Somalia, torn apart by warlords and civil strife since President Siad Barre was overthrown in 1991, is seeing new commercial interest from international companies. Bellwood Prestbury, the global insurance and employment benefit specialist, is now being asked to look at group international medical insurance for a number of companies considering work in the Somalia.
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The rewards are potentially great. The northwest of the country, which unilaterally declared independence as the Republic of Somaliland, has enjoyed relative stability. The area is thought to have the potential to produce between five and 10 billion barrels of oil. US, Australian and Chinese oil companies are all exploring the possibilities. Further south, Brazilian and Russian mining companies are showing interest in unexploited uranium deposits. Some larger consumer companies are also developing offices in Somalia, and international airlines are beginning to include Somali airports on regular schedules.
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