"Opportunities are clear, but the risks are significant," says AAIB boss
Global insurance broker Marsh has entered into a mutually exclusive contract with Anglo Arab Insurance Brokers (AAIB) to offer insurance services in Iraq.
AAIB is the only international broker licenced and registered to work in Iraq with offices in Bagdad, Erbil and soon-to-open Basra.
Marsh and AAIB will co-operate on insurance coverage, risk management and claims handling issues for companies in the energy, power and aviation sectors with operations in Iraq.
Simon Boxall, Managing Director in Marsh’s Global Energy Practice, said: “Economic activity in Iraq is clearly picking up with government plans to increase oil production dramatically over the coming years.”
“As international oil companies seek to maximise the opportunities available, they will face significant technological, logistical, regulatory and security challenges. Marsh’s global expertise, combined with AAIB’s local knowledge, will create a distinct offering in this rapidly expanding market,” Boxall continued.
William Wakeham, founder and chief exectutive of AAIB, said: “We have been established in Iraq for over five years and have spent that time developing our product base, deepening our understanding of the regulatory and operational environment and forging important relationships with local businesses, underwriters, loss adjusters and lawyers.”
Wakeham added: “After years of sanctions and war, Iraq is investing billions of dollars into the rebuilding of its economy. The opportunities are clear, but the risks are significant. Companies entering Iraq need to know they have access to the best available coverage and risk management advice, are compliant and, in the event of a claim, able to gain the maximum possible return on their policy investment. Our presence on the ground in Iraq means we can help companies invest there with greater risk confidence.”
Both companies will hold road shows in US, Europe and the Middle East over the next few months to introduce energy, aviation and power sectors to available opportunities in insurance and risk management in Iraq.