The political risk insurance industry is a $2 trillion industry. What does it do, who are the major players, and how is the industry responding to a looming global economic slowdown?
In 2010, Venezuela’s then-President Hugo Chavez attempted to nationalize eleven oil rigs owned by the American energy exploration company Helmerich & Payne. The move was part of a series of state seizures of private property as the late president nationalized much of Venezuela’s economy throughout the 2000s. Helmerich & Payne claimed the value of seized assets was approximately $43 million, but their suit against the Venezuelan government remains in arbitration until today.
