Delta unveils portfolio expansion with associations liability offering
Delta unveils portfolio expansion with associations liability offering | Insurance Business New Zealand
Professionals Risks
Delta unveils portfolio expansion with associations liability offering
The company also touted its “excellent” performance assessment
Professionals Risks
By
Kenneth Araullo
Delta Insurance has announced an expansion to its portfolio with its latest offering: the associations liability insurance policy.
This policy specifically caters to elected officials within community, sporting, and governing bodies, pivotal contributors to New Zealand’s social framework. Its objective, according to Delta, is to provide accessible and cost-effective protection against liability for associations of varying sizes and their office bearers.
The policy also covers the insured organization, elected representatives, and committee members. The coverage encompasses loss and defence claims against the insured parties, encompassing beach of professional duty and “quasi-judicial” investigations, as well as extends to external positions at the request of the covered organization.
Delta New Zealand general manager Dinesh Murali said that this new proposition comes from the company’s constant search for opportunities where insurance solutions can add value to clients and their risk management tool kit.
“Delta offers a more tailored approach suitable for the specific needs of this market segment which often runs on a tight cashflow and budget,” Murali said. “We will offer this product with embedded Legal Pursuit and Defence policy and the rest of the liability policies on a modular basis. We’ve looked at this gap in the market and designed accessible, affordable and above all, easily secured cover. This ensures that individuals taking office can stay fully focused on adding value to their associations without worrying about liability. We believe that prevention is better than cure and the addition of the Legal Pursuit and Defence policy provides a very valuable risk management option for the associations to add to their risk management tool kit.”
Delta achieves second consecutive “excellent” assessment
Elsewhere for the company, Delta Insurance has also been recognized with a consecutive “PA-2 Excellent” performance evaluation by AM Best.
In 2022, Delta Insurance marked a milestone by being the first managing general agent (MGA) in New Zealand and the Asia Pacific to undergo assessment by AM Best. This year, Delta Insurance New Zealand Limited (New Zealand) and Delta Underwriting Private Limited (Singapore) both received a performance assessment rating of PA-2 (Excellent). The assessment was conducted on a consolidated basis under Delta International Limited.
AM Best noted that the assessment mirrors Delta’s ability to maintain robust underwriting capabilities, exceptional governance, internal controls, strong financial standing, outstanding organizational talent, and extensive relationships. The affiliated companies were deemed strategically and financially significant to Delta, providing access to business in specific geographic jurisdictions in the Asia Pacific region.
“Insurance is about trust and when the unexpected happens, insured parties should have every confidence in the protection their policy provides. With AM Best affirming an Excellent performance assessment for the second year running, Delta has again demonstrated sound capabilities, capacity, and good management. That’s a feather in the cap for our team, as we continue a rapid growth trajectory across not only New Zealand, but in Australia, and Asia,” Delta New Zealand CEO Andrew Beaton said.
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