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AVERTING THE FALLOUT FROM DISASTERS
Global Finance presents global and regional winners from the 2015 World’s Best Insurers Awards.
With many businesses, governments and organizations still recovering from major disasters of past years, several catastrophic events and emerging exposures in 2014 brought new challenges for executives at businesses around the world. In this context, businesses have a critical need for insurers and risk providers that can deliver sound risk management to protect earnings, help facilitate growth and ensure sustainability.
This past year alone saw, among other disasters and misfortunes, a continuation of large-scale cyber-related crimes and incidents; an Ebola epidemic in West Africa that required a coordinated international response; the expansion of terror threats throughout the Middle East, Africa and worldwide; the widening of trade sanctions against Russia and North Korea; extensive flooding in Western Europe; cyclones affecting parts of Asia; and a severe hurricane that struck Los Cabos, Mexico.
As businesses and other entities try to anticipate and manage an array of increasingly complex exposures, having the right risk providers continues to be a critical element of effective governance. “Selecting the right risk and insurance providers is a key aspect of most risk managers’ role,” says Franck Baron, group general manager, risk management and insurance at medical and travel security services company International SOS, and founding chairman, Pan Asia Risk & Insurance Management Association. “It is crucial activity as it supports the global risk financing strategy of any organization.”
Baron noted that in choosing insurers and other risk providers, executives need to be cognizant of satisfying evolving “insurance and tax regulatory requirements, compliance and the impact of solvency requirements on the insurance industry worldwide.”
The 2015 World’s Best Global Insurers were selected on the basis of responses from more than 1,500 readers of Global Finance from around the world, as well as the expertise of the magazine’s editors and reporters.
In the global category, AIG was selected as the Best Overall Insurer as well as the Best Insurer for Property and Cyberrisk. Allianz is Best Casualty Insurer and Best Employment Practices Liability Insurer. Lloyd’s was selected as Best Kidnap and Ransom Insurer and Best Environmental Liability Insurer. Chubb is Best Directors and Officers Insurer, and Zurich is Best Political Risk Insurer and Best Crime/Fidelity Insurer. FM Global is Best Supply Chain Trade Disruption Insurer. Euler Hermes is Best Trade Credit Insurer, and Aon is Best Global Insurance Broker.
In addition to the global winners, Global Finance recognized top insurers and best overall brokers in seven regions of the world, including North America, Western Europe, Central and Eastern Europe, Latin America/Caribbean, Asia Pacific, the Middle East and Africa.