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  • Chapter 12 - Does Forgetting Make Markets? Historical Silence in the Political Risk Insurance Market

  • from Part III - Valuation
  • Edited by Susi Geiger, University College Dublin, Katy Mason, Lancaster University, Neil Pollock, University of Edinburgh, Philip Roscoe, University of St Andrews, Scotland, Annmarie Ryan, University of Limerick, Stefan Schwarzkopf, Copenhagen Business School, Pascale Trompette, Université de Grenoble
  • Book:
    Market Studies
    Published online:
    22 November 2024
    Print publication:
    21 November 2024, pp 194-208

  • 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.