Allianz Expands Global Environmental Impairment Liability Team
By a
"Environmental claims pose an immense financial and reputational risk for companies today and we will continue investing in the best people and resources to best serve our customers," stated
"AGCS' strength in the Liability market enables us to help our customers address some of the most complex risks such as EIL," stated
In
In the Mediterranean,
As a result of progressive legislative change, regulatory enforcement and increased corporate globalization, the need for commercial environmental insurance has increased, particularly in the mature markets of the
"Fines or penalties are ways in which local regulators are attempting to maintain or improve local standards, as well as build awareness," Lu explains.
Environmental risk and regulatory change does not stop at country borders, as more multinational companies are facing new challenges while expanding into broader territories. Emerging regions such as
"We have definitely seen an increase in demand for global cover," added Lu. "Particularly in mature markets where risks managers want to purchase worldwide policies, including local policies in non-admitted countries."
To meet this demand and to ensure consistency, AGCS offers standalone global pollution programs for multinational companies. Such programs incorporate an aligned approach on the master and local policies, offering a broad scope of insurance such as sudden and gradual pollution, first and third party clean-up costs for owned premises and off-site risk, transportation and first party business interruption.
AGCS provides EIL solutions for fixed site operations and contractors pollution liability in the corporate space, with limits up to
Worldwide, AGCS operates in 29 countries with own units and in more than 160 countries through the
AGCS SE is rated AA by
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