As a leading global business insurance company, Allianz Global Corporate & Specialty is your partner to manage the fast evolving risks of today and tomorrow. Our teams work with companies worldwide to create insurance solutions designed for specific industries and business challenges. With a worldwide network in more than 200 countries and territories, we exclusively focus on the needs of corporate and specialist clients.
Allianz Results
AGCS 3M 2021
(3M 2020: €3.011 billion). Positive impact from effective rate changes of 22% for renewal business across the portfolio was offset by underwriting actions targeting loss making accounts and segments. Strongest rate increases were achieved in Financial Lines, Property and Aviation, but also the long-tail Lines of Business observed strong momentum on rate improvement.
(3M 2020: 117.5%), which is 19.2%-p better than prior year, mainly benefitting from a lower claims volume related to Covid-19. In Q1 2021, Covid-19 related reserves booked amounted to €40 million compared to €233 million in the first quarter of 2020. Also claims activity not related to the pandemic is lower for frequency & medium-size as well as large losses contributing to a better current accident year loss ratio compared to last year.
AGCS Commentary
*S&P and A.M. Best ratings for ART AG and ART Bermuda.
AGCS Ratings
zaAAA local (April 21)
Allianz Group 3M 2021
declined by 2.6%
(3M 2020: €42.6 billion)
(3M 2020: €2.3 billion).
Net income attributable to shareholders grew 83.4% to €2.6 billion (3M 2020: €1.4 billion) mostly driven by operating profit growth.
Allianz Holdings plc
Allianz Holdings plc, the holding company which owns Allianz Insurance and LV= General Insurance (LV= GI) first quarter results 2021.
Allianz Holdings:
Outlook for Allianz Holdings
Looking ahead to the next quarter, trading conditions will continue to be challenging, especially on motor, but we expect demand for travel insurance and breakdown to pick up, with more people on the roads and the planned resumption of foreign travel. We anticipate an improvement in top line performance for Commercial lines and continued growth for Petplan.
The launch of the much-awaited whiplash claims portal will hopefully make a significant difference to how these claims are managed and ensure genuine claimants get the right compensation. LV= GI also continues to work with the FCA on the pricing practices reforms ahead of their implementation.
Allianz Insurance:
Allianz Insurance experienced an overall small decline in premium income (5.6%) compared to 2019. In the Commercial book this was due to the impact of COVID-19 on economic activity, with Motor and Casualty lines seeing the impact of increased mid-term adjustments, return premiums, reduced exposures and lower new business levels. In Personal Lines, the exit of a large Corporate Partner arrangement also impacted the top line figure.
Total Operating Profit increased by 10% (£10m) compared to FY 2019. COVID-19 business interruption claims impacted the 2020 result by £175m, net of reinsurance. These losses have been offset by the claims effects of the economic slowdown, in particular in Commercial Motor and Pet.
Allianz adopted a responsible and market-leading approach to dealing with BI claims, settling quickly and fairly from the outset. As at the end of January, payments had already been made on 75% of all valid claims.
LV= General Insurance:
*Includes L&G General Insurance which became part of LV= GI in January 2020.
**Numbers reported for 2019 have been restated to be shown on a consistent Allianz accounting basis.
A 30% growth in Gross Written Premiums (GWP) to just over £2bn, mainly due to the acquisition of L&G General Insurance, (FY 2019: £1571m) and Operating Profit at £183m (FY 2019: £81m), with the latter being achieved through a combination of being more efficient in the way we manage our business as well as an improved performance in our motor business. Our Combined Ratio (COR) reached 91.3% (FY 2019: 96.9%). In LV= Broker, GWP increased by 16%, primarily due to significant growth across a number of lines including standard motor, specialist motor and home, and growth in LV= Retail remained broadly flat, reflecting our more cautious approach to pricing in a soft market.
Allianz Results
AGCS 3M 2021
(3M 2020: €3.011 billion). Positive impact from effective rate changes of 22% for renewal business across the portfolio was offset by underwriting actions targeting loss making accounts and segments. Strongest rate increases were achieved in Financial Lines, Property and Aviation, but also the long-tail Lines of Business observed strong momentum on rate improvement.
(3M 2020: 117.5%), which is 19.2%-p better than prior year, mainly benefitting from a lower claims volume related to Covid-19. In Q1 2021, Covid-19 related reserves booked amounted to €40 million compared to €233 million in the first quarter of 2020. Also claims activity not related to the pandemic is lower for frequency & medium-size as well as large losses contributing to a better current accident year loss ratio compared to last year.
