Risky Business [Global Finance]
By Modugno, Alfred | |
Proquest LLC |
Global Finance presents the winners of its Best Global Risk Management Providers 2012 Awards, incorporating our Best Global Insurers and Best Derivatives Providers Awards.
There is no question the world has become more complex and dangerous for business. Besides challenges to margins from intense competition and globalization, industries in all sectors face difficult and evolving risk issues in every corner of the globe. The litany of natural disasters- earthquakes, floods, tsunami, wildfires, and cyclones- in the past two years sounded alarms about property and supply chain exposures.
In the context of these developments, "the funding and execution of loss prevention and risk management programs are at the heart of a company's strategy to build a sustainable future," says
Thomson was one of 14 prominent risk management and financial executives (see accompanying profiles) who helped Global Finante identify the best insurers and providers of critical insurance coverages and risk services globally and in each region of the world. Along with the views of panelists, the editors evaluated the results of a worldwide survey that drew responses from almost 1,400 readers.
In the global category, AIG was selected as the best insurer for property, environmental liability, employment practices liability, and cyber risk.
Top insurers were recognized overall and by coverage in six regions of the world, including: US/
Survey participants and panelists were asked to choose insurers according to the following criteria: innovation/creativity; capacity, pricing and coverage terms; financial security /stability; reach; and service delivery on claims handling and pre-loss service.
The need for competent, versatile and financially sound insurance and risk providers is at an all-time high. Against this backdrop, we present the winners of the Global Finance Best Risk Management Providers 2012.
Our Expert Insurance Panel Members:
GLOBAL WINNERS
Best Property Insurer: AIG
A global leader in commercial property insurance, AIG brings comprehensive solutions to clients around the world. Industry market cycles historically react to catastrophic events, but AIG aims to provide stable capacity through underwriting discipline and risk improvements. AIG says clients benefit from its distinctive risk management services, property-loss-prevention engineering and claims expertise.
Best General Liability Insurer:
Best Environmental Liability Insurer: AIG
AIG pioneered environmental insurance more than 30 years ago. Today, evolving regulations make it possible for a single pollution incident to undermine a company's financial stability. It offered programs such as PIER (Pollution Incident and Environmental Response)®, and claims handling. AIG has in-house engineering and pollution claims specialists. The insurer recently introduced an industry-specific suite of products.
Best Political Risk Insurer: Zurich
A global leader in political risk insurance, Zurich provides this coverage for more than 300 of the world's leading companies, including financial institutions, multinational corporations, project developers, investors, exporters and infrastructure developers.
Best Trade Credit Insurer:
Best Kidnap And Ransom Insurer: Lloyd's
Widely known for its innovation, Lloyd's is credited with developing the first kidnap and ransom insurance policy. With a network of 2,500 "coverholders" authorized to enter into insurance contracts and issue insurance documents for its syndicates, Lloyd's does business in more than 200 countries and territories around the world.
Best Global Directors and Officers (D&0) Insurer:
"D&0 risks can change dramatically and quickly due to specific events in a company, industry, or global economy," says
Best Employment Practices Liability Insurer: AIG
The widespread use of social media by employees inside and outside the workplace creates a new realm of potential risks for employers. AIG is a pioneer in addressing this exposure in its Employment Practices Liability policies. Similarly, employer use of social media in candidate screening has inherent risk. AIG's loss prevention services can help policyholders with regulatory compliance, training and best practices in EPL risk management.
Best Cyber Risk Insurer: AIG
AIG introduced network security and privacy insurance in 1999, and continually expanded the coverage as exposures emerged. Coverage includes: litigation stemming from a network security or privacy breach and costs associated with managing and addressing a privacy event, security failure, network interruption or cyberextortion threat. In 201 2, AIG rebranded these solutions CyberEdge.
Best Crime/Fidelity Insurer:
"A challenging economic environment coupled with high unemployment rates can be the perfect storm for increasing customer and employee fraud," says
Best Global Supply Chain/Trade Disruption Insurer Zurich
Among its global business resiliency services, Zurich's Supply Chain Risk Assessment & Insurance provides a coordinated approach to help companies deal with business interruptions resulting from disruptions of key suppliers. The program includes a supply chain assessment to help evaluate risks and supply chain insurance that provides "all risks" business interruption coverage.
Best Supply Chain/Business Continuity Consultant: Aon
Aon uses an integrated approach to help clients with their pre- and post-event supply chain, business continuity and disaster recovery capabilities. This includes risk framework, analysis, modeling, data, risk financing, reputation management, and employee communication.
US/
Best Overall Insurer: AIG
In the US and
Best Overall Broker: Marsh
Latest innovations address risks from Cloud vendor failures, actions under the Responsible Corporate Officer doctrine, and US FCPA and
Best Properly Insurer FM Global
Globalization, supply chain complexity and natural disasters are driving client demand for FM Global's financial and engineering risk analyses. It helps clients check business resiliency and identify hidden exposures and potential solutions.
Best General Liability Insurer:
The
Best Political Risk Insurer: Lloyd's
As more US and Canadian businesses expand internationally, demand for political risk insurance is increasing dramatically. The need for capacity has opened the door for more agents to enter into Lloyd's syndicates providing the specialty coverage.
Best Kidnap & Ransom Insurer: Lloyd's
With numerous Lloyd's syndicates offering kidnap and ransom insurance, buyers in the US and
Best O&O Insurer: ACE
ACE's D&O capabilities include broad coverage, access to a "preferred panel" of nationally recognized attorneys in securities litigation and a "25% reduction" In policy retentions "up to
Best Employment Practices Liability Insurer:
Best Crime/Fidelity Insurer:
UEUROPE
Best Overall Insurer:
A global leader in commercial insurance,
Best Overall Broker: Marsh
Across
Best Property Insurer: Zurich
Zurich recognizes the value of business property and operations. The insurers' underwriters and risk engineers work with clients to help prevent losses and protect critical assets. Its property offerings include supply chain coverage, and its network of claims professionals facilitates rapid claims handling.
Best General Liability Insurer: AXA
With more than 102,000 employees across
Best Political Risk Insurer: Zurich
Zurich Emerging Markets Solutions (ZEMS) offers investors, financial institutions, project developers and contractors protection from losses associated with political events in emerging markets. With policy terms up to 1 5 years, ZEMS uses a holistic approach to protect customers' trade and project financing, equity investments and capital markets transactions.
Best Kidnap & Ransom Insurer: Lloyd's
Numerous Lloyd's syndicates provide this critical coverage for businesses located throughout
Best D&O Insurer: Zurich
Zurich's D&O insurance incorporates features such as: worldwide coverage; entity coverage for security offerings; comprehensive wordings tailored to client needs; investigation costs, and broad definition of "claim" and "insured."
Best Employment Practices Liability Insurer: Zurich
With businesses facing increasingly stringent employment legislation, Zurich's
Best Crime/Fidelity Insurer: Zurich
Zurich's global team of some 100 commercial crime underwriters brings specialized expertise on these potentially costly issues. In addition to crafting flexible insurance programs to meet individual business needs, they help clients make decisions to prevent or detect crime and reduce its potential impact.
CENTRAL/
Best Overall Insurer:
Best Overall Broker: Aon
Best Property Insurer: AXA
In the area of property insurance, AXA Corporate Solutions serves the needs of large corporations in Central and
Best General Liability Insurer'
Best Political Risk Insurer: Zurich
Zurich Emerging Markets Solutions (ZEMS) offers investors, financial institutions, project developers and contractors protection from losses associated with political events in emerging markets. To date, ZEMS has written policies covering risks in 70 emerging markets.
8est D&O Insurer:
Best Employment Practices Liability Insurer: UNIQA
UNIQA provides an array of commercial coverages for clients across all industries. Active in
Best Crime/Fidelity Insurer: AIG
Rather than addressing risks piecemeal, AIG provides worldwide crime protection through a single, comprehensive insuring agreement, and efficient claims settlement process. Specialized risk management and loss control services helps clients reduce costs of workplace fraud.
Best Overall Insurer: AXA
With operations in
Best Overall Broker: Aon
With 3,000 experts located throughout
Best Property Insurer: AXA
In addition to commercial property, boiler and machinery, and inland marine coverages provided by AXA Corporate Solutions,
Best General Liability Insurer Mapfre
Established in
Best D&O Insurer AXA
Among its portfolio of business coverages, AXA Corporate Solutions offers D&O liability insurance. Recent D&O policy enhancements include access to legal defense services in certain areas.
Best Employment Practices Insurer: La Segunda
One of
Best Crime/Fidelity Insurer: AIG
AIGs Crime/Fidelity insurance helps customers manage risks from myriad traditional criminal activities, including employee theft, fraud, extortion, and counterfeiting. Coverage can be extended for computer crimes, investigative services and pre-loss consulting services.
Best Overall Insurer: AIG
AIG's extensive network throughout the
Best Overall Broker: Marsh
Throughout the
Best Property Insurer: AXA
AXA offers several property coverages for clients throughout
Best General Liability Insurer: AXA
AXA's "combined general liability" insurance offers both public and products liability. It helps protect businesses for claims arising from personal injury, property damage and advertising liability to third parties that occur in connection with the insured's business or products. The policy also covers related defense costs.
Best Political Risk Insurer: AXA
Most specialty coverages in the
Best Kidnap & Ransom Insurer: Lloyd's
In addition to the various kidnap and ransom coverage arrangements available to businesses in
Best D&O Insurer: AIG
Launched this year, AIG's Dragonshield product has the standard covers of traditional D&O, as well as enhanced cover for investigations, derivative actions, bankruptcy and non-indemnifiable exposures.
Best Employment Practices Liability Insurer: AXA
With operations in
Best Crime/Fidelity Insurer: Lloyd's
Several Lloyd's syndicates are active in
Best Overall Insurer: AXA
AXA continues to expand its footprint throughout the
Best Overall Broker. Aon
With a strong base in
Best Property Insurer:
A multiline insurer based in
Best General Liability Insurer: Zurich
Throughout
Copyright: | (c) 2012 Global Finance Media Inc. |
Wordcount: | 3308 |
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