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FEATURE — Terrorism

RISK AND REWARD FOUNDED IN 2005, ANGLO ARAB INSURANCE BROKERS HAS CARVED A NICHE IN ONE OF THE HIGHEST-RISK INSURANCE SECTORS IMAGINABLE – TERRORISM COVER IN IRAQ. IT NOW SITS AS A UNIQUE PROVIDER OF POLICIES ON AREAS FROM POLITICAL RISK TO KIDNAP AND RANSOM

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WWW.GIRMAGAZINE.COM OCTOBER 10


FEATURE — Terrorism

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joint British/Iraqi-owned company, Anglo Arab Iraq and Afghanistan. It is the first Iraq insurance facility to Insurance Brokers (AAIB), provides specialist offer immediate cover for travel to all areas of the country high-risk and non-standard insurance solutions which includes essential war and terrorism provisions as for Africa and the Middle East, including Afghanistan. well as personal accident, medical expenses, evacuation However, it is in Iraq, the scene of so much social and po- and repatriation, and baggage cover. Using its local knowledge of Iraq, AAIB has developed litical upheaval since the toppling of Saddam Hussein, that region-specific insurance facilities in the international inthe firm has pursued its most aggressive expansion plans. The company now has offices in Baghdad, Basra and surance and reinsurance markets for companies operating Erbil and is the only international insurance broker fully li- inside the country. In particular, it has developed liability, censed and registered to operate in Iraq. Its primary focus personal accident, medical insurance and cargo facilities there is on the war and terrorism market, providing expert that are now provided to many major multinational companies operating in Iraq. This includes the first dedicated advice on political risk and risk mitigation. “The company’s deep experience and knowledge of medical insurance policy for employees living in Iraq and Iraq has enabled it to develop cutting edge and often Iraqi Kurdistan – providing cover for in-patient and daypatient hospital treatment, unique insurance products including injury and illness which can be tailored to resulting from acts of war, provide enhanced options terrorism and kidnap. and flexibility,” according AAIB’s experience of to Peter Worby, regional accident and health insurdirector, Baghdad. ance in Iraq led it to recogAs an Iraq-registered nise early on the need for a and licensed broker, AAIB, third-party assistance comcan arrange for policies to pany dedicated to high-risk be fronted locally, ensuring locations, according to full compliance under Iraqi Worby. “In 2007 Alfaevac law, as well as through inwas established. Its core ternational markets mainly services rest in medical and from Lloyd’s. political evacuation and its The firm’s extensive Iraq 24/7, IT-led operation is insurance product range setting new standards in includes specialist polithe evacuation industry,” cies such as construction he says. projects, aviation, cash in In addition to expandtransit, political risk insuring its own business across ance and motor schemes. Iraq, the company has The advisory skills and also committed time and response service provided resources towards develunder its kidnap and ran- Peter Worby oping the industry. The som cover are delivered by company’s efforts include the “most experienced rehosting an annual training session in Erbil to which all sponse consultants for Iraq,” says Worby. Worby himself has more than 35 years’ experience in state-owned and private insurance companies as well as the insurance industry and his knowledge encompasses the regulator are invited. In 2009, a number of Lloyd’s most lines of personal, commercial and financial services underwriters, claims handlers and trainers from the Gulf products, risk surveying and claims handling. Based in Insurance Institute participated in the workshop. The firm’s knowledge of Iraq has also led it to develop Baghdad, he is an experienced broker in high-risk markets. Before joining AAIB, he worked for a newly established in- a comprehensive risk management gap analysis package. Produced specifically to help companies looking to ensurer in Afghanistan from 2007 to 2009. Most recently, AAIB has introduced an online travel ter the Iraq market, it provides extensive intelligence and insurance facility providing instant, comprehensive cover insight into Iraq’s political, cultural and legislative landfor individuals travelling from anywhere in the world to scape.

THE COMPANY’S KNOWLEDGE OF IRAQ HAS ENABLED IT TO DEVELOP CUTTING EDGE INSURANCE PRODUCTS THAT CAN BE TAILORED TO PROVIDE ENHANCED FLEXIBILITY

OCTOBER 10 WWW.GIRMAGAZINE.COM

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Gulf Insurance Review  

Risk and Reward a feature on Terrorism.

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