AGCS Commentary
*S&P and A.M. Best ratings for ART AG and ART Bermuda.
AGCS Ratings
zaAAA local (April 21)
Allianz Group 3M 2021
declined by 2.6%
(3M 2020: €42.6 billion)
(3M 2020: €2.3 billion).
Net income attributable to shareholders grew 83.4% to €2.6 billion (3M 2020: €1.4 billion) mostly driven by operating profit growth.
Allianz Holdings plc
Allianz Holdings plc, the holding company which owns Allianz Insurance and LV= General Insurance (LV= GI) first quarter results 2021.
Allianz Holdings:
Outlook for Allianz Holdings
Looking ahead to the next quarter, trading conditions will continue to be challenging, especially on motor, but we expect demand for travel insurance and breakdown to pick up, with more people on the roads and the planned resumption of foreign travel. We anticipate an improvement in top line performance for Commercial lines and continued growth for Petplan.
The launch of the much-awaited whiplash claims portal will hopefully make a significant difference to how these claims are managed and ensure genuine claimants get the right compensation. LV= GI also continues to work with the FCA on the pricing practices reforms ahead of their implementation.
Allianz Insurance:
Allianz Insurance experienced an overall small decline in premium income (5.6%) compared to 2019. In the Commercial book this was due to the impact of COVID-19 on economic activity, with Motor and Casualty lines seeing the impact of increased mid-term adjustments, return premiums, reduced exposures and lower new business levels. In Personal Lines, the exit of a large Corporate Partner arrangement also impacted the top line figure.
Total Operating Profit increased by 10% (£10m) compared to FY 2019. COVID-19 business interruption claims impacted the 2020 result by £175m, net of reinsurance. These losses have been offset by the claims effects of the economic slowdown, in particular in Commercial Motor and Pet.
Allianz adopted a responsible and market-leading approach to dealing with BI claims, settling quickly and fairly from the outset. As at the end of January, payments had already been made on 75% of all valid claims.
LV= General Insurance:
*Includes L&G General Insurance which became part of LV= GI in January 2020.
**Numbers reported for 2019 have been restated to be shown on a consistent Allianz accounting basis.
A 30% growth in Gross Written Premiums (GWP) to just over £2bn, mainly due to the acquisition of L&G General Insurance, (FY 2019: £1571m) and Operating Profit at £183m (FY 2019: £81m), with the latter being achieved through a combination of being more efficient in the way we manage our business as well as an improved performance in our motor business. Our Combined Ratio (COR) reached 91.3% (FY 2019: 96.9%). In LV= Broker, GWP increased by 16%, primarily due to significant growth across a number of lines including standard motor, specialist motor and home, and growth in LV= Retail remained broadly flat, reflecting our more cautious approach to pricing in a soft market.
New AGCS
Allianz Global Corporate & Specialty announced a new strategy and transformation program in July 2020 with a simple ambition: to be the market leader in its target segments. Backed by the strength and depth of Allianz Group, AGCS will focus on its core capabilities: offering specialist solutions for complex risk challenges worldwide, based on deep technical risk expertise, strong customer relationships, and outstanding claims management, delivered globally through the Allianz network.
Strategic Focus and Major Changes – at a Glance
- Focus on core markets and segments
- Technical excellence in underwriting and claims services prioritized
- Regional organization simplified in new global model
- New Global Distribution function for improved service delivery
- Dedicated industry sector teams established
- Focus on increasing responsiveness and driving out cost and complexity
- Investment of over €100 million per annum in digitalization, including client-facing services
Market Focus
AGCS will focus on its established strengths in specialist Property & Casualty solutions:
- Complex risks for large multinational companies
- Expert solutions for specialist risks such as Aviation, Marine, Entertainment and more
- MidCorp in selected markets (e.g. United States) with a focus on Middle Market and specialist Program business
- Strong lead capabilities in target segments
- Market-leading claims services
- Global programs through Allianz Multinational
- Innovative risk transfer solutions through Alternative Risk Transfer
- Bringing together the full product range of Allianz Group for business customers
New Global Distribution Function
AGCS has created a new team to be led by Jeremy Sharpe as Global Head of Distribution reporting to AGCS Chief Regions and Markets Officer Henning Haagen. The new Global Distribution function will ensure a coordinated global approach across all regions towards client and broker relationship management, ensuring smarter execution as well as driving business development and client solutions.
