MANILA, Philippines - The American International Group Inc. (AIG) is prepared to capitalize on new construction opportunities as the economic boom in the Philippines triggers further expansion in the large-scale building sector.
Based on the recent report, the 2014 Philippine Report, the construction sector is one of the fastest growing industries in the country, with a 32.5-percent growth in the first quarter of 2013 and double-digit growth in successive quarters.
AIG’s international and regional construction experts spoke to members of the local construction and insurance industry during a forum in Makati City to showcase the company’s full spectrum of construction industry products and services
AIG’s global head of construction Daniel Abramson said that the ongoing expansion of the Philippines economy and growth in large-scale construction projects presents AIG with opportunities to expand its construction insurance portfolio in the Philippines, and offers the construction industry an opportunity to take advantage of AIG’s recently enhanced resources and capabilities in its construction and construction-industry product offerings.
“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 added.
The meeting highlighted how a well-designed insurance solution can address complex risks and challenges in 21st century construction projects.
AIG Philippines president and chief executive officer Mark Lwin stressed that the insurance giant has tremendous depth of experience in construction, and other commercial endeavors, which help 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,†Lwin added.
This technical engineering expertise enables AIG to have a better understanding of risks across several industries, which include aviation, energy, property, and marine.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group Inc.
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