Dealing With The Unexpected
By Modugno, Alfred | |
Global Finance presents the winners of its Best Global Risk Management Providers 2013 Awards, incorporating our Best Global Insurers and Best Derivatives Providers Awards.
Despite vast potential opportunities, the global business environment remains fraught with complex and emerging risk. For companies in all areas of the world, managing risk-from natural disasters to evolving cyberexposures, widespread political unrest and heightened criminal activity-is imperative for effective governance and sustainable performance.
Meanwhile, as more firms operate internationally, their insurance programs are complicated by an array of regulatory and tax requirements that often vary by country.
"Organizations have operations and interests in most parts of the world today," said
Baron was one of 13 prominent risk management and financial executives (see accompanying panel member profiles) who helped Global Finance identify the best insurers and risk management providers of key coverage areas and risk services globally and in each region of the world. Along with the opinions of the panelists, the editors evaluated results of a worldwide survey that drew responses from 1,200 readers.
In the global category, AIG was selected as the best overall insurer, as well as the best insurer for property, environmental liability, directors and officers, employment practices liability and cyberrisk.
The survey focused on property and casualty insurance. In addition to the global winners, top insurers were recognized overall and by coverage line in seven regions of the world: US/
The survey participants and panelists were asked to select insurers according to the following criteria:
* Innovation/creativity (ability to develop and offer meaningful solutions to risk issues).
* Capacity, pricing and coverage terms.
* Financial security/stability (as qualified by various ratings agencies where available, and buyer or insurance broker perceptions when ratings are not available).
* Reach (availability of underwriting or service resources on the ground in areas where risks exist and coverage is provided).
* Service delivery, especially with respect to claims handling and pre-loss service capabilities.
The weighting of the criteria was left to the respondents and panelists, as they are likely to differ by region and product line.
Around the world, the need for innovative, effective and financially secure insurance and risk providers is greater than ever. With this backdrop, we present the winners of the Global Finance Best Risk Management Providers 2013.
GLOBAL WINNERS
BEST OVERALL INSURER: AIG
AIG, a leading international insurance organization, serves customers (commercial, institutional and individual) in more than 130 countries through one of the most extensive worldwide property-casualty networks. AIG continues to develop new products and services-including new cyberinsurance solutions, expanded directors and officers liability insurance, product recall services and increased limits for its product contamination coverage-to address the dynamic needs and exposures of clients in all corners of the globe.
BEST INSURANCE BROKER: AON
Among Aon's innovations for clients are its recent creation of a "sidecar" facility (additional capacity via a co-insurance agreement with
BEST CASUALTY INSURER:
A leading provider of capacity for business casualty risks,
BEST PROPERTY INSURER: AIG
Through two specialized units-Commercial Property, and Energy and Engineered Risk-AIG's Global Property division provides access to an extensive global team of specialists in underwriting, engineering, claims, risk management and multinational disciplines.
BEST ENVIRONMENTAL LIABILITY INSURER: AIG
A global leader in environmental liability insurance for over 30 years, AIG has more than 130 dedicated environmental underwriters and product offerings in over 60 countries. In addition to a suite of environmental insurance products tailored to specific industries, AIG offers environmental claims expertise and valueadded programs such as PIER (Pollution Incident & Environmental Response).
BEST POLITICAL RISK INSURER: LLOYD'S
Several of Lloyd's insurers offer political risk insurance with operations in all regions of the world. This type of insurance addresses such risks as consequential financial loss arising from political actions by countries where an insured business operates: political violence; confiscation of property; inconvertibility of currency; non-repossession of aircraft, which protects lenders who provide financing for leased aircrafts; and trading risks.
BEST TRADE CREDIT INSURER:
"Demand for trade-related insurance is being driven by increased sector and geographic risks, and because today more than 80% of trade is conducted on an open-account basis," said
BEST KIDNAP & RANSOM INSURER: LLOYD'S
Lloyd's is credited with developing the first kidnap and ransom insurance policy. Its coverage includes 24/7 expert response and can address multiple risks, including kidnap, extortion, hijack, illegal detention, political evacuations and repatriation.
BEST DIRECTORS AND OFFICERS (D&O) INSURER: AIG
Executive liability is a growing global exposure. Local regulatory environments continue to evolve, creating new requirements and risks for corporations with international subsidiaries and operations. A D&O policy issued in one country may not respond effectively to a suit brought against directors and officers in another. AIG's "Passport for D&O" gives corporations with subsidiaries and operations outside their home country an efficient way to secure D&O liability insurance.
BEST EMPLOYMENT PRACTICES LIABILITY INSURER: AIG
Using a combination of underwriting consistency, creativity and claims service, AIG helps clients overcome the challenges of growing employment practices exposure. Its global claims team works with clients to mitigate costs by pursuing early assessments and settlement of claims.
BEST CYBERRISK INSURER: AIG
The frequency and severity of computer hacking incidents, distributed denial of service attacks and other network-related outages are increasing. In addition, the accidental release of personal information owing to error, systems malfunction, malicious attack or other causes can leave businesses with substantial reputational risks. In addition to helping businesses assess and insure against potential cyberexposures, AIG has dedicated cyberdaims specialists and a global vendor network to help businesses manage the various implications of cyberloss events.
BEST CRIME/FIDELITY INSURER:
The fallout from the global financial crisis and the sluggish economic recovery in many areas of the world has seen a significant rise in the incidence of corporate crime, fraud and related events.
