INSPENONLINE: AIG to expand construction insurance

Monday 10 February 2014

AIG to expand construction insurance

International insurer AIG said that it will expand its construction insurance portfolio in the Philippines amid the country’s robust economic growth.

In a statement, AIG said the company is prepared to capitalize on new construction opportunities as it expects the country’s economic boom will trigger further expansion in the large-scale building sector.

AIG cited a recent report that showed the Philippines’ construction sector, one of the nation’s fastest growing industries, grew by 32.5 percent in the first quarter of 2013 and double-digit growth in successive quarters.

AIG’s international and regional construction experts recently met with members of the local construction and insurance industry to showcase the company’s full spectrum of construction industry products and services

"The ongoing expansion of the Philippines economy and growth in large-scale construction projects presents AIG with opportunities to expand its construction insurance portfolio in the Philippines," Daniel Abramson, AIG’s global head of construction said.

Abramson said it will offer the Philippines construction industry an opportunity to take advantage of its recently enhanced resources and capabilities in its construction and construction-industry product offerings.

"The forum on Managing Risks in Cross-Border Construction exemplifies AIG’s commitment to highlighting the importance and value of an experienced team with deep industry knowledge and underwriting expertise to offer its construction clients solutions for their complex risk transfer needs," Abramson said.

"We are committed to providing innovative ways to deal with evolving risks in this sector," he added.

AIG invited its global and regional industry experts to share their insights with top contractors and construction brokers at the forum held at the Mandarin Oriental in Makati.

The meeting highlighted how a well-designed insurance solution can address complex risks and challenges in 21st century construction projects.

"We have tremendous depth of experience in construction, and other commercial endeavors, which help our clients manage, reduce, and avoid risks," Mark Lwin, AIG Philippines President and Chief Executive Officer, said.

AIG provides Infrastructure solutions backed by an experienced underwriting team and has 38 engineers focused on Asia Pacific and the Philippines. This technical engineering expertise enables AIG to have a better understanding of risks across several industries which include Aviation, Energy, Property, and Marine.

AIG is a recognized market leader in the infrastructure sector and has unrivalled capabilities to support owners’ and contractors’ insurance needs.

Source

Manila Bulletin

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Lawal is Inspen 2014 insurance man of the year

The former President Chartered Insurance Institute of Nigeria (CIIN) Fatai Lawal has emerged the 2014 Inspenonline Insurance Man of the year.

Fatai who is the the Managing Director Sterling Assurance Nigeria Limited was named today, at the Nigerian Insurance and Pension Award organised by Inspenonline.

Chief Executive Officer Inspenonline Media, Chuks Udo Okonta, said Lawal was picked from the votes casted by the public and other considerations made by the award's panel of assessors.

He noted that the winner raised the bar at the the Institute and the industry by opting to serve a tenure which was eventful and impactful. He added that amongst the legacies left by the winner was the printing and donation of Insurance books to secondary and tertiary institutions aimed at deepening insurance awareness.

Okonta noted that the award, which started two years ago with the recognition of two distinguished individuals and an underwriting company, has now come to stay.

"This year, we decided to raise the bar by setting high standards to judge the operations of companies and impacts made by individuals in moving insurance and pension business forward.

"To achieve this, we gave the public the opportunity to select those to be celebrated by calling for votes. Having harmonised the votes which came from different parts of the country, we benchmarked the scores with the set standard to arrive at the winners we are celebrating today," he said.

Others winners are AIICO Insurance Plc, Insurance company of the year; FUG Pensions Limited, Pension Fund Administrator of the Year; YOA Insurance Brokers Limited and Glanvill Enthoven Insurance Brokers Limited, Insurance Broker of the year.

Professional Excellence Award went to Professor Joe Irukwu; Best Professional Group went to the Chartered Insurance Institute of Nigeria and Association of Registered Insurance Agents of Nigeria; Corporate Brand went to Mansard Insurance Plc and Leadway Assurance Limited while Corporate Social Responsibility Award was won by Sovereign Trust Insurance Plc.

The organisers also recognised organisations that distinguished themselves, with Excellence Award. Organisations in this category include the National Pension Commission, Lagos State Pension Commission, Goldlink Insurance Plc and Pension Transition Administration Directorate.

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