Insurance brokers support their clients in acquiring insurance cover and act as intermediary to insurance companies.
Below is an overview of insurance products offered by several insurance brokers active in Southeast Asia. The list is not exhaustive, however provides a rough guide of available products. Given the specific characteristics of each infrastructure project, insurance cover products are not standardised; brokers should be contacted directly for more specific information on their products.
Aon is a leading global provider of risk management, insurance and reinsurance brokerage. Examples of risks covered by its insurance products include construction risk, with Aon’s Construction Services Group providing commercial risk insurance to contractors, project owners, and industry stakeholders, covering performance security (surety & contractor default insurance), commercial surety and contractors insurance. Aon is also able to insure against environmental risk, liability, property risk control and trade credit.
Arthur J. Gallagher & Co
Arthur J. Gallagher & Co. is a US-based global insurance brokerage and risk management services firm. Its Gallagher Global Construction Services division offers construction risk management services, focusing on developing surety, insurance and risk management programs for contractors. Examples of risks covered by its insurance products include general liability, umbrella/excess property, inland marine and contractors’ equipment, builders’ risk and riggers liability, pollution, professional liability, surety and subcontractor default.
Marsh is a major insurance broker and risk adviser offering products and services including risk analysis and management. Examples of risk areas covered by its insurance products include construction, environment, infrastructure, marine, power and utilities, professional liability and property insurance.
Willis Towers Watson
Willis Towers Watson is a professional services firm specialized in insurance brokerage and risk management. Its products and services cover various risk areas relevant to infrastructure projects, including construction, accident & health, environment, liability, marine cargo, property, surety, trade credit, warranty and indemnity. Willis is further involved in PPP/PFI activities supporting service providers, lenders, governmental and public bodies on, for example, risk assessment, allocation and insurability studies.
Other major insurance brokers include: