risk of currency inconvertibility / non-transfer issues. JARDINE LLOYD THOMPSON LIMITED 16 CASE STUDY 1 Sector: Commodity Trader Challenges: Country of Risk: Ukraine • There was inaccuracy of the Insured’s monthly declarations, due to Policy: Political Risk Insurance – Equity Form the fact they had not been declaring the value of third party wheat which they stored in their warehouses and were therefore Background: contractually liable for. • A global commodity trader and supply chain • The Insured also made an investment in 2012 which increased the manager suffered a claim in Ukraine as a value of the storage complex to USD 5.6m but its financials did not result of the fighting with Russia. Two of the include this. Insured’s grain silos which each contained 5,000 metric tons of wheat were destroyed in • The loss amount initially assessed by the loss adjuster was thus an explosion. only USD 2m, which was less than the costs presented by the Insured. • Due to the ongoing security situation in the area, the loss adjuster could not do a site Resolution: survey of the damage. • JLT negotiated & persuaded Insurers that the third party wheat was • It was later found that the explosion hit under the Insured’s “care, custody and control” and they were liable Warehouse 1 and strong winds caused the fire to the owners for the damage that was caused. to spread to Warehouse 2. • No specific site inspection has been possible but Insurers have accepted that the real value of the assets was USD 5.6m and have agreed subject to them receiving proof of the costs for the repair they will reimburse the Insured up to this level. JARDINE LLOYD THOMPSON LIMITED 17 CASE STUDY 2 Sector: Engineering & Industrial Challenges: Country of Risk: Russia • As the Insured wanted to receive the claims compensation urgently, Policy: Contract Frustration they agreed to the terms in the Settlement Agreement which gave Insurers the right to first recoveries from any payment received by the Background: Insured’s government as a result of their denial of the export licence. • A European exporter signed a USD 7.5m contract • Although JLT advised strongly that we should negotiate for a pro-rata to design, build and deliver a nitric acid plant to a sharing of recoveries, the Insured decided to sign the Settlement Middle Eastern country. The Buyer is state owned Agreement without further changes. and the Ministry of Finance provided a guarantee in support of the deal. The contract was governed • The Buyer subsequently sued the Insured for breaching the contract & by local law. being subject to local law, the Insured lost this litigation. The Insured had to compensate the Buyer a sum of USD 5m. • When the first shipment was due to be transported, the Insured applied for an export • The Insured contacted their own government
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