Allianz opens third China branch in Beijing

Insurance powerhouse seeks to expand its customer base in one of the world’s fastest-growing markets

Allianz opens third China branch in Beijing

Insurance News

By Gabriel Olano

Allianz has opened its Beijing branch office, allowing the multinational insurer to strengthen its presence in the mainland Chinese market, which is one of the fastest-growing insurance markets in the world.

With a full licence granted by the China Insurance Regulatory Commission (CIRC), Allianz will be able to provide its entire suite of property and casualty (P&C) insurance to customers in Beijing. Its offering includes travel, personal accident, health, and motor insurance for consumers, as well as liability, marine, construction, energy, financial lines, and trade credit for commercial clients.

“This is a milestone in Allianz’s continued growth in China,” George Sartorel, Allianz regional CEO for Asia-Pacific, said at the office’s inauguration. “As China’s political, economic and cultural centre, Beijing represents not only a great opportunity for us to serve the protection needs of more customers and enterprises in China, but also for Allianz to play a bigger role in some of the country’s key agendas, including the Jing-Jin-Ji integration plan and the One Belt One Road initiative.”

The branch will be Allianz China General Insurance’s (AZCN) third branch in mainland China, following its Guangdong and Shanghai offices. It also has a sales services office in Shenzhen.

China is the world’s second-largest insurance market, and is also growing rapidly, accounting for almost half of global insurance growth in 2016.

Related stories:
China’s new Silk Road to include insurers, other financial firms
Allianz rejects Chinese conglomerate bid - reports
Allianz reports huge rise in operating profits

Keep up with the latest news and events

Join our mailing list, it’s free!