December 14, 2018

The Hartford underwrites political risks in emerging markets

PHOTO | Contributed
PHOTO | Contributed
The Hartford's headquarters.

The Hartford Financial Services Co. said it's launched new products that cover various credit and political risks for companies operating in emerging markets.

The political risk policies cover events such as asset seizures, political violence, currency inconvertibility and breach of contract, The Hartford said.

The policies would insure mobile assets like oil equipment, investments in foreign manufacturing facilities, and other exposures.

Meanwhile, The Hartford's new credit insurance product is aimed at financial institutions engaged in trade and export finance.

"Operating in emerging markets can bring a number of political risks, such as acts of expropriation or confiscation of assets by a foreign government, that are not typically covered under a company's global insurance policies," said Jared Kotler, head of The Hartford's credit and political risk insurance practice.

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