AIG set to expand PH construction insurance portfolio

Global insurer AIG seeks to expand its construction insurance portfolio in the Philippines given an economic upswing that is seen driving more activities in the large-scale building sector.

AIG’s international and regional construction experts spoke to members of the local construction and insurance industry in a recent forum to showcase the company’s full spectrum of construction industry products and services.

“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, and offer 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,” Daniel Abramson, AIG’s global head of construction, said in a statement.

He said the forum “Managing Risks in Cross-Border Construction” exemplified AIG’s commitment to provide innovative ways to deal with evolving risks in this sector.

The meeting highlighted how a well-designed insurance solution could address complex risks and challenges in 21st century construction projects.

“We have tremendous depth of experience in construction, and other commercial endeavors, which help our clients manage, reduce, and avoid risks,” said AIG Philippines President and CEO, Mark Lwin.

AIG provides infrastructure solutions backed by an experienced underwriting team. It also 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.

The construction sector is one of the country’s fastest growing industries.