Saturday, February 29 2020

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

Update: February, 04/2020 - 03:02

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 the core growth regions for Allianz, characterized by a rich diversity of cultures, languages and customs. Allianz has been present in the region since 1910, when it first provided fire and marine insurance in the coastal cities of China. Today, Allianz is active in 14 markets in the region, offering its core businesses of property and casualty insurance, life, protection and health solutions, as well as asset management. With its more than 36,000 staff, Allianz serves the needs of more than 21 million customers in the region across multiple distribution channels and digital platforms.

 

About Allianz

The Allianz Group is one of the world's leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global 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 more than 1.4 trillion euros of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 70 countries achieved total revenues of 131 billion euros and an operating profit of 11.5 billion euros for the group.


These assessments are, as always, subject to the disclaimer provided below.


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This document includes forward-looking statements, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz Group's core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions including and related integration issues and reorganization measures, and (xi) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.


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