OPIC, in cooperation with the U.S. investor, other U.S. government agencies, the local United States embassy, and the host government, works to avert potential claim situations before they materialize. OPIC’s claim process is designed to ensure that OPIC protects the taxpayer, preserves the project, if possible, and pays valid claims. When OPIC has paid or settled claims, its recovery rate has been outstanding.
See OPIC's FY12 Annual Public Claims Report
Filing a Claim
The Overseas Private Investment Corporation (OPIC) provides political risk insurance and project financing for U.S. investors in developing nations and countries in transition from nonmarket to market economies. Since 1971, OPIC has made 286 insurance claim settlements totaling $969.6 million. These settlements have been structured either as cash settlements to investors ($613.5 million) or as OPIC guaranties of host government obligations or other similar arrangements ($356 million). In accordance with those arrangements, OPIC has paid $130 million in addition to the cash settlements described above for a total of $743.5 million in cash payments to date.
OPIC cash recoveries on claims total $447.1 million (without regard to reinsurance reimbursements). Additional recoveries in the form of receivables ($219 million) and recoveries on OPIC guaranteed obligations ($226 million) bring OPIC's total recoveries to $892.1 million, or 92% of total claim settlements. Additional recoveries are anticipated.
Prior to the establishment of OPIC, its programs were administered by the Agency for International Development (USAID). From 1966 to 1970, USAID paid $3.5 million in settlement of eight claims. In addition, USAID denied eight claims, one of which was submitted to arbitration by the investor. Twenty-six claims have been denied by OPIC under the insurance programs, of which thirteen have been submitted to arbitration by the investors. As of September 30, 2008, there are no pending claims.
For additional information about OPIC insurance claims, you may contact Susan Fribush, Claims Assistant, by telephone at 202-336-8437, by email at Sfrib@opic.gov, or by facsimile at 202-408-0297.