To this end, the company has earmarked several billion euros for the next few years.
“The company’s sales force is focused on this type of projects, and our technical expertise is helping us. Infrastructure projects funded with EU money have a very big business potential for us, with this being a niche market that we want to exploit to the maximum,” says Georgiana Popescu, Generali’s head of corporate risk.
Works on infrastructure projects are covered by complex policies – construction all risks policies (CAR), which cover damage done to the actual construction, but which also include a professional liability component and civil liability to third parties. Clients also have the option of additionally insuring the equipment.
The projects targeted by Generali are usually worth between EUR500,000 and EUR4 million, but the company has also taken over risks for infrastructure projects worth tens or hundreds of millions of euros, with Bucharest’s Basarab overpass being one of them.
The insurer collects between 0.28 and 0.45% of the value of the construction, which means for an insured amount of EUR1 million, the insurance premium varies between EUR2,800 and 4,500, depending on the project’s degree of risk. However, the final amount collected by the insurer depends on the complexity of civil liability clauses.
The company currently provides insurance for 50 infrastructure projects funded with EU money, with the insured amounts totaling over EUR200 million.