ACE Bermuda Releases 2013 Liability Limit Benchmarks and Large Loss Profile
HAMILTON, Bermuda -- June 20, 2013
ACE Bermuda today announced the release of its 2013 Liability Limit Benchmarks
and Large Loss Profile Report. The annual publication provides illustrative
snapshots of the types of large third party liability losses that have
occurred over the last ten years within various industry sectors. In addition,
the report provides data on average liability limits that companies operating
within these industry sectors are purchasing.
“ACE Bermuda typically deploys its large-limit capacity at or near the top of
a liability insurance program and clients often ask us for an indication of
the total insurance limits their peers are purchasing,” said Judy Gonsalves,
Executive Vice President of ACE Bermuda’s Excess Liability division. “This
marks the third year we have produced this report, and it continues to be
extremely well received by our customers as an additional tool for
benchmarking their insurance purchasing decisions against peers, as well as
for understanding the potential scope of large, unexpected losses they could
experience within their respective industries.”
The annual publication provides some useful insights into prevailing trends.
For example, since the 2010 Gulf of Mexico oil spill, ACE Bermuda’s data shows
there has been a meaningful uptick, of more than 50 percent, in terms of
average total limits being purchased by Tier 2 and 3 companies engaged in the
exploration, drilling and production of oil and gas. By contrast, the lack of
significant catastrophic losses experienced in the Telecommunications industry
over the last few years correlates to substantially reduced limits being
purchased by the smaller asset-based companies in this sector.
ACE Bermuda generates its limits benchmarking data using a variety of exposure
metrics that are unique to the industry in question. For example ‘daily
throughput capacity’ has been considered in evaluating risk for a refining
company, whereas ‘miles of track’ has been used in analyzing railroad risk.
“Our ability to customize data allows us to provide meaningful and relevant
industry analytics to assist clients, both current and prospective, in making
informed decisions,” said Ms. Gonsalves. “Our clients operate in an
increasingly uncertain world where catastrophic losses can and do occur. How
much insurance limit to buy to adequately protect against the unexpected is a
critical decision every risk manager faces. We are pleased to provide our
annual Liability Limit Benchmarks and Large Loss Profile Report as an
additional tool to help them reach this decision.”
For a copy of the 2013 Liability Limit Benchmarks and Large Loss Profile
report, please contact your Bermuda-based broker or visit our website. The
information contained in this report is intended for general marketing
purposes and information only.
ACE Bermuda is a Bermuda-based subsidiary of ACE Limited and is rated A+ by AM
Best and AA- by S&P. ACE Bermuda offers high-level excess liability, property
and professional lines insurance products through Bermuda and non-US based
intermediaries. Additional information can be found at www.acebermuda.com.
The ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 53 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 the 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.
Amy Shillingford, 441-299-9365
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