Libya – a new hope?
23 January 2012
The official lifting of UN sanctions heralds the re-opening of Libya for international business.
The country has been largely “closed” throughout 2011, but now that the National Transitional Council has been allowed access to its sovereign wealth, the process of rebuilding Libya can begin.
Libya is largely an unknown country after 40 years of totalitarian government. It has an extensive Mediterranean coast (over 1,000 miles) with a coastal Mediterranean climate to match, outstanding classical sites (ruins of Phoenician, Greek and Roman civilizations) and the 10th largest known oil reserves in the World. There is a great deal of potential for rapid development after being in a backwater since 1969.
Vast oil wealth, repatriation of sovereign assets and international development capital should mean that even in the current financial circumstances there will be plenty of resources available for development projects. International construction, security and oil consultants are already visiting the country offering their advice. And with commercial flights from Europe and the Middle East scheduled to start in the first quarter 2012, there will be considerable interest from international companies looking for new development projects.
Anyone planning to live, work or visit Libya needs to take into account that the country is categorised as a high risk country by many insurers, making standard insurance in Libya invalid.
Stuart Dix, a Global Insurance Adviser at Bellwood Prestbury, says they have received a number of enquiries from consultants looking to visit Libya in 2012, either individually or as part of a trade mission.
“Many people believe there to be few, if any, insurance options for countries that are still in a state of flux such as post-revolution Libya. However, our experience in arranging insurance for high-risk regions such as Iraq and Afghanistan enables us to arrange insurance quickly and with the minimum of fuss for Libya too. We would be happy to provide advice to companies, NGOs or individuals looking to work in or travel to Libya.”
Bellwood Prestbury is an expert at providing insurance policies for places like Libya. In fact, we can provide cover anywhere in the World. We can create bespoke policies that will cover you for death, disability, dismemberment (loss of limb(s) etc), medical expenses and emergency evacuation, if necessary.
To find out more about Libya insurance, call our helpful team on 01242 584 558 today or email us with your query.