- Allianz Global Corporate & Specialty (AGCS) continues to expand in Asia, responding to the needs of global corporate clients.
- Seoul branch to target South Korean firms looking to expand internationally and serve global clients with interests in the country.
- 11 % of AGCS global insurance programs cover South Korean operations of multinational companies.
A Unique Growth Opportunity
South Korea is the world’s 11th largest economy and the 4th largest in Asia. AGCS estimates that the Asian non-life insurance market currently accounts for about 30% of global market premiums and AGCS expects this to grow approximately 5% each year.
In particular, AGCS sees significant opportunities for growth in the corporate and specialty insurance segment in South Korea. The country’s rising number of large infrastructure projects in railways, ports and subway lines, and a focus on environmental liability require tailored insurance solutions with significant capacity. In addition, the South Korean economy receives strong contributions from the automotive, electronics and high-tech communication industries, all of which complements AGCS’s areas of specialist expertise.
The AGCS South Korea branch will focus on serving companies with multinational operations extending beyond the country, leveraging on AGCS’s technical expertise and experience in running international insurance programs. Global insurance programs provide a central oversight with local coverage that is harmonized for all locations in which a company operates. In 2016, AGCS led 2,500 such programs with approximately 19,000 local policies. It will offer a variety of product lines, including Engineering, Financial Lines, Property, Marine, MidCorp and Liability.
Mark Mitchell, Regional CEO for AGCS Asia, said: “We have seen an increase in demand for global insurance programs as more South Korean firms look to expand overseas as well as from the growing pool of global corporations with South Korean interests. AGCS is one of the very few global insurers to focus exclusively on the needs of global corporate and specialty clients. Our expertise in serving clients with international activities will allow us to provide the best coverage for clients as they seek to compete on a global scale.”
Local expertise and talents for more tailored solutions
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About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. AGCS provides risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 12 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film actors. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
We constantly strive to deliver the best for our customers through our global team of around 4,400 employees from over 70 nationalities in 34 countries worldwide. As the one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial strength ratings and a global network in over 200 countries and territories. In 2018, AGCS generated a total of €8.2 billion gross premium worldwide.