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Underwriting Manager, AGCS, Andrew Seeley 6 Enhancing capabilities in energy Allianz Global Corporate and Specialty (AGCS) Pacific has strengthened its foothold in the Energy Segment through the expansion of its in-house capabilities, with the internal appointment of Underwriting Manager, Andrew Seeley. Based in the Melbourne office, Andrew will report to the Asia Pacific Regional Manager, Tom Taberner, who is based in Singapore. General Manager for AGCS Pacific, Holger Schaefer said that the appointment of an Energy Underwriter was a strategic investment into the region, providing brokers and clients with a local service and access to the Global Energy Team. “Andrew will enable us to work with our clients and brokers more effectively, to help us better understand their needs as their businesses grow and develop, in what is currently a very dynamic sector,” he said. “From a day to day operational viewpoint, having an underwriter in the Pacific Region will enhance the level and speed of service we can give to our brokers and clients,” he said. “The Pacific Region is an area of great activity and interest for AGCS as we continue to invest in the Oil and Gas Sector both onshore and offshore,” he said. AGCS Energy has also been strategically recruiting in its existing offices in London, Houston and Singapore with future expansion expected to take place in Canada, Brazil, Italy, Thailand and Japan. AGCS Energy is a leading global provider of cover for the Oil and Gas Industry for assets from Upstream construction and operational risks through to Onshore operational Refining and Petrochemical risks. AGCS Energy Appetite AGCS Energy focuses on: Onshore • Refining • Petrochemical • Hydrocarbon storage • Distribution facilities Offshore • Ooperational exploration and production • Construction AGCS is also targeting LNG Facilities, Offshore construction and Coal Seam Gas. AGCS can provide these eenergy products and solutions worldwide through the Allianz global network for pacific clients.
AGCS Global study finds: Companies fear economic risks and business interruption. Which risks do businesses fear the most in 2012? Economic risks, business interruption and destructive natural catastrophes are the most pressing business risks for many companies. Cyber risks, in turn, remain widely underestimated. These are some of the results of a study conducted by Allianz Global Corporate & Specialty (AGCS). AGCS, the global corporate and specialty insurer in the Allianz Group, carried out a survey among its risk consultants, internationally, in the second half of 2011 to identify the risks they expect to trouble companies most during the coming year. The most frequently mentioned type of risk was economic risk (25 percent of respondents). Specifically, companies are concerned about a looming recession and the sovereign debt crisis as well as about rising commodity prices and foreign currency fluctuations. Business interruption ranks second (16 percent of respondents). Centralised procurement, global purchasing, increasing outsourcing to suppliers and just-in-time production reduce costs, but also render companies more vulnerable to process interruptions.Natural catastrophes are ranked third among the greatest business risks for 2012. From floods and torrential rains to hurricanes, typhoons or earthquakes – economic development and technological progress multiply the cost of natural catastrophes. In fact, insured claims related to weather-related natural catastrophes have increased from $5 billion USD to more than $40 billion USD over the last 30 years. General Manager AGCS Pacific, Holger Schaefer said “that while Australia is concerned with the increasingly volatile economic climate, it is reassuring to see the Government’s continued effort to invest in the economy’s productive capacity and infrastructure projects.” “The investment of $36billion in roads, rail and ports, and the removal of tax impediments to infrastructure investment will encourage a boost in the number of projects in 2012,” he said. “In line with the changing economy and to support our business partners, AGCS Pacific is constantly reviewing our products and services. We are in the midst of developing a number of new products which will provide our clients with broader and more comprehensive insurance coverage,” he said. 7
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