AIG bullish on construction opportunities in the Philippines-A A +A
Tuesday, February 11, 2014
INTERNATIONAL Insurance leader AIG is bullish on new construction opportunities as the economic boom in the Philippines triggers further expansion in the large-scale building sector.
Based on the 2014 Philippine Report, the construction sector is one of the fastest growing industries in the country, with a 32.5% growth in the first quarter of 2013 and double-digit growth in successive quarters.
AIG’s international and regional construction experts spoke to members of the local construction and insurance industry at a half day forum in Makati City to showcase the company’s full spectrum of construction industry products and services.
"The ongoing expansion of the Philippines economy and growth in large-scale construction projects presents AIG with opportunities to expand its construction insurance portfolio in the Philippines, and offers the Philippines construction industry an opportunity to take advantage of AIG’s recently enhanced resources and capabilities in its construction and construction-industry product offerings," according to Daniel Abramson, AIG’s global head of construction.
"The forum on Managing Risks in Cross-Border Construction exemplifies AIG’s commitment to highlighting the importance and value of an experienced team with deep industry knowledge and underwriting expertise to offer its construction clients solutions for their complex risk transfer needs. We are committed to providing innovative ways to deal with evolving risks in this sector.”
AIG invited its global and regional industry experts to share their insights with top contractors and construction brokers at the forum held at the Mandarin Oriental in Makati.
The meeting highlighted how a well-designed insurance solution can address complex risks and challenges in 21st century construction projects.
“We have tremendous depth of experience in construction, and other commercial endeavors, which help our clients manage, reduce, and avoid risks,” said AIG Philippines President and CEO, Mark Lwin.
AIG provides Infrastructure solutions backed by an experienced underwriting team and has 38 engineers focused on Asia Pacific and the Philippines.
This technical engineering expertise enables AIG to have a better understanding of risks across several industries which include Aviation, Energy, Property, and Marine.
AIG is a recognized market leader in the infrastructure sector and has unrivalled capabilities to support owners’ and contractors’ insurance needs.