Allianz Lanka sets up D & O specialised unit
Allianz Insurance Lanka Ltd. has launched a new business unit to
provide Directors and Officers' (D& O) liability insurance to private
and public corporates.
The launch of the new business unit comes in the wake of several new
non-life policies launched recently.
Parent company Allianz SE's AA credit rating, financial strength,
global capabilities and prominent brand make it a strong D&O insurance
choice from the outset.
The new unit is managed by Dilani De Silva, who received specialised
training in this area, at Allianz Reinsurance Asia Pacific, the Allianz
Singapore office, which is the main reinsurance hub for the region. Ms
De Silva has extensive experience in non-life insurance, having worked
several years in a technical capacity in the Middle East.
"Unlike typical D&O underwriting operations in this country, we have
a tremendous advantage in providing D&O coverage to corporates.
We are able to deliver a complete service and have consolidated
operations and underwriting authority with our regional offices, which
enables us to function as a 'one stop shop' with responsiveness and
efficient, speedy delivery. This enables our clients to obtain the
entire cover directly from us, at more competitive terms, "she said."
Increasing corporate governance and regulatory surveillance is
placing greater pressure on company directors and officers to perform
meticulously. In recent years, Directors and Officers liability
insurance has become a core component of corporate insurance. As many as
95% of Fortune 500 companies maintain Directors and Officers (D&O)
Liability insurance today.
D & O Liability insurance is also becoming increasingly important for
Sri Lankan companies now, due to the implementation of the New Companies
Act 2007, which clearly outlines the duties and responsibilities of a
Director or Officer and also sets out the repercussions of breaching
De Silva said, "Directors and officers worldwide make decisions every
day, which have far-reaching consequences. They face increasing exposure
to personal liability, which directly affects their professional
reputation and personal assets.
Personal liability exposure for directors of public companies is
greater than ever in the light of the recently enacted legislation. With
D&O Insurance, Allianz Lanka provides a solution to protect them from
exposure resulting from their professional performance.
Allianz's corporate might and global reach make our D& O product very
attractive to the Sri Lankan market."