Specialist insurer Beazley is expecting a comprehensive reappraisal of political risk in emerging markets over the next few months.

With political unrest in Tunisia and Egypt shaking the Middle East and north Africa region, investors are scrambling to assess their holdings and any action they should be taking.

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Adrian Lewers, a political risk underwriter at Beazley, listed Libya, Sudan and Algeria as most vulnerable to destabilising.

While Mr Lewers is cautious about the near-term future for these and other countries, he added: “Regime change is not inherently negative. Once the dust has settled, there is every reason to be optimistic that the removal of a corrupt and reactionary regime will result in a long-term improvement in the business environment.”