SINGAPORE--(BUSINESS WIRE)--
ACE Group announced today the release of a video podcast exploring the
need for and benefits of Professional Indemnity insurance for
professional service providers. It also provides insights into the
emerging trends in Asia which have led Professional Indemnity insurance
to become an essential component of risk management.
In today’s marketplace, the frequency of claims against professionals is
on the rise given the higher awareness of consumer protection and
strengthening legislation in some Asian countries. In many cases,
clients file claims against professionals because the latter fall short
in delivering on the high expectations clients have of their advice or
services. Hence, professional service providers may find themselves
embroiled in costly litigation. According to Mr. Stanley Wong, Regional
Head of Financial Lines for Asia Pacific, “Individuals and businesses
who do not already have professional liability coverage should strongly
consider investing in it as a basic line of defense for their economic
and reputational well-being.”
Furthermore, contractual obligation is another reason to purchase
Professional Indemnity insurance. The failure to produce proof that they
have purchased such coverage may cause professionals and firms to lose
out on major projects commissioned by multinational corporations.
Mr. Wong added, “While ACE has been offering Professional Indemnity
protection for many years, we are constantly looking at ways to better
respond to clients’ needs by building on our product portfolio as well
as providing customized coverages for a wide range of professions. We
have the capability to issue policies in over 14 countries in the region
with a dedicated network of local Financial Lines underwriters and
claims specialists. In addition, clients will benefit from ACE’s ability
to manage multinational risks because our global breadth helps us to
understand and service cross-border risks.”
To find out more, watch the podcast.
ABOUT ACE
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index.
Additional information can be found at: www.acegroup.com.
ACE Group is a registered trademark of ACE Limited.
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Source: ACE Group