Allianz’s specialty arm expands to Indonesia

Demand for insurance, especially in financial lines and engineering, is expected to increase alongside infrastructure spending

Allianz’s specialty arm expands to Indonesia

Insurance News

By Gabriel Olano

Allianz Global Corporate & Specialty (AGCS) has begun operating in Indonesia, as a division of one of its joint ventures.

Following the recent opening of its third Chinese branch in Beijing, AGCS has commenced operations in Indonesia, another large emerging market in Asia. AGCS will also provide reinsurance services to Allianz companies in both Chinese and Indonesian markets.

According to regulators, Indonesia’s accelerated GDP growth will boost its insurance premium growth as demand for property and engineering insurance rises to cover increased government spending for infrastructure.

AGCS will operate as a division of Allianz Utama, a general insurance joint venture in Indonesia since 1989. It will focus on financial lines and engineering insurance products to cater to the country’s infrastructure push. Megasari Manurung, underwriter for Financial Lines, and Indrajaya Wardhana, underwriter for Engineering have joined the company and are based in Jakarta.

“We have seen an increase in demand for global insurance programs in Asia, and China and Indonesia are no different,” commented Mark Mitchell, regional CEO for AGCS Asia. “Our multinational customers from the United States and Europe also benefit from our expanded network in Asia for their own global program set-up. 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.”

Related stories:
Allianz opens third China branch in Beijing
AGCS reveals how strategic partnerships can boost insurance
Allianz Global Corporate & Specialty opens new branch office in South Korea

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