September 30, 2023

INSURANCE CLAIMS EXPERIENCE TO DATE: 

DFC AND ITS PREDECESSOR AGENCIES 

The United States International Development Finance Corporation (DFC) provides 

political risk insurance and project financing in support of eligible private-sector 

investments in developing nations, and countries in transition from nonmarket to market 

economies. DFC, the successor in interest to the Overseas Private Investment Corporation 

(OPIC) under the terms of the Better Utilization of Investments Leading to Development 

Act of 2018, started operations as of December 20, 2019, upon enactment of the Further 

Consolidated Appropriations Act, 2020 (Public Law 116-94). As noted in greater detail, 

below, OPIC programs were administered by the Agency for International Development 

(USAID) before OPIC initiated operations in 1971. 

Since 1971, OPIC and DFC have made 310 insurance claim settlements totaling

$1.048 billion. These settlements have been structured either as cash settlements

to investors ($687.5 million) or as OPIC guaranties of host government obligations or

other similar arrangements ($356 million). In accordance with those arrangements, 

DFC’s predecessor agencies have paid $130 million in addition to the cash settlements 

described above for a total of $817.5 million in cash payments to date.

DFC cash recoveries on claims total $78.1 million (without regard to reinsurance 

reimbursements). Additional recoveries in the form of OPIC guaranteed obligations 

($226.0 million) bring DFC’s total recoveries to $1.015 billion, or 97% (includes interest)

of all claim settlements. Additional recoveries are anticipated. 

From 1966 to 1970, USAID paid $3.5 million to settle eight claims. In addition, 

USAID denied eight claims, one of which was submitted to arbitration by the investor. 
OPIC denied thirty claims under the insurance program, of which fifteen have been 

submitted to arbitration by the investors. As of September 30, 2023, there was one

pending claim under review by DFC. 

For additional information about DFC insurance claims, you may contact 

Tierra Jones, Paralegal Specialist, by telephone at 202-400-4434, or by

email at Tierra.Jones@dfc.gov.
Claims Activity vs. Historical Averages (SUMMARY)

Historical (FY1971-FY2023) Insurance Claims Report

As of September 30, 2023

Historical Annual

Totals Averages FY2023

Number of Claims Settled: 310 6 4

Total Amount of Claims Settled by OPIC: ($1,047,615,090) ($19,766,322) ($4,032,493)

(Total Cash Received by Investors)

 Cash Settlements and Payments by OPIC ($821,558,395) ($15,501,101.79) ($4,032,493)

 OPIC Guaranty of Host Gov. Obligations ($226,056,695) ($4,265,220.66) $0

Total Amount of Claims Recovered by OPIC: $1,015,091,581 $19,152,671 $6,912,701

 Cash Recoveries $789,034,886 $14,887,450.68 $6,912,701

 OPIC Guaranty of Host Gov. Obligations $226,056,695 $4,265,220.66 $0

Net Gain/(Loss) on Claims Settlements: ($32,523,509) ($613,651) $2,880,208

Recovery Percentage (%) 97%

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Claims Activity vs. Historical Averages (DETAIL)

Historical (FY1971-FY2023) Insurance Claims Report

As of September 30, 2023

Historical Annual

Totals Averages FY2023

Number of Claims Settled: 310 6 4

Total Amount of Claims Settled by OPIC:

 Cash Settlements $691,560,619 $13,048,313.57 $4,032,493

 Additional Cash Paid by OPIC under

 Host Government Commitments $85,287,771 $1,609,203 $0

 OPIC Guaranties $43,273,503 $816,481 $0

 Indemnity Agreements $1,436,501 $27,104 $0

 Total Cash Settlements and Payments $821,558,394 $15,501,102 $4,032,493

 OPIC Guaranty of Host Gov. Obligations

 Host Government Commitments $141,858,205 $2,676,570 $0

 OPIC Guaranties $71,634,991 $1,351,604 $0

 Indemnity Agreements $12,563,499 $237,047 $0

 Total Guarantied by OPIC $226,056,695 $4,265,221 $0

Total Amount of Claims Settled by OPIC: $1,047,615,089 $19,766,322.44 $4,032,493

Total Amount of Claims Recovered by OPIC:

