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Global Finance names AIG as best overall insurer

India Infoline News Service | Mumbai |

Lloyd’s was selected as best global political risk insurer, kidnap and ransom, and supply chain/trade disruption

Global Finance on Wednesday announced the winners of its 2013 Best Global Insurers awards, drawing on responses from more than 1,200 readers around the world, as well as input from a panel of 13 prominent risk management and financial executives at major companies headquartered in each geographic region of the world.

In the global category, AIG was selected as the best overall insurer, as well as the best insurer for property, environmental liability, directors & officers liability, employment practices liability, and cyber risk. Allianz won as best global casualty insurer, as well as for trade credit (Euler Hermes) and crime/fidelity. Lloyd’s was selected as best global political risk insurer, kidnap and ransom, and supply chain/trade disruption. Aon won as the best global insurance broker.

“As they operate in an increasingly complex and competitive environment, businesses in all parts of the world must find ways to address larger and more challenging exposures. Meanwhile, insurance companies must continually assess their own risk portfolios to maintain their financial security as they develop solutions to help clients address emerging exposures,” said Joseph D. Giarraputo, president and publisher,
Global Finance. “The survey findings offer insights that may be useful to readers as they make critical choices about their risk management strategies and providers. We congratulate this year’s winners and thank our survey participants and panelists for their assistance.”

The survey focused exclusively on property and casualty insurance lines and did not address life and health insurance issues. In addition to the global winners, the magazine recognized top insurers by coverage line and best overall brokers in seven regions of the world, including U.S./Canada, Europe, Central/Eastern Europe, Latin America/Caribbean, Asia/Pacific, the Middle East, and Africa. Global and regional winners are listed on the following pages.


Global

• Best overall global insurer: AIG
• Best global insurance broker: Aon
• Best global casualty insurer: Allianz
• Best global property insurer: AIG
• Best global environmental liability insurer: AIG
• Best global political risk insurer: Lloyd’s
• Best global trade credit insurer: Euler Hermes
• Best global kidnap & ransom insurer: Lloyd’s
• Best global D&O insurer: AIG
• Best global employment practices liability insurer: AIG
• Best global cyberrisk insurer: AIG
• Best global crime/fidelity insurer: Allianz
• Best global supply chain/trade disruption insurer: Lloyd’s
North America
• Best overall insurer: AIG
• Best insurance broker: Wells Fargo
• Best property insurer: Zurich
• Best general liability insurer: AIG
• Best D&O insurer: AIG
• Best political risk insurer: Zurich
• Best employment practices liability insurer: AIG
• Best crime/fidelity insurer: AIG
Europe
• Best overall insurer: Allianz
• Best insurance broker: Marsh
• Best property insurer: AXA
• Best general liability insurer: Allianz
• Best D&O insurer: Zurich
• Best employment practices liability insurer: Allianz
• Best crime/fidelity insurer: Zurich
Central/Eastern Europe
• Best overall insurer: Allianz
• Best insurance broker: Aon
• Best property insurer: Allianz
• Best general liability insurer: Allianz
• Best crime/fidelity insurer: Allianz
Latin America/Caribbean
• Best overall insurer: Allianz
• Best insurance broker: Arthur J. Gallagher
• Best property insurer: AIG
• Best general liability insurer: AIG
• Best crime/fidelity insurer: Zurich
Asia/Pacific
• Best overall insurer: AIG
• Best insurance broker: Jardine Lloyd Thompson
• Best property insurer: AIG
• Best general liability insurer: Allianz
• Best crime/fidelity insurer: AIG
Middle East
• Best overall insurer: AXA
• Best insurance broker: Marsh
• Best property insurer: AIG
• Best general liability insurer: Allianz
• Best crime/fidelity insurer: Allianz
Africa
• Best overall insurer: AIG
• Best insurance broker: Aon
• Best property insurer: AIG
• Best general liability insurer: AIG
• Best crime/fidelity insurer: AIG
The survey participants and the 13 panelists were asked to select insurers in each of the categories according to the following criteria:
• Innovation/Creativity - the ability to develop and offer meaningful solutions to risk issues.
• Capacity, pricing and coverage terms.
• Financial security/stability as qualified by various ratings agencies where available, and buyer or insurance broker perceptions when ratings are not available.
• Reach - the availability of underwriting or service resources on the ground in areas where risks exist and coverage is provided.
• Service delivery, especially with respect to claims handling, but also in terms of pre-loss service capabilities, such as loss control.
The weighting of the criteria was left to the respondents and panelists, as they are likely to differ by region and product line, as well as with respect to the availability of market security/financial information, regional insurer competition and regulatory requirements regarding insurer selection.
The survey results and profiles of the winners will be reported in the December issue of Global Finance.


 

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