Allianz sets up an emergency response fund to support China's fight against the coronavirus epidemic

February 03, 2020 - 03:27
Allianz sets up an emergency response fund to support China's fight against the coronavirus epidemic

SHANGHAI, CHINA - Media OutReach - 3 February 2020 - Allianz (China) Insurance Holding Co. Ltd. announced today that the group's key institutions in mainland China and Allianz SE will jointly set up an emergency response fund to support China's fight against the coronavirus epidemic.


The initial pledge towards this fund is RMB 4 million (EUR 520,000), coming in part from Allianz SE's Disaster Recovery Fund and in part from Allianz's operating entities in China and the region.


The emergency response fund will be managed directly by Allianz (China) Insurance Holding Co Ltd., which is based in Shanghai, in collaboration with the other Allianz operating entities in China and the region, including Allianz China Life Insurance Co. Ltd., Allianz Jingdong General Insurance Company Ltd., Allianz Partners China, Allianz Global Corporate & Specialty SE (AGCS) Singapore and Euler Hermes Consulting (Shanghai).


At this stage, the fund's main goal is to support those working on the front line in the areas most hit by the epidemic in China's Hubei Province. The aid will consist of medical supplies, donations and insurance protection.


Allianz China Life Insurance and Allianz Jingdong General Insurance have also launched  some temporary emergency measures for the convenience of customers. These measures include implementing fast track claims process, removing restrictions on designated hospitals and drugs, waiving deductibles and eliminating waiting periods.


Solmaz Altin, Chief Executive Officer, Allianz (China) Insurance Holding Co. Ltd., said,

"Allianz is closely following the development of the epidemic. We hope to provide relief to the areas that are most hit by the epidemic at present. We will continue to provide support where necessary, according to developments and rescue needs."


Chen Liang, Chief Executive Officer, Allianz China Life Insurance Co. Ltd, said,         

"Hubei, our newly established branch in 2019 is at the center of the epidemic and we have to respond quickly to address the concerns, safety and wellness of our employees and business partners there. Allianz China Life together with our partner "Micro Medicine", launched the free "Anti-Epidemic Clinic" platform in "Enjoy Health", gathering  thousands of doctors and medical professionals from public hospitals across the country to provide online free clinic services to everyone in China."

Philip Rong, Chief Executive Officer of Greater China, Allianz Partners, said,

"As the assistance and insurance solutions arm of Allianz Group, Allianz Partners are engaged in confronting the epidemic situation. Our road, travel and medical rescue teams have been working around the clock and will continue our efforts to protect people's health and travel safety."


The corporate & specialty arm of the Allianz Group, AGCS is monitoring the impact of the coronavirus on its corporate clients. Mark Mitchell, Regional CEO Asia Pacific, AGCS said, "Factories around the world have been disrupted as the coronavirus curtails China's industrial output. We are working closely with our clients in China and globally to mitigate the potential business interruption within their supply chains to keep their businesses running smoothly."

About Allianz in Asia

Asia is one of thecore growth regions for Allianz, characterized by a rich diversity of cultures,languages and customs. Allianz has been present in the region since 1910, whenit first provided fire and marine insurance in the coastal cities of China.Today, Allianz is active in 14 markets in the region, offering its corebusinesses of property and casualty insurance, life, protection and healthsolutions, as well as asset management. With its more than 36,000 staff, Allianzserves the needs of more than 21 million customers in the region acrossmultiple distribution channels and digital platforms.


About Allianz

The AllianzGroup is one of the world's leading insurers and asset managers with more than92 million retail and corporate customers. Allianz customers benefit from abroad range of personal and corporate insurance services, ranging fromproperty, life and health insurance to assistance services to credit insurance andglobal business insurance. Allianz is one of the world's largest investors,managing around 673 billion euros on behalf of its insurance customers.Furthermore our asset managers PIMCO and Allianz Global Investors manage morethan 1.4 trillion euros of third-party assets. Thanks to our systematicintegration of ecological and social criteria in our business processes andinvestment decisions, we hold the leading position for insurers in the DowJones Sustainability Index. In 2018, over 142,000 employees in more than 70countries achieved total revenues of 131 billion euros and an operating profitof 11.5 billion euros for the group.

Theseassessments are, as always, subject to the disclaimer provided below.

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