AIG Australia has recently been named lead insurer on WestConnex Stage Two. WestConnex is the largest integrated transport and urban revitalization project in Australia and will connect Sydney’s western suburbs to the central business district through the development of new roads and tunnels. The AUD $14.9 billion project also promises to ease congestion and connect communities along its path linking the M4 and M5 motorways.
The lengthy negotiating process, which commenced in March 2015, involved the participation of four key product areas: Construction, Professional Indemnity, Casualty, and Environmental. Engaging a global consortium involving Spanish and Korean stakeholders, the AIG team, which included colleagues from many countries in Asia Pacific, played to AIG’s global capabilities and expertise to deliver an excellent proposal.
AIG’s Loss Control services were integral to the success committing to regular site visits to monitor project progress and offering recommendations to improve the risk. The Marsh/AIG Claims Promise was also critical. This allows the advancement of 50 percent of the agreed property damage estimate on large losses within seven days of an incident occurring.
Upon hearing news of the win, Noel Condon, CEO, AIG Australia and Head of Country Operations Australasia, commented, “I am most proud of the teamwork, attention to detail, strong sense of urgency, and intense broker engagement that the team exhibited throughout the process.”