Book contents
- Market Studies
- Market Studies
- Copyright page
- Contents
- Figures
- Tables
- Contributors
- Acknowledgements
- Introduction: The Multiple Pasts, Presents and Futures of Markets and Market Studies
- Part I Market Designs and Market Misfires
- Part II Post-Performative Approaches to Studying Markets
- Part III Valuation
- Chapter 10 Facets of Worth: Valuation Processes in the Polished Diamond Market
- Chapter 11 Biomass Qualification and the Dynamics of Market Framing
- Chapter 12 Does Forgetting Make Markets? Historical Silence in the Political Risk Insurance Market
- Chapter 13 Vintage Steel Bicycles and a Theory of Value Bricolage
- Chapter 14 Valuation in the Market for High-End Audio: Hunting ‘Monsters’ in Analogue Discs
- Part IV Markets in Motion: Places and Spaces
- Part V The Secret Life of Market Studies Methods
- Part VI Broadening the Perspectives in Market Studies
- Part VII Future (Im)Perfect Markets
- Index
- References
Chapter 12 - Does Forgetting Make Markets? Historical Silence in the Political Risk Insurance Market
from Part III - Valuation
Published online by Cambridge University Press: 22 November 2024
Book contents
- Market Studies
- Market Studies
- Copyright page
- Contents
- Figures
- Tables
- Contributors
- Acknowledgements
- Introduction: The Multiple Pasts, Presents and Futures of Markets and Market Studies
- Part I Market Designs and Market Misfires
- Part II Post-Performative Approaches to Studying Markets
- Part III Valuation
- Chapter 10 Facets of Worth: Valuation Processes in the Polished Diamond Market
- Chapter 11 Biomass Qualification and the Dynamics of Market Framing
- Chapter 12 Does Forgetting Make Markets? Historical Silence in the Political Risk Insurance Market
- Chapter 13 Vintage Steel Bicycles and a Theory of Value Bricolage
- Chapter 14 Valuation in the Market for High-End Audio: Hunting ‘Monsters’ in Analogue Discs
- Part IV Markets in Motion: Places and Spaces
- Part V The Secret Life of Market Studies Methods
- Part VI Broadening the Perspectives in Market Studies
- Part VII Future (Im)Perfect Markets
- Index
- References
Summary
This chapter is concerned with understanding the history and operation of the market for political risk insurance, and the related political risk analysis industry that provides metrics, narratives and pricing prosthetics that are used by insurance brokers and underwriters when they negotiate terms and prices for the cover they provide. These prosthetics include a variety of colour-coded ‘heat’ maps, indices and geographical categorizations (such as ‘Sub-Saharan Africa’, ‘MENA’ [Middle East and North Africa] or ‘Asia-Pacific’), which do not determine the pricing of political risk insurance cover but, rather, act as ‘technologies of the imagination’ (Gilbert 2020a) and spur imaginative effects and particular approaches to valuation. As political risk insurance (PRI) brokers and underwriters would themselves argue, PRI does not lend itself to an actuarial mode that seeks to predict the likelihood of future ‘political risk events’ based on statistical tabulation of past occurrences.
- Type
- Chapter
- Information
- Market StudiesMapping, Theorizing and Impacting Market Action, pp. 194 - 208Publisher: Cambridge University PressPrint publication year: 2024
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