ACE Group is to offer increased insurance capacity of up to $100 million (previously $50 million) for terrorism, political violence and war risks in response to evolving threats and increased demand from multinational clients.
Research by ACE has shown that 68 percent of risk managers across Europe, the Middle East and Africa believe that terrorism is a growing concern for business, and 75 percent agree that recent global events are causing them to review their security and travel policies.
The increased capacity will be available to brokers and their clients in the UK and continental Europe and is designed to meet the needs of large, multinational businesses with growing global exposures.
Since 2008, ACE has steadily invested in building its terrorism and political violence insurance capabilities and provides brokers and clients with comprehensive cover for the full spectrum of perils.
In addition to standalone cover, the company also offers an integrated proposition specifically designed to cover the gaps between traditional property and business interruption, terrorism and political violence insurance policies.
Piers Gregory, terrorism and political violence underwriting manager at ACE Overseas General, said: “Brokers and clients are looking for certainty to confront the challenges of an increasingly volatile global environment.”
“They want to ensure that their assets and people have appropriate terrorism and political violence cover wherever they are located and however the threat manifests itself—be it terrorism, civil disturbance, riot, political violence or even full-blown war.”
Gregory stated that the increase in capacity to $100 million demonstrates ACE’s commitment to responding to growing client demand for certainty and comprehensive cover across the full range of perils.
He continued: “As the needs of our clients become increasingly international, ACE is also one of the few insurers with the multinational capability to help them design the compliant global insurance programmes that they need in an ever more globalised operating environment.”
