SINGAPORE – IE Singapore launches Political Risk Insurance

With the growing number of Singaporean companies expanding overseas, IE Singapore has launched a new scheme to help businesses protect their investments from external political risks. The Political Risk Insurance Scheme (PRIS) is aimed at supporting up to SGD 2 billion worth of overseas investments over the next three years. Events such as violence on the streets or civil uprisings potentially cause immense losses to businesses operating in the affected areas.

 

Stuart Ashworth, executive director for political and credit risks at Willis Singapore, said: “There are catastrophic consequences if things go wrong. If a company decides to invest 100 million dollars, that company can be nationalised, be expropriated, there could be war, physical violence, physical damage, which could mean that they would have to abandon the asset. With more local companies looking for opportunities overseas, IE Singapore is stepping in to help them mitigate such risks.”