- One global sales and distribution strategy and function: ability to deliver sales and solutions on a truly global/regional scale for clients and broker partners
- Coordinates multi-line solutions and access to Allianz Group products and services
- Strengthened focus on key account management and broker management
- Reduced complexity: single strategy per distribution channel, with direct access to key AGCS stakeholders
- Faster decisions: ability to service clients and brokers across the regions or globally with single rather than multiple layers of decision making
Jeremy Sharpe
Global Head of Distribution
Evolving Underwriting and Claims
Technical Excellence in Underwriting and Claims is a core element of the new strategy. In Underwriting, this includes strengthening capabilities and tools in pricing, portfolio management, loss trend analysis, volatility management and actuarial modelling.
Claims will continue to be at the center of our proposition: AGCS continues to be a dependable partner for helping clients protect their balance sheet and helping them in their hour of need.
- Re-established dedicated Board responsibility forClaims with the appointment of Thomas Sepp as AGCS Chief Claims Officer
- Systematic identification of loss trends in across-functional approach: Insights to be shared with our clients to improve their risk management approach
- Enhanced loss trend information and claims data to steer our own Underwriting and Portfolio Management
- Effective settlement strategies for optimum claims outcomes for clients: Leveraging our expertise, we will build Claims GlobalPractice Groups, ensuring that the settlement of large, complex claims is fully supported by the best experts worldwide.
Tomas Sepp
AGCS Chief Claims Officer
Our Organisation
As part of its global transformation program, AGCS has adopted a simplified regional organization to ensure a joined-up market approach, with fully empowered teams steering across regions, but acting within a globally coordinated model. The new organization will increase responsiveness, reduce cost and complexity, and aligns with many distribution partners’ and clients’ businesses.
- Regional Line of Business Heads to steer underwriting across each region
- Regional Claims Heads to lead claims across all countries per region
- Each region managed as a whole to deliver an integrated approach, supported by and aligned with our global model and teams.
AGCS Regional Unit London & Nordics Offices
- 60 Gracechurch Street, EC3V 0HR London, United Kingdom
- Allianz House, Elmpark, Merrion Road, Dublin, Ireland
- Pilestraede 58, Copenhagen, 1112, Denmark
- Konepajankuja 1, Helsinki, 00510, Finland
- Holbergsgate 21, Oslo,0130, Norway
- Regeringsgatan 54, Stockholm, Sweden
Regional Line of Business Heads
Six AGCS Regional Units
Regional Unit North America
William Scaldaferri
Regional Unit Ibero/Latam
Nuno Antunes
Regional Unit Mediterranean & Africa
Patrick Thiels
Regional Unit London & Nordics
Alfredo Alonso
Regional Unit Central & Eastern Europe
Hans-Jorg Mauthe
Regional Unit Asia Pacific
Mark Mitchell
Claims
Claims Service
An insurance claim is the defining moment for our service – the moment when we deliver on our promise. AGCS is committed to deliver superior claims experience to our customers: before, during and after a loss.
It’s when a loss occurs that you really need your insurer to act – promptly and unbureaucratically. A coordinated approach to global claims management is the key. Fast claims services and efficient claims handling is essential to help our clients resume their operations and manage their day-to-day business as quickly as possible.
AGCS fields a dedicated team of experts, highly respected in the market. We have many years of experience and expertise in managing claims in all our lines of business.
Our Claims Team
Insurance is truly a people business, and our claims team is at the heart of our service. This is why we field one of the strongest specialist claims teams of any major insurer.
- Strength in depth: more than 450 experts in worldwide locations – focusing exclusively on industrial, corporate and specialty claims
- Experienced: average claims adjusting experience of more than 10 years means that our claims handlers are respected experts in their field
- Technically qualified: AGCS staff include engineers, lawyers and specialists such as master mariners or pilots
- Connected: long-established relationships with leading external experts such as lawyers and loss adjusters
- Coordinated: Global practice leaders ensure internal coordination and best practice; local teams deliver claims services in client locations
Claims technology
Digital claims services
Utilizing the latest technological innovations to improve the claims journey experience for our clients is a fundamental focus at AGCS. In doing so, we strive for a simpler, faster and more personalized claims process for our customers. We are taking advantage of drone technology as well as satellite imagery to be quicker in assessing losses at hard-toaccess claims sites or after natural catastrophes. The use of Internet of Things sensors and how they can help mitigate losses through tracking and monitoring across marine cargo and industrial equipment is also being explored. Automated claims processing to accelerate smaller claims is another focus area, while automated text extraction from loss notifications is also in development so we can simplify the process for our customers. Our long-term vision is to provide a self-service claims portal to our customers that allows for a comprehensive overview of the claims process.
We have a dedicated claims team for data analytics. Analyzing the vast amount of claims data that AGCS has access to allows us to identify new loss trends we can share with clients to support loss prevention and mitigation.
Claims Testimonials
“Kier have had a long term relationship with AGCS for well over 10 years and have always found their claim capabilities to be professional and fair within the terms and conditions of the policy wording. The level of service from the claims team cannot be questioned”.
Kier (Engineering)
“On behalf of Peel Ports can I express our thanks for the constructive and speedy manner in which this matter has been dealt with. Once again it highlights the strong working relationship that exists between Peel Ports, our Brokers and AGCS and we are very aware of the support they provide.”
Peel Ports (Marine)
“We cannot speak highly enough of the claims handling team at AGCS. The service is second to none.”
UK Solicitors (Financial Lines)
“The AGCS team handled our claim in a professional and prompt way. The client involved is very important to the firm and we have maintained our relationship with them and they continue to instruct us on matters.”
UK Solicitors (Financial Lines)
“AGCS claims team are clearly experts in their area of work but more importantly have made every effort, within a very short period of winning our account, to understand the nature of our business/ sector. From day one AGCS has been keen to work with me to nurture the relationship between their team and my in house claims team to the benefit of both businesses. Because of this I am pleased to say that the transition from one Insurer to another has been seamless. AGCS apply a very collaborative approach to working with in house claims teams which has enabled me and my business to continue to operate when in incident mode. In summary they understand us as a client, and they not only talk a good story, but they actually do it.“
United Utilities (Liability)
“We have dealt with AGCS in respect of our Public Liability risks since 1 April 2015 and in that time have received an excellent claims service. We have received a prompt response to all communication both written and verbal and have found AGCS very easy to deal with. AGCS understand our business and the issues we face. I would have no hesitation in recommending the AGCS claims service.”
Kelda (Liability)
“I have had a long association with the AGCS London Claims team, both as a Senior Client executive at Aon, and in my current position. During that time they have extended to me an excellent claims service. When dealing with large claims they have been very supportive and proactive, and willing to come up with innovative solutions to difficult claims issues.”
Reckitt Benckiser (Liability)
“Malaysian Airlines received very quick positive claims handling service from Allianz through Willis Towers Watson. In respect of MH370 and MH17 Allianz were extremely quick to respond to both losses and were instrumental in the strategy for handling the two catastrophe losses which were so different in their nature. An airline operator requires fast efficient claim service after a major event with full support and this is what we received from Allianz.”
Malaysian Airlines (Aviation)
Risk Engineering
At Allianz Global Corporate & Specialty (AGCS), we provide a wide range of risk consulting services to help your business manage, prevent, and reduce risks, whatever your industry.
With over 280 experts spread across 24 locations worldwide, our risk consulting team is made up of experienced engineers from a wide range of technical and scientific disciplines.
We provide a flexible range of risk consulting services including risk assessments, desktop reviews, site surveys, and technical loss investigations, as well as practical advice on how to prevent future losses, across all industrial sectors and risks.
What makes us unique?
The Allianz Risk Consulting (ARC) team prides itself on its collaborative approach to risk management. This means we'll take the time to get to know your business and industry, often working with you on-site where your risks are 'live'. By doing so, we can provide you with services tailored to your needs.
We believe that a collaborative approach – harnessing the combined inputs of all parties – offers the best response to these risk challenges, and that the majority of losses can be avoided through diligent application of loss control engineering processes.
Our approach to risk consulting services is client focused and tailor made, rather than just based on meeting certain pre-set standards and principles. This flexibility, combined with ongoing dialogue with our clients and openly sharing lessons learned with them, is key to our success.
And because we focus exclusively on servicing corporate and specialty clients, we are able to call on many years of specific business risk experience – creating tailor-made risk management services to respond to the unique challenges of these global sectors.
Technology
AGCS is using technology to enhance efficiency and customer services
Robotic process automation
With Robotic Process Automation, AGCS already has over 80 active bots in place, with further applications in development. Focusing on data entry and extraction or policy administration, these bots are helping to increase service turnaround times while maintaining a zero error rate.
Blockchain
By exploring Blockchain, AGCS is working with one of the technologies driving the most exciting advancements in the corporate insurance industry. After the successful development of a Blockchain prototype for managing a captive insurance program, we are currently exploring a token-based payment system to make financial transactions more efficient – both internally and for our clients.
AGCS Trend Compass
Emerging risks across all industries and sectors
Strategic tool that provides businesses a greater understanding of emerging risks around new technologies across all industries and sectors – and helps AGCS to identify solutions to mitigate these threats.
- Identifies and rates the most relevant future technologies and trends ranging from “AI as a service” to “community sourcing” or “quantum computing”
- Provides in-depth expertise and orientation on key technologies and socio-economic trends that will have a profound impact in the next five to 15 years
- Gives businesses a greater understanding of the emerging risks around new technologies and trends
- Helps AGCS develop innovative risk transfer solutions to mitigate evolving threats
Sustainability
Shift in stakeholder’s expectations
Customers
Civil Society
Shareholders
Employees
Governments
Media
Environmental, Social & Governance (ESG)
Environmental, Social and Governance (ESG) topics are becoming increasingly relevant to the business environment as well as to our role and responsibility as a global insurer and investor.
“Our knowledge of risk, our financial resilience and long-term investment horizon enables us to now offer more effective support for climate protection while making the most out of long-term opportunities for our customers“
Oliver Bate, CEO Allianz Group
ESG is an Integral Part of our Underwriting Process
AGCS ESG Business Services is the global ESG Center of Competence for Allianz’ P&C business. The team is mandated to enhance and execute Allianz’ ESG insurance strategy and is contributing to reputation and brand protection
Governance: Embedded in policy framework
ESG risk management embedded in relevant Standards and Functional Rules for Underwriting globally
Underwriting due diligence
Underwriters across all LoBs globally undertake initial ESG due diligence to identify ESG and reputational critical issues
Future automatization of due diligence
In-depth ESG assessments
Strong risk focus implemented via methodology and thresholds for ESG risk quality and reputation
Single-case decision making
Clearly defined exclusion criteria
We do not insure clients involved with controversial weapons and phase-out coal (single site exclusion and first corporate exclusions 2023)
Risk dialogues
Risk dialogues with clients on critical issues support informed decision making, transparency and risk mitigation
Products and services
Delivery of ESG expertise to clients via consulting offering and to UW through “ESG as a proxy” (Pilot with Financial Lines)
Allianz Climate Change Strategy
We Anticipate the Risks of a Changing Climate
- Assessing and managing climate risk and opportunity exposure.
- Divesting from coal-based business models and stopped to insure single-site coal plants and mines. By 2040, all coal risks will be phased-out.
- Working towards greater transparency on climate-related risks and opportunities by reporting in line with the TCFD1 framework and by encouraging other companies within our sector and beyond to improve their disclosure.
We Care for Our Customers and Protect the Most Vulnerable
- Helping provide climate risk insurance for up to 500 million people in most vulnerable developing countries by 2025 through active support of the InsuResilience Global Partnership.
- Setting up insurance solutions to close the “Protection Gap” through our partnership with the German Corporation for International Cooperation (GIZ).
- Carrying out thought leadership for example via the annual Allianz Climate Risk Research Award.
We Enable the Transition to a Low Carbon Economy
- Joined forces in UN-convened Net-Zero Asset Owner Alliance, committing to transition our investment portfolio to net-zero by 2050.
- Setting long-term climate goals for our operations and proprietary investments, in line with the Paris Agreement’s targets.
- Committed to source 100% renewable power for our Group operations by 2023.
- Growing our low-carbon investment portfolio which stands at 23.7 billion Euro.
- Pioneered insurance of low-carbon technologies, insuring renewables in more than 70 countries.
Diversity & Inclusion
Generations
Diverse age groups in teams provide knowledge exchange and a better customer understanding.
Disability
Having an accessible work environment and buildings include people with disabilities.
Cultural Diversity
Having diverse nationalities in leadership teams and projects provides various perspectives and an understanding of global businesses.
LGBT+
Psychological safety in the workplace is about awareness of sexual orientation and giving employees a safe place for coming out.
Gender Balance
Identifying and removing barriers for women in leadership is a strategic commitment for meritocracy.
Individual Needs
Different work time models give our employees flexibility in planning their work and leisure time, and promote
well-being.
Corporate Responsibility Highlights
