Allianz expands excess of loss business in APAC
Allianz expands excess of loss business in APAC | Insurance Business Asia
Insurance News
Allianz expands excess of loss business in APAC
The insurer expects companies to need increasing support against large losses in 2023
Insurance News
By
Kenneth Araullo
Allianz is building on its excess of loss (XoL) business teams in the UK and US with additional growth and new recruits in Germany and the Asia Pacific region, as well as new teams based in Spain and Brazil.
In a news release, Allianz said that these new teams are part of the firm’s commitment to supporting and protecting companies against insolvencies and potential large and unexpected losses in 2023 because of the global economic slowdown.
The company already has dedicated teams delivering XoL solutions in Germany and Asia Pacific, and this new initiative translates into additional resources for both regions. As for Spain and Brazil, this extends Allianz’s global presence for supporting businesses in the region against losses.
As of today, Allianz supports over 300 companies in protecting their balance sheets against exceptional credit losses. Allianz Trade global head of excess of loss Alexia Parmentier said that these new resources and teams allow the firm to reach out into a wider market to help protect companies against these risks.
“Excess of Loss credit and political risk cover is particularly relevant in economic downturns as companies want the certainty of non-cancellable cover. By investing in local teams, we are ensuring our partners have access to Excess of Loss specialists in every region,” Parmentier said.
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