The political risk insurance (PRI) market has come a long way since Charles Berry founded BPL Global 30 years ago, along with Anthony Palmer and Robert Lyle. Back then the PRI offering was so limited that unfair calling cover was one of its best sellers. At the same time, export credit insurance was exclusively in the hands of government export credit agencies (ECAs), and domestic credit insurance was the preserve of isolated domestic monopolies or semi-monopolies. The market has now evolved, developing credit cover, lengthening periods, adding capacity – enhancing the market’s offering. And as Charles Berry writes in this month’s edition of Trade & Forfaiting Review, all of these changes have taken place amid the backdrop of the Lloyd’s crisis, and has been driven by two key elements: privatisation and globalisation.
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