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Risk selection in the London political risk insurance market: the role of tacit knowledge, trust and heuristics

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  • Lijana Baublyte
  • Martin Mullins
  • John Garvey

Abstract

This study demonstrates that the basis of decision-making and risk selection in the London Political Risk Insurance (PRI) market is a combination of Art and Science with such factors as trust and reputation playing an important role. The study breaks new ground by uncovering and examining different methods and strategies of political risk underwriting employed in the insurance market, which does not rely on statistical tools as seen in more traditional insurance types. Adopting a grounded theory approach, the data was generated through 14 semi-structured and unstructured interviews conducted with PRI experts from five PRI companies and two leading political risk broking houses. The data also included documentation reviews and observations.

Suggested Citation

  • Lijana Baublyte & Martin Mullins & John Garvey, 2012. "Risk selection in the London political risk insurance market: the role of tacit knowledge, trust and heuristics," Journal of Risk Research, Taylor & Francis Journals, vol. 15(9), pages 1101-1116, October.
    • Handle: RePEc:taf:jriskr:v:15:y:2012:i:9:p:1101-1116
    DOI: 10.1080/13669877.2012.705312
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    Cited by:

    1. Violeta Iftinchi & Gheorghe Hurduzeu, 2016. "The place of Political Risk Insurance in the political risk management strategy of multinational corporations," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 19(60), pages 201-212, June.

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