ACE Group of ACE Limited (ACE) has recently launched an innovative insurance product, Image Protect, specifically designed to cater to companies across the Middle East and North Africa (MENA) region. This new insurance product brings respite to companies in the MENA region that are striving to manage their reputational risks.
When it comes to various categories of risks faced by a company, ACE Limited’s research shows that nearly 92% of the companies have the unanimous opinion that reputational risk is the most challenging, particularly in today’s media dominated world. In order to address this concern, ACE Limited came up with the new product that will protect companies financially in case their customers, staff or visitors suffer injuries in the company premises in an accident.
No company wants to lose its reputation. Conversely, they are always on the lookout for opportunities to enhance or protect their goodwill as this helps to retain as well as increase customers going forward. However, this is not an easy task. Company reputation is a sensitive issue and can easily be tarnished by a number of factors, one of which is accident at the premises, resulting in injuries to customers, visitors or employees. By addressing this major issue, ACE Image Protect will help to keep up the reputation of companies, which could have otherwise suffered a loss of valuable customers and thereby profitable business.
The companies in the MENA region will get to select from options like coverage in act of terrorism; coverage in cases of assault, hold-up, hostage, strikes, riots or civil commotion, fire, collapse or explosions, and natural disasters; coverage for any accident; or coverage for all of the three. ACE Limited’s Image Protect will provide financial assistance to the companies, enabling them to make cash payments to individuals injured in accidents at the company premises. The companies will also be able to hire experts who can provide professional counseling and PR/ communications services so as to help reduce reputational risk post a mass-loss incident.
ACE Limited is a renowned name in the property and casualty (P&C) insurance space. Through the aforementioned product launch, the company aims to capitalize on the huge demand for reputational risk insurance in the MENA region. We believe that such an effort will not only enhance its product portfolio but also strengthen ACE Limited’s global operations, thereby making way for more revenue generation.
Currently, ACE Limited carries a Zacks Rank #2 (Buy). Other stocks in the P&C insurance space that look attractive at current levels include Navigators Group Inc. (NAVG), AmTrust Financial Services, Inc. (AFSI) and Mercury General Corporation (MCY). All three have a Zacks Rank #1 (Strong Buy).
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