 Total Cash Recoveries* $789,034,886 $14,887,450.68 $6,912,701

 Total Recoveries in the form of:

 Host Government Commitments $141,858,205 $2,676,569.91 $0

 OPIC Guaranties $71,634,991 $1,351,603.60 $0

 Indemnity Agreements $12,563,499 $237,047.15 $0

 Total Recoveries on OPIC Guaranteed Obligations $226,056,695 $4,265,221 $0

Total Amount of Claims Recovered by OPIC: $1,015,091,581 $19,152,671 $6,912,701

Total Cash Gain/(Loss) on Claims: ($32,523,508) ($613,651) $2,880,208

 Recovery Percentage: 97%

Insurance Revenue and Claims:

 Total Insurance Revenue $1,759,398,720 $33,196,202.26 $16,998,679

 Less: Total Settlements and Payments ($821,558,394) ($15,501,101.78) $4,032,493

Total Insurance Revenue Net of Claims $937,840,326 $17,695,100.48 $21,031,172

*Includes $381,147,042 in Principal Recoveries and $65,962,223 in Interest and Fees collected on previously settled claims.

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Historical Claims Summary by Coverage Type

Historical (FY1971-FY2023) Insurance Claims Report

As of September 30, 2023

Political Total

Inconvertibility % Expropriation % Violence % Claims

Number of Claims Settled: 174 56% 73 24% 63 20% 310

Total Amount of Claims Settled by OPIC: ($114,678,107) 11% ($850,374,199) 81% ($82,562,784) 8% ($1,047,615,090)

 Cash Settlements and Payments ($109,411,738) 13% ($629,583,873) 77% ($82,562,784) 10% ($821,558,395)

 OPIC Guaranty of Host Gov. Obligations ($5,266,369) 2% ($220,790,326) 98% $0 0% ($226,056,695)

Total Amount of Claims Recovered by OPIC: $106,096,512 10% $907,627,039 89% $1,368,030 0% $1,015,091,581

 Cash Recoveries $100,830,143 13% $686,836,713 87% $1,368,030 1% $789,034,886

 OPIC Guaranty of Host Gov. Obligations $5,266,369 2% $220,790,326 98% $0 0% $226,056,695

Total Gain/Loss on Claims: ($8,581,595) $57,252,840 ($81,194,754) ($32,523,508)

laims Recovered by OPIC:

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Historical Claims Summary by Geographic Regions

Historical (FY1971-FY2023) Insurance Claims Report

As of September 30, 2023

Geographic Number Net Gain/Loss

Region of Claims Cash OPIC Guaranty Total Cash OPIC Guaranty Total

And Receivables And Receivables

Latin America 122 $278,372,929 $183,493,196 $461,866,125 $279,345,903 $184,987,196 $464,333,099 $2,466,974

Asia/Pacific Islands 67 $349,491,117 $42,563,499 $392,054,616 $222,344,818 $260,063,499 $482,408,317 $90,353,701

Sub-Saharan Africa 95 $105,706,680 $0 $105,706,680 $46,503,081 $0 $46,503,081 ($59,203,599)

NIS 5 $69,652,769 $0 $69,652,769 $4,505,417 $0 $4,505,417 ($65,147,352)

North Africa/Middle East 18 $16,113,257 $0 $16,113,257 $10,875,883 $0 $10,875,883 ($5,237,374)

Europe (including Turkey) 3 $2,221,643 $0 $2,221,643 $0 $0 $0 ($2,221,643)

Totals for All Regions: 310 $821,558,395 $226,056,695 $1,047,615,090 $563,575,102 $445,050,695 $1,015,091,581 ($32,523,509)

Amount of Claims Settled by OPIC Amount of Claims Recovered by OPIC

Latin America

44%

Asia/Pacific Islands

37%

Sub-Saharan Africa

10%

NIS 3%

North Africa/

Middle East

2% Europe (including 

Turkey)

<1%

Total Amount of Claims 

Settled by OPIC

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Top 10 Countries in Terms of the Total Amount of Claims Settled by OPIC

Historical (FY1971-FY2023) Insurance Claims Report

As of September 30, 2023

Number

Country of Claims Cash OPIC Guaranty Total Cash OPIC Guaranty Total Net Gain/Loss

