Allianz Global Corporate & Specialty (AGCS), a division of global insurer and reinsurer Allianz, has expanded its presence in China and Indonesia as it looks to take advantage of opportunities from growing regional insurance markets.
AGCS has announced that it’s started operations in Beijing, China, as a division of Allianz China’s new office in the capital, which is located in China Overseas Plaza, AGCS’s third in China after Guangdong and Shanghai.
In Indonesia, AGCS currently operates as a division of Allianz Utama in Jakarta, and will now focus on financial lines of business and engineering solutions, as well as targeting the country’s strong economic growth and increased investment into infrastructure.
Furthermore, expansion in Indonesia for AGCS includes the appointment of Megasari Manurung as Underwriter for Financial Lines, and Indrajaya Wardhana as Underwriter for Engineering, both are based in Allianz Utama in Jakarta.
AGCS Board Member and Chief Regions and Markets Officer for Asia, Carsten Scheffel, said; “The Asian market is of utmost importance to AGCS, and in 2016 contributed 5% to our overall global premium volume of EUR 7.6 billion. Since we opened our Asia regional office in Singapore in 2012 the region has been the one of the fastest growing markets delivering double-digit growth rates.
“We see a number of significant opportunities in Asia, with the increasing number of large infrastructure projects in railways, ports, subway lines, and a growing focus on environment liability. These all require expertly tailored insurance programs with significant lead insurer capacity, one of the core strengths of AGCS.”
In both China and Indonesia AGCS operates as a reinsurer of the local Allianz companies, and as the insurance markets expand and mature the re/insurers sees an opportunity to deepen its relationship and presence in the countries.
In China, AGCS expects to see solid demand for environmental liability and entertainment insurance, as well as growth in the engineering sector, as AGCS looks to take advantage of opportunities that arise from the One Belt One Road (OBOR) Initiative.
Chief Executive Officer (CEO) of AGCS Hong Kong, Patrick Zeng, said; “This is an exciting time for AGCS, as we expand not only into new markets but also our range of products. The growing interconnectivity and complexity of risks affecting businesses have also led to the rising demand for newer offerings such as EIL, crisis management, entertainment and cyber as recent high profile cases have increased the awareness of the necessity of such coverage.”
Regional CEO for AGCS Asia, Mark Mitchell, added; “We have seen an increase in demand for global insurance programs in Asia, and China and Indonesia are no different. AGCS’s strong technical expertise and global network makes us attractive partners for companies looking to expand operations beyond their borders.
“Our multinational customers from the United States and Europe also benefit from our expanded network in Asia for their own global program set-up. As risk exposures grow in multitude and complexity, having a global partner for international insurance coverage can really facilitate smooth and efficient operations for businesses worldwide.”