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.
The Beijing division, located in China Overseas Plaza 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 capitalize 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.
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 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 Indonesia, AGCS operates as a division of Allianz Utama in Jakarta and 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 experts are based within Allianz Utama in Jakarta.
Patrick Zeng, AGCS CEO Hong Kong, 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.”