RSA sees 58% rise in C&E insurance

RSA, a world leading insurance group, has reported 58 per cent growth in its Construction and Engineering (C&E) segment between 2006 and 2007 in the key markets of Asia and the Middle East.

The group has enhanced its C&E insurance proposition through new products and the development of a specialised team to capitalise on the growth.

Dr Hao Ming Zhou, Head of C&E, RSA Asia and Middle East said: "Our business has exponentially grown over the past two years due to the boom in the construction sector. Committed projects in the GCC alone reached $2trn (Dh7.34trn) this year and less than 25 per cent of this figure is currently under development."

While RSA as a group has been a leading insurer for the construction and engineering business globally, RSA's expertise and risk appetite on construction insurance in the region was limited to Singapore and Dubai. RSA developed a C&E strategy for Asia and the Middle East in 2006, and since 2007, RSA has hired a team of C&E specialists and placed them strategically in Shanghai, Hong Kong, Singapore, Bahrain and Dubai.

Dr Zhou said: "RSA has a market leading position in C&E insurance.

"This has been achieved through a strong track record of delivering customer quality, innovative solutions and underwriting and claims expertise."

 

The numbers

  • 58%: Growth in C&E segment
  • $2trn: Worth of committed projects in the GCC
  • 25%: Of $2trn currently under development
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