Dubai World’s shock forces up all emerging market prices
Dubai World's restructuring announcement caused the cost of insuring Dubai's debt against default to jump $60,000 to $500,000 annually for every $10m of debt covered for five years, the FT reports.
Other Gulf states and emerging markets with perceived problems were also under pressure. Hungary, which has had problems refinancing debt, and Greece, with one of the highest debt burdens in Europe, saw their insurance costs jump.
"In the absence of definitive information it's hard to see the market treating this as an isolated one-off," said one trader.
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The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
