Dubai, UAE - RSARSA, a world leading insurance group and one of the largest insurers in the region, has reported 58% growth in its Construction & Engineering (C&E) segment between 2006 and 2007 in the key markets of Asia & the Middle East. In response to this growth, the group has enhanced its C&E insurance proposition through innovative products and the development of a specialised team.

Dr. Hao Ming Zhou, Head of Construction & Engineering, RSA Asia & Middle EastRSA Asia & Middle East said, "Our C&E business has exponentially grown over the past two years due to the boom in the construction sector. Committed projects in the GCC alone reached US$2 trillion this year and less than 25% of this figure is currently under development."

While RSARSA as a Group has been a leading insurer for the Construction and Engineering business globally, RSARSA's expertise and risk appetite on Construction insurance in the region was limited to Singapore and Dubai. RSARSA developed a C&E strategy for Asia and the Middle East in 2006, and since 2007, RSARSA has hired a team of C&E specialists and placed them strategically in Shanghai, Hong Kong, Singapore, Bahrain and Dubai. These individual specialists, coming from leading international insurers, reinsurers and insurance brokers, are all well known in the C&E community. With a clearly defined C&E strategy, and strong support from RSARSA management, the team has successfully become leading underwriters for many risks, such as the CLP Emission Control Project in Hong Kong; the Asia Pulp and Paper Project in China; the Suez Energy Pan-Asia & Middle East

Program; Emmar King Abudulah Economic City in Saudi; the Royal Mirage Project in Dubai; and the House of Musical Arts in Oman.

RSARSA is drawing more resources into the Middle East in order to meet the opportunities in the field of construction insurance. A dedicated C&E team has been formed to ensure that RSARSA capitalizes on the opportunities present in the market and to ensure that the group's business partners receive a consistent and specialized service.

Dr. Zhou commented, "RSARSA has a market leading position in C&E insurance. This has been achieved through a strong track record of delivering customer quality, innovative solutions and underwriting and claims expertise. Our business partners will now benefit from a consistent and specialized approach with a centralized team handling all construction and engineering insurance enquiries."

RSARSA's flagship C&E products are Construction All Risks (CAR) Erection All Risks (EAR), Delay-in-Start-Up (DSU) and Machinery Breakdown (MB).

Dr. Zhou adds, "RSARSA is moving towards a servicing model with centralised and specialised teams focused on the areas of technical expertise that have traditionally been considered more complex. Our proposition is designed to respond to each of the identified needs of our customers and partners as a leading insurer. The totality of the elements and our behavior and attitude of solution-driven will ensure our offering 'stand-out' from the competition."

The new and improved C&E insurance offering demonstrates RSARSA's commitment to the provision of comprehensive products and to the development of long term, profitable partnerships with its business partners.

- Ends -

About RSARSA
With an almost 300 year heritage, RSARSA is one of the world's leading multinational quoted insurance groups. It has the capability to write business in over 130 countries and with major operations in the UK, Scandinavia, Canada, Ireland, Asia and the Middle East and Latin America. Focusing on general insurance, it has around 22,000 employees and, in 2007, its net written premiums were £5.8bn. For more information on RSARSA, please visit the website: www.rsagroup.com

For more information, please contact:
Johan Eriksson
Head of Communications Asia Middle East
RSARSA Group
Tel: + 971 4 365 47 97
Email: Johan.Eriksson@ame.rsagroup.com

Robyn Mallalieu
Senior Account Executive
Gulf Hill & Knowlton
Tel: 04 3344930
Fax: 04 3360712
Email: robyn.mallalieu@hillandknowlton.com

© Press Release 2008

 

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