Insurer Allianz Global Corporate & Specialty (AGCS) and the insurance broking and risk advisory group Marsh have launched the AGCS/Marsh major claim promise, committing to provide rapid access to working funds for their joint clients in the event of a major claim.
As well as covering major property, construction and engineering losses worldwide, the commitment is extended to cover first-party marine claims.
Under the terms of the promise, in the event of a major claim – typically in excess of US$3m – where AGCS is either the leader or 100% carrier, AGCS will confirm coverage under the policy as quickly as reasonably possible. Once coverage is confirmed, AGCS promises to provide the policyholder with immediate working funds of 50% of their share of the agreed estimate for property damage/repairs and clean-up costs, within seven days. The promise excludes marine liability claims including third-party claims arising out of collisions under hull and machinery policies.
“The concept of the major claim promise centres on the belief that a lengthy adjustment process is not necessary for immediate relief in the event of a major loss,” said David Pigot, chairman of Marsh’s global claims practice. “This market-leading concept is sure to make a positive impact in assisting Marsh’s clients recover from major losses globally.
“The extension of the major claim promise into the global marine sector is a significant industry development in delivering claims certainty to Marsh’s clients. With AGCS, Marsh’s marine clients can also now benefit from the reassurance of a swift recovery in the event of a major first-party loss.”
Alexander Mack, AGCS’s global head of claims, added: “Service in the event of a claim is the true test of our business. This agreement ensures that our clients get what they need when it really counts: fast confirmation of cover with immediate working funds when a major loss occurs.”
Forecasts for 2016-2020 place Africa as the second fastest growing region in the world (at a compound annual growth rate (CAGR) of 4.3%), just below Emerging Asia.
Sentiment in the financial services sector deteriorated in the three months to September, as firms digested the challenges of lower interest rates and the uncertainty caused by the vote to leave the European Union (EU), according to the latest CBI/PwC Financial Services Survey.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.