ACE ups terrorism, political violence and war insurance capacity for U.K., Europe, the Middle East and Africa
July 10, 2015 by Canadian Underwriter
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Evolving threats and increased demand from multinational clients has prompted ACE Group to increase insurance capacity of as much as US$100 million or 100 million euros for terrorism, political violence and war risks.
The new totals are double what they previously were, namely US$50 million or 50 million euros, notes a statement Thursday from ACE Group, one of the world’s largest multiline property and casualty insurers.
The increased capacity – available to brokers and their clients in the United Kingdom and Continental Europe – is designed to meet the needs of large, multinational businesses with growing global exposures.
Citing new research from ACE, the company reports that 68% of surveyed risk managers across Europe, the Middle East and Africa report that terrorism is a growing concern for business. In addition, 75% of respondents say they agree recent global events are causing them to review their security and travel policies, notes the July 2015 issue of ACE’s Emerging Risks Barometer.
“Brokers and clients are looking for certainty to confront the challenges of an increasingly volatile global environment,” Piers Gregory, terrorism and political violence underwriting manager for ACE Overseas General, notes in the company statement.
“They want to ensure that their assets and people have appropriate terrorism and political violence cover wherever they are located and however the threat manifests itself – be it terrorism, civil disturbance, riot, political violence or even full-blown war,” Gregory says. The increase in capacity seeks to respond to “growing client demand for certainty and comprehensive cover across the full range of perils,” he adds.
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