Marsh has announced that it had signed a mutually exclusive agreement with Anglo Arab Insurance Brokers, the only international broker to be licensed and registered to operate in Iraq with offices across the country.
Under the terms of the agreement, 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: “This is an exciting development for Marsh’s business in the Middle East. For many of our global clients, Iraq is an important place to do business and where increasingly they need on-the-ground expertise to deal with local risk and insurance issues.
“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.”
William Wakeham, founder and CEO of AAIB, which has offices in Baghdad, Basra and Erbil, said: “The cementing of our agreement with Marsh is very exciting for AAIB as we continue to pioneer in the Iraqi insurance market. 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.
“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 coverages 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.”
Marsh and AAIB will be holding a series of roadshows in the US, Europe and the Middle East over the coming months to introduce the energy, power and aviation sectors to the opportunities available for insurance and risk management in Iraq.