Asian trade and political risk insurance picks up speed

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01 September 2008

Jamaican sprinter Usain Bolt may have entered sporting history books with his 100 and 200 metres Olympic wins in Beijing recently, but he has not been the only one smashing records in the Chinese capital. Dickon Harris talks to brokers and insurers based in Asia on how they have grappled with record levels of demand and the reasons behind their recent level of success.

By any measure insurers have seen a sharp increase in the demand for trade credit insurance (TCI) and political risk insurance (PRI) over the last 12 months in Asia. As Jeremy Hampshire, managing director of Hong Kong-based insurance broker Trade Line, describes: "Business is on the up and up. I came to Asia ten years ago and this market was in its infancy. It was not even a toddler. I think in the last 12 months we have witnessed a real surge in interest in the product in trade and credit risk as the market has really started to develop."

The level of both local and international demand has been matched by insurers who have scrambled to set up offices in the region. Their greater commitment to the region stems from their recognition of the potential benefit of insuring the world's manufacturing powerhouse. The pace of business has been so...

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