Allianz eyes more partnerships in Malaysia

July 25 2017 by InsuranceAsia News Staff

Allianz Malaysia is looking at partnering with up to 10 firms this year to diversify and extend its business in Asia.

George Sartorel, regional chief operations officer of Allianz Asia Pacific, said there is a need for Allianz to capture opportunities through digital and partnerships, especially considering that Asia is projected to be the largest insurance market globally by 2020.

Allianz has already tied up with 16 groups in Asia during the past 18 months, three of which are based in Malaysia. Sartorel, who recently spoke at a media roundtable, said the region’s insurance sector is estimated to see double-digit growth.

Life and non-life insurance business is expected to grow up to 15% per year during the next 15 years.

Thus, he said, Allianz aims to double the size of its franchise by 2020, adding that the insurer is on track to achieving this goal.

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