External attacks on companies result in the most expensive cyber insurance losses, but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a report from Allianz Global Corporate & Specialty (AGCS). The study analyzes 1,736 cyber-related insurance claims worth EUR 660mn (US$ 770mn) involving AGCS… Continue reading Cyber Insurance Claims on the Rise
Tag: Allianz
AGCS Embarks on Global Transformation to Regain Profitability
Under its new leadership, Allianz Global Corporate & Specialty (AGCS), the industrial insurer of Allianz Group, announces a comprehensive transformation program, “New AGCS”, to regain profitability and market leadership in the corporate and specialty insurance segment. Supported by a number of new leadership appointments, the company will strengthen its technical capabilities across its core underwriting… Continue reading AGCS Embarks on Global Transformation to Regain Profitability
AGCS Realigns Key Roles in its Board of Management
Allianz Global Corporate & Specialty SE, the industrial insurer of the Allianz Group, announces a realignment of its Board of Management focusing on responsibilities for regions and markets as well as for Underwriting and Claims functions. With effect from July 1, 2020, the number of Chief Regions & Markets Officers (CRMO) on the AGCS SE… Continue reading AGCS Realigns Key Roles in its Board of Management
Allianz, Generali Said to Plan Life Insurance Asset Sales
Two of Europe’s largest insurers are gearing up to sell billions of euros in life assets — a niche corner of dealmaking keeping bankers busy amid the coronavirus pandemic. Allianz SE is planning to divest as much as 9 billion euros ($9.9 billion) of life insurance assets in countries including Italy, according to people familiar… Continue reading Allianz, Generali Said to Plan Life Insurance Asset Sales
Allianz CEO Says Virus Hit Insurers Like ‘Meteorite’
Allianz SE Chief Executive Officer Oliver Baete warned the coronavirus has upended insurers’ business models and will cause “massive” losses across the industry. The virus has forced closures across the entire economy and not just in a limited number of cases, Baete said. Any recovery from those shutdowns will likely take longer than people currently… Continue reading Allianz CEO Says Virus Hit Insurers Like ‘Meteorite’
Safety Measures for Businesses Forced to Temporarily Close their Premises Amid COVID-19
The coronavirus outbreak has caused devastation and disruption around the globe and Allianz Global Corporate & Specialty’s (AGCS) thoughts are with all those impacted by the virus. In addition to the significant human cost, businesses are also increasingly affected by the growing number of restrictions on public life that have been rightly imposed by authorities,… Continue reading Safety Measures for Businesses Forced to Temporarily Close their Premises Amid COVID-19
Allianz Is Teaming Up with Gig Economy Insurtech Dinghy
Allianz Insurance has teamed up with UK-based insurtech Dinghy, which focuses on providing gig economy workers with insurance coverage, per Dinghy’s website. Under the partnership, Allianz will likely be able to provide on-demand business insurance to its customers, but it’s unclear how the two will integrate. The gig economy industry is growing, and insurtechs have… Continue reading Allianz Is Teaming Up with Gig Economy Insurtech Dinghy
Fighting Climate Change Will Cost Companies Trillions: Allianz Report
Fighting climate change will cost companies worldwide nearly $2.5-trillion over the next 10 years, according to an estimate by Allianz. The German insurer analysed the most important measures currently enacted or under discussion to rein in global warming and found that the energy sector alone will be hit with an additional cost of $900bn. Further… Continue reading Fighting Climate Change Will Cost Companies Trillions: Allianz Report
Zurich Takes on European Rivals with New 2022 Targets
Zurich Insurance on Thursday raised its earnings targets for the next three years as Europe’s fifth-biggest insurer takes aim at rivals such as Allianz and Generali. Zurich’s three-year plan is “remarkably similar” to Allianz’s plan released in Nov 2018, Jefferies analysts said, pointing to Allianz’s strong performance since then and reiterating their “buy” rating on… Continue reading Zurich Takes on European Rivals with New 2022 Targets
Allianz Partners with Microsoft to Digitally Transform the Insurance Industry
On Thursday, Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance process easier while creating a better experience for insurance companies and their customers. Through the strategic partnership, Allianz will move core pieces of its global insurance platform, Allianz Business System (ABS), to Microsoft’s Azure… Continue reading Allianz Partners with Microsoft to Digitally Transform the Insurance Industry