The optimism toward the Philippine economy will trigger further expansion in the large-scale building sector, according to international insurer AIG.
“The ongoing expansion of the Philippine economy and growth in large-scale construction projects present AIG with opportunities to expand its construction insurance portfolio in the Philippines,” said Daniel Abramson, AIG global head of construction.
He added that, “And that offers the Philippine construction industry an opportunity to take advantage of AIG’s recently enhanced resources and capabilities in its construction and construction-industry product offerings.”
Based on the 2014 Philippine Report, the construction sector is one of the fastest-growing industries in the country, with a 32.5-percent increase in the first quarter of 2013 and double-digit growth in successive quarters.
AIG’s international and regional construction experts recently 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 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,” Abramson said.
In a statement, Mark Lwin, president and chief executive officer of AIG Philippines, said that, “We have tremendous depth of experience in construction, and other commercial endeavors, which help our clients manage, reduce and avoid risks.”
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 has been a licensed insurer in the Philippines since 1948, and is a leading provider of property and casualty insurance in the Philippines market today. AIG maintains a major presence in the Philippines market with over 3,000 employees working within AIG Philippines Inc. and AIG Shared Services.