And Receivables And Receivables

Chile 25 $145,941,469 $170,056,946 $315,998,415 $165,563,686 $170,056,946 $335,620,632 $19,622,217

Indonesia 3 $217,824,999 $0 $217,824,999 $217,824,999 $0 $217,824,999 $0

India 8 $112,262,151 $0 $112,262,151 $98,054,820 $0 $98,054,820 ($14,207,331)

Argentina 4 $51,802,218 $0 $51,802,218 $52,732,830 $0 $52,732,830 $930,612

Sri Lanka 1 $0 $30,000,000 $30,000,000 $3,709,595 $30,000,000 $33,709,595 $3,709,595

Dominican Republic 18 $26,780,445 $0 $26,780,445 $36,370,718 $0 $36,370,718 $9,590,273

Sudan 17 $25,200,653 $0 $25,200,653 $7,809,888 $0 $7,809,888 ($17,390,765)

Ukraine 2 $62,700,000 $0 $62,700,000 $4,505,417 $0 $4,505,417 ($58,194,583)

Zaire 27 $16,741,111 $0 $16,741,111 $10,004,698 $0 $10,004,698 ($6,736,413)

Sierra Leone 5 $16,600,081 $0 $16,600,081 $964,621 $0 $964,621 ($15,635,460)

Others 200 $145,705,268 $25,999,749 $171,705,017 $191,493,614 $25,999,749 $217,493,363 $45,788,346

Totals for All Countries: 310 $821,558,394 $226,056,695 $1,047,615,089 $789,034,886 $226,056,695 $1,015,091,581 ($32,523,508)

Amount of Claims Settled by OPIC Amount of Claims Recovered by OPIC

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Claims Summary by Country

Historical (FY1971-FY2023) Insurance Claims Report

As of September 30, 2023

Number

Country of Claims Cash OPIC Guaranty Total Cash OPIC Guaranty Total Net Gain/Loss

And Receivables And Receivables

Afghanistan 7 $2,593,906 0 $2,593,906 $0 0 0 ($2,593,906)

Azerbaijan 1 $18,195 0 $18,195 $0 0 0 ($18,195)

Argentina 4 $51,802,218 $0 $51,802,218 $52,732,830 $0 $52,732,830 $930,612

Bangladesh 4 $1,286,162 $0 $1,286,162 $653,503 $0 $653,503 ($632,659)

Belarus 1 $5,900,000 $0 $5,900,000 $0 $0 $0 ($5,900,000)

Benin 1 $3,978,692 $0 $3,978,692 $3,943,539 $0 $3,943,539 ($35,153)

Bolivia 2 $56,938 $8,000,000 $8,056,938 $23,005 $8,000,000 $8,023,005 ($33,933)

Brazil 2 $2,082,182 $0 $2,082,182 $1,863,757 $0 $1,863,757 ($218,425)

CAR 3 $359,311 $0 $359,311 $0 $0 $0 ($359,311)

Chad 2 $198,180 $0 $198,180 $0 $0 $0 ($198,180)

Chile 25 $145,941,469 $170,056,946 $315,998,415 $165,563,686 $170,056,946 $335,620,632 $19,622,217

Colombia 13 $14,567,420 $0 $14,567,420 $548,164 $0 $548,164 ($14,019,256)

Dominica 1 $139,432 $0 $139,432 $329,542 $0 $329,542 $190,110

Dominican Rep. 18 $26,780,445 $0 $26,780,445 $36,370,718 $0 $36,370,718 $9,590,273

DRC 1 $36,232 $0 $36,232 $0 $0 $0 ($36,232)

Ecuador 2 $171,305 $0 $171,305 $72,363 $0 $72,363 ($98,942)

Egypt 1 $43,750 $0 $43,750 $0 $0 $0 ($43,750)

El Salvador 9 $5,492,330 $0 $5,492,330 $4,047,484 $0 $4,047,484 ($1,444,846)

Ethiopia 1 $9,563 $0 $9,563 $0 $0 $0 ($9,563)

Ghana 21 $34,917,527 $0 $34,917,527 $23,319,986 $0 $23,319,986 ($11,597,541)

Guatemala 3 $810,000 $0 $810,000 $324,939 $0 $324,939 ($485,061)

Guyana 4 $7,437,168 $5,436,250 $12,873,418 $10,957,081 $5,436,250 $16,393,331 $3,519,913

Eritrea 1 $91,975 $0 $91,975 $0 $0 $0 ($91,975)

Haiti 8 $1,368,951 $0 $1,368,951 $0 $0 $0 ($1,368,951)

Honduras 4 $1,455,505 $0 $1,455,505 $1,070,935 $0 $1,070,935 ($384,570)

India 8 $112,262,151 $0 $112,262,151 $98,054,820 $0 $98,054,820 ($14,207,331)

Indonesia 3 $217,824,999 $0 $217,824,999 $330,507,504 $0 $330,507,504 $112,682,505

Iran 15 $15,975,424 $0 $15,975,424 $10,875,883 $0 $10,875,883 ($5,099,541)

Jamaica 2 $2,807,979 $0 $2,807,979 $0 $0 $0 ($2,807,979)

Kenya 1 $55,917 $0 $55,917 $56,818 $0 $56,818 $901

Liberia 3 $5,215,089 $0 $5,215,089 $0 $0 $0 ($5,215,089)

Mali 1 $1,384,872 $0 $1,384,872 $0 $0 $0 ($1,384,872)

Nicaragua 18 $3,434,101 $0 $3,434,101 $2,276,296 $0 $2,276,296 ($1,157,805)

Pakistan 3 $1,831,133 $0 $1,831,133 $0 $0 $0 ($1,831,133)

Panama 1 $55,911 $0 $55,911 $0 $0 $0 ($55,911)

Peru 2 $709,865 $0 $709,865 $520,115 $0 $520,115 ($189,750)

Philippines 28 $10,332,870 $0 $10,332,870 $8,890,824 $0 $8,890,824 ($1,442,046)

Russia 1 $1,034,574 $0 $1,034,574 $0 $0 $0 ($1,034,574)

Rwanda 5 $248,443 $0 $248,443 $0 $0 $0 ($248,443)

S. Rhodesia 1 $60,620 $0 $60,620 $56,245 $0 $56,245 ($4,375)

Serbia 1 $1,980,000 $0 $1,980,000 $0 $0 $0 ($1,980,000)

Sierra Leone 5 $16,600,081 $0 $16,600,081 $964,621 $0 $964,621 ($15,635,460)

Somalia 1 $327,123 $0 $327,123 $347,286 $0 $347,286 $20,163

Amount of Claims Settled by OPIC Amount of Claims Recovered by OPIC

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Number

Country of Claims Cash OPIC Guaranty Total Cash OPIC Guaranty Total Net Gain/Loss

And Receivables And Receivables

Amount of Claims Settled by OPIC Amount of Claims Recovered by OPIC

Sri Lanka 1 $0 $30,000,000 $30,000,000 $3,747,140 $30,000,000 $33,747,140 $3,747,140

St. Kitts 1 $180,000 $0 $180,000 $0 $0 $0 ($180,000)

Sudan 17 $25,200,654 $0 $25,200,654 $7,809,888 $0 $7,809,888 ($17,390,766)

S. Sudan 3 $243,365 $0 $243,365 $0 $0 $0 ($243,365)

Syria 1 $20,371 $0 $20,371 $0 $0 $0 ($20,371)

Turkey 1 $85,999 $0 $85,999 $0 $0 $0 ($85,999)

Ukraine 2 $62,700,000 $0 $62,700,000 $4,505,417 $0 $4,505,417 ($58,194,583)

Venezuela 3 $13,079,710 $0 $13,079,710 $2,644,989 $0 $2,644,989 ($10,434,721)

Vietnam 13 $3,359,795 $12,563,499 $15,923,294 $5,950,810 $12,563,499 $18,514,309 $2,591,015

Yemen 1 $73,712 $0 $73,712 $0 $0 $0 ($73,712)

Yugoslavia 1 $155,644 $0 $155,644 $0 $0 $0 ($155,644)

Zaire 27 $16,741,111 $0 $16,741,111 $10,004,698 $0 $10,004,698 ($6,736,413)

Zambia 1 $38,027 $0 $38,027 $0 $0 $0 ($38,027)

 Grand Totals: 310 $821,558,395 $226,056,695 $1,047,615,090 $789,034,886 $226,056,695 $1,015,091,581 ($32,523,509)

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