Tag Archives: Spain

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The Nations Most Likely to Default

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This week, President Barack Obama is visiting Britain, France, Poland and Ireland, which is the first stop on his European tour and the site of a driving snafu today in which the presidential stretch, armored Cadillac got stuck on a ramp. Whoops. (See video above … via HuffPo)

Obviously, chief among the commander in chief’s reasons for talking to EU leaders face-to-face is to get a better understanding of the ongoing sovereign debt crisis in the region that is straining relations on the continent and may continue to threaten global economic recovery.

We have heard much about the so-called PIGS economies (Portugal, Ireland, Greece and Spain) — and rightfully so; Athens and Dublin in particular both have a lot of economic finagling to do to figure out some real solutions to what is a major long-term challenge for each country. And while Obama will certainly trying to be figure out what the United States can do to help smooth the austerity and economic transitions Ireland will have to make (in addition to exploring his personal roots), there are many other locations across the world with troubles of their own.

Along these lines, Business Insider ranks the 21 countries most likely to default in terms of the cost to insure each country’s debt. Here’s their list in full. Head over there for more detailed economic profiles of the nations.

21. Russia
20. Poland
19. Israel
18. Kazakhstan
17. Belgium
16. Turkey
15. Italy
14. Lithuania
13. Bulgaria
12. Romania
11. Hungary
10. Croatia
9. Spain
8. Vietnam
7. Lebanon
6. Ukraine
5. Argentina
4. Ireland
3. Portugal
2. Venezuela
1. Greece

Environmental Risk: Not a Hot Topic For Spain’s Businesses

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spanish flagBack in May, the European Union’s environmental liability directive was officially put into place, exposing European risk managers to greater liabilities for environmental damage caused by companies that pollute as part of their normal business operations.

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But not all of the EU’s 27 member states are taking charge of their new responsibility. Spain, for one, has shown a lack of awareness when it comes to environmental risks, legislation and avenues of protection available.

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According to the Business Environmental Liability study, more than half of the 700 businesses studies in Spain did not have environmental liability coverage.

The survey also revealed that of those companies that said they had cover in place against environmental damage, only 10% had a policy that conformed to established regulations (Law 26/20071). Companies cited their multi-risk policy/financial guarantee, public liability and general business insurance policies as providing environmental risk protection. However, these products do not conform to the requirements of Law 26/20071 on Environmental Liability.

It seems apparent that many businesses in Spain do not fully understand the implications of the EU’s environmental liability directive. In fact, a whopping 65% of companies surveyed said they were unaware that the Spanish government has the ability to make it a requirement for these companies to have a fund, collateral or insurance to cover them from possible environmental damage.

Though numerous insurers jumped at the chance to offer environmental liability coverage to the EU market, a lack of demand has been evidenced from the beginning of the directive’s establishment.

Risk managers don’t seem to be “aware of how much of a strict regime is now in place and the cost of responding to that regime if you have a problem,” said Simon White, London-based environmental branch manager for XL Insurance.

Why is Spain a laggard when it comes to this topic? If the country’s businesses don’t get on board soon with the EU’s environmental liability directive, it will affect not only their bottom line, but also their reputation.

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