Private Insurance Companies and Markets
Private insurers and commercial banks have tended to focus mostly on providing coverage for commercial risks and short-term export credit insurance, however are increasingly offering political risk insurance (PRI).
Below is an overview of insurance products offered by several private insurance companies and the Lloyd’s market. 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; insurance companies should be contacted directly for more specific information on their products.
Rather than an insurance company, Lloyd’s is an insurance market where independent underwriters join as syndicates. Currently 96 syndicates exist, providing mainly insurance and reinsurance and enabling underwriters to pool and spread risks.
Private Insurance Companies
ACE insurance can cover commercial risks in infrastructure projects. Insurance for Public-Private Partnerships (PPPs) will standardly cover: contract works, delays in start-up, environmental liability, marine and public liability.
Examples of risks covered by its insurance products include construction risk, environmental risk, liability, marine insurance, operational power, property insurance, surety and trade credit.
AIG International Group, Inc.
American International Group, Inc. (AIG) provides insurance for customers in more than 100 countries and jurisdictions, including commercial risk insurance products.
Examples of risks covered by its insurance products include casualty, environmental, general liability, marine and inland marine, professional liability, property, surety, trade credit and warranty.
Allianz is an international financial service company which offers worldwide insurance products against construction and operational risks. Examples of risks covered by its insurance products include builders risk/construction all risks, business Interruption, delay in start-up and advance loss of profits, public, products and employers’ liability, environmental liability, Erection All Risks, Construction All Risks, Advanced Loss of Profits, contractors’ plant and equipment, cargo (including storage, project cargo shipments and combined cargo/engineering) risks, property risks (including physical damage), marine cargo risks, directors & officers liability, professional Indemnity and supply chain risks.
Atradius provides specialist on-trade credit insurance, surety and collection services, with a local office in Singapore. Its products and services target certain risks in infrastructure projects. Examples of risks covered by its insurance products include credit risks, non-honouring of letters of credit or other guarantees, pre-shipment and payment risks, surety bonds and guarantees, trade credit risks and unfair calling of bonds.
The AXA Group is active in financial services like global investment banking, securities, investment management and insurance. Its services include coverage of construction risks. Examples of risks covered by its insurance products include CAR/EAR, cargo (including storage and freight forwarders’ liability), general liability, inherent defect risks and property damage.
XL Catlin offers insurance covering commercial risks in infrastructure projects. Examples of risks covered by its insurance products include casualty, construction & engineering risks, environmental risks, general / professional liability, marine risks (e.g. cargo, marine liability) risks, property damage and trade credit.
Zurich Insurance Group
The Zurich Insurance Group is a global insurer offering a wide range of products to mitigate risks in infrastructure investment. Examples of risks covered by its insurance products include casualty, construction risks, marine risks, property damage and trade credit.