RSA Reports 58% Growth in Construction and Engineering Insurance
- World’s leading insurer delivers new and improved Construction and Engineering Insurance Solutions -
RSA, a world leading insurance group and one of the largest insurers in the region, has reported 58% growth in its Construction & Engineering (C&E) segment between 2006 and 2007 in the key markets of Asia & the Middle East. In response to this growth, the group has enhanced its C&E insurance proposition through innovative products and the development of a specialised team.
Dr. Hao Ming Zhou, Head of Construction & Engineering, RSA Asia & Middle East said, “Our C&E business has exponentially grown over the past two years due to the boom in the construction sector. Committed projects in the GCC alone reached US$2 trillion this year and less than 25% of this figure is currently under development.”
While RSA as a Group has been a leading insurer for the Construction and Engineering business globally, RSA’s expertise and risk appetite on Construction insurance in the region was limited to Singapore and Dubai. RSA developed a C&E strategy for Asia and the Middle East in 2006, and since 2007, RSA has hired a team of C&E specialists and placed them strategically in Shanghai, Hong Kong, Singapore, Bahrain and Dubai. These individual specialists, coming from leading international insurers, reinsurers and insurance brokers, are all well known in the C&E community. With a clearly defined C&E strategy, and strong support from RSA management, the team has successfully become leading underwriters for many risks, such as the CLP Emission Control Project in Hong Kong; the Asia Pulp and Paper Project in China; the Suez Energy Pan-Asia & Middle East
Program; Emmar King Abudulah Economic City in Saudi; the Royal Mirage Project in Dubai; and the House of Musical Arts in Oman.
RSA is drawing more resources into the Middle East in order to meet the opportunities in the field of construction insurance. A dedicated C&E team has been formed to ensure that RSA capitalizes on the opportunities present in the market and to ensure that the group’s business partners receive a consistent and specialized service.
Dr. Zhou commented, "RSA has a market leading position in C&E insurance. This has been achieved through a strong track record of delivering customer quality, innovative solutions and underwriting and claims expertise. Our business partners will now benefit from a consistent and specialized approach with a centralized team handling all construction and engineering insurance enquiries.”
RSA’s flagship C&E products are Construction All Risks (CAR) Erection All Risks (EAR), Delay-in-Start-Up (DSU) and Machinery Breakdown (MB).
Dr. Zhou adds, “RSA is moving towards a servicing model with centralised and specialised teams focused on the areas of technical expertise that have traditionally been considered more complex. Our proposition is designed to respond to each of the identified needs of our customers and partners as a leading insurer. The totality of the elements and our behavior and attitude of solution-driven will ensure our offering ‘stand-out’ from the competition.”
The new and improved C&E insurance offering demonstrates RSA’s commitment to the provision of comprehensive products and to the development of long term, profitable partnerships with its business partners.
© 2008 Al Bawaba (www.albawaba.com)