BEST SUPPLY CHAIN/TRADE DISRUPTION INSURER: LLOYD'S
Given several large-scale natural disasters in recent years-the Japanese earthquake and tsunami,
US/
BEST OVERALL INSURER: AIG
In
BEST OVERALL BROKER:
BEST PROPERTY INSURER:
BEST GENERAL LIABILITY INSURER: AIG
Among the various casualty insurance coverages offered by AIG, general liability insurance is designed to protect businesses from the costs of accidents, injuries and property damage sustained by third parties. These are potentially significant exposures for companies of all sizes, and in all industries.
BEST D&O INSURER: AIG
From having to return compensation under the terms of the Sarbanes-Oxley Act to the threat of criminal prosecution and incarceration in a foreign jurisdiction, executives face heightened personal liability. Management liability coverage enables them to respond to financial scandals, changes in the law and the credit crisis.
BEST POLITICAL RISK INSURER:
Headquartered in
BEST EMPLOYMENT PRACTICES LIABILITY INSURER: AIG
Ongoing developments at the
BEST CRIME/FIDELITY INSURER: AIG
With increasing evidence to suggest that the greatest threat companies face is from within, AIG provides the protection companies need against dishonest employees' acts. Its specialists have knowledge of fidelity risks and claim trends. In-house resources include a dedicated forensic accountant and recovery unit, which can help lessen the impact of crime.
BEST OVERALL INSURER:
BEST OVERALL BROKER: MARSH
Marsh's European operations comprise more than 7,000 staff in over 33 countries. It offers a suite of services for large corporations and specific industry sectors, as well as dedicated units to serve the needs of small and mediumsize enterprises and private clients. As a global firm, Marsh is able to adapt and refine solutions and approaches initiated in one geographic market for use in other regions. Marsh is expanding its geographic footprint in emerging markets across
BEST PROPERTY INSURER: AXA
AXA's property/casualty business encompasses commercial lines, claims management, reinsurance and personal lines. Its Corporate Solutions division insures large corporate risks, particularly in the aviation and marine markets, and loss prevention and claims management for large national and multinational corporations. It ranks among the top-five large corporate risk insurers in
BEST GENERAL LIABILITY INSURER:
BEST D&O INSURER:
As liabilities expand for directors and officers amid shifting legal and regulatory environments,
BEST EMPLOYMENT PRACTICES LIABILITY INSURER:
In
BEST CRIME/FIDELITY INSURER:
From misappropriations by employees to external assaults by skilled financial criminals, crime represents an ongoing threat to businesses.
BEST OVERALL INSURER:
BEST OVERALL BROKER: AON
With offices in 13 countries in Central and
BEST PROPERTY INSURER:
Businesses across Central and
BEST GENERAL LIABILITY INSURER:
Legal regimes in many countries throughout the region continue to bring heightened levels of risk. Businesses seeking to manage emerging local exposures effectively may benefit from a global perspective, including insurance solutions and risk management approaches initiated in countries with complex liability schemes. A network of owned operations and affiliates in Central and
BEST CRIME/FIDELITY INSURER:
Crime and theft continue to be significant issues in all parts of the world, particularly in emerging markets, where regulations and infrastructure are continuing to evolve.
BEST OVERALL INSURER:
BEST OVERALL BROKER:
BEST PROPERTY INSURER: AIG
AIG operates in more than 25 countries and jurisdictions throughout
BEST GENERAL LIABILITY INSURER: AIG
Among the numerous casualty insurance coverages offered by AIG, general liability insurance is designed to protect businesses from the costs of accidents, injuries and property damage sustained by third parties.
BEST CRIME/FIDEUTY INSURER:
Expansion into emerging markets presents growth opportunities, but it may also increase exposure to commercial crime.
BEST OVERALL INSURER: AIG
AIG's operation in the
BEST OVERALL BROKER:
BEST PROPERTY INSURER: AIG
AIG offers an extensive array of property insurance solutions for businesses throughout
BEST GENERAL UABILITY INSURER:
Operating in
BEST CRIME/FIDEUTY INSURER: AIG
AIG provides a variety of insurance coverages designed to protect businesses in the region from the consequences of theft and crime. Its CyberEdge product provides protection against rising occurrences of sensitive data breaches, computer hacking, computer virus and employee destruction, stealing of information and identity theft.
BEST OVERALL INSURER: AXA
In the
BEST OVERALL BROKER: MARSH
With more than 35 years of experience in the Middle East Marsh is the region's largest insurance broking, risk management and employee benefits firm. Through its 14 offices in the region, it offers dedicated expertise in energy, construction, infrastructure, power and utilities, financial institutions, manufacturing, healthcare, real estate, retail, leisure and transportation.
BEST PROPERTY INSURER: AIG
AIG brings comprehensive property and energy solutions to clients across the
BEST GENERAL LIABILITY INSURER:
BEST CRIME/FIDEUTY INSURER: ALUANZ
Crime and theft are issues for all industries in every region of the world.
BEST OVERALL INSURER: AIG
AIG has operations in
BEST OVERALL BROKER: AON
From its base in
BEST PROPERTY INSURER: AIG
AIG brings comprehensive property and energy solutions to clients to meet individual business needs. With an increase in commercial "highly protected risk" property capacity to what AIG describes as an "industry leading"
BEST GENERAL LIABILITY INSURER: AIG
AIG manages risks for commercial clients of varying sizes. It boasts a broad risk appetite, large capacity and wide coverage across
BEST CRIME/FIDEUTY INSURER: AIG
In addition to commercial insurance packaged programs and stand-alone crime insurance for smalland middle-market businesses, the insurer offers policies that address the needs of large domestic companies and multinationals. Specialized coverages, including identity liability and cyberinsurance, address emerging global risks associated with the Internet and network computing exposures. Multinational corporations can evaluate program structure and coverage needs across multiple lines of insurance through an interactive online tool.
OUR EXPERT INSURANCE PANEL MEMBERS:
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