Following the opening of a new branch office in South Korea in June, Allianz Global Corporate & Specialty SE (AGCS) is targeting further growth in Asia by expanding its presence in China and Indonesia.
AGCS has commenced operations in Beijing, China, as a division of Allianz China’s new office in the country’s capital. The Beijing division is AGCS’s third in the country, after Guangdong and Shanghai, and marks full network coverage across China’s tier-one cities.
In Indonesia, AGCS operates as a division of Allianz Utama in Jakarta. In both locations, AGCS operates as a reinsurer of the local Allianz companies, with embedded expert teams dedicated to AGCS corporate insurance business.
By expanding its network, AGCS aims to capitalise on opportunities from the growing insurance markets in China and Indonesia. China is the world’s second largest insurance market, and in 2016, accounted for close to half of global insurance growth. In Indonesia, regulators have indicated that positive economic developments such as an acceleration of the country’s GDP to 5.3% by year-end 2017, would boost Indonesia's insurance premium growth with growing demand in property and engineering insurance following a larger government budget for infrastructure.
Mr Carsten Scheffel, AGCS Board Member and Chief Regions and Markets Officer for Asia, said: “The Asian market is of utmost importance to AGCS, and in 2016 contributed 5% to our overall global premium volume of EUR7.6 billion (US$8.9 billion).
“Since we opened our Asia regional office in Singapore in 2012, the region has been 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 programmes with significant lead insurer capacity, one of the core strengths of AGCS.”
Growing demand for International Insurance Programmes
The Beijing and Jakarta offices further increase the capability of AGCS to meet increasing demand for International Insurance Programmes (IIP) which are a core competence and AGCS will look to grow this offering across Asia as more Asian businesses expand internationally as a result of globalisation. International clients for IIP benefit from a larger Asian AGCS network. AGCS currently manages 2,500 IIPs globally, including 6% from Asia.
AGCS is the Allianz Group's dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (including Space), Energy, Engineering, Entertainment, Financial Lines (incuding. D&O), Liability, Mid-Corporate and Property insurance (including IIPs).
Worldwide, AGCS operates in 32 countries with own units and in over 210 countries and territories through the Allianz Group network and partners.