Underwriter Forms Coronavirus Relief Fund

Insurance group Allianz has revealed it is to set up an emergency response fund to support China’s fight against the Coronavirus epidemic.

Allianz (China) Insurance Holding announced today that the group’s key institutions in mainland China and