Allianz Global Corporate & Specialty expands in China, IndonesiaNovember 23 2017 by InsuranceAsia News Staff
Allianz Global Corporate & Specialty (AGCS) is expanding its presence in China and Indonesia.
The business has started operations in Beijing as a division of Allianz China’s new office in the country’s capital, supporting its existing presence in Guangdong and Shanghai. In Indonesia, AGCS will operate as a division of Allianz Utama in Jakarta.
“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,” said Carsten Scheffel, an AGCS board member and chief regions and markets officer for Asia. “These all require expertly tailored insurance programmes with significant lead insurer capacity.”
In China, the company is targeting engineering, entertainment and environmental impairment liability solutions as the most promising opportunities in the corporate insurance segment, driven in particular by the One Belt, One Road initiative. The AGCS engineering team in Greater China is led by Mark Chan.
In Indonesia, it will initially focus on financial lines and engineering products alongside the country’s robust economic growth and increased investment into infrastructure. Major appointments include Megasari Manurung, underwriter for financial lines, and Indrajaya Wardhana, underwriter for engineering. Both are based within Allianz Utama in Jakarta.
“We have seen an increase in demand for global insurance programmes in Asia, and China and Indonesia are no different,” said Mark Mitchell, regional CEO for AGCS Asia. “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.”
- June 17
Forget innovation, insurance buyers complain that the industry in Asia is still not getting the basics right.
- September 29
New insurance premium calculations to be applied in 2016 disappoint garment industry.
- September 25
The diesel emissions scandal at Volkswagen has raised fears of more widespread liabilities for auto exporters.
- September 21
SMEs with outstanding debt payments will be able to insure loans for as much as US$2.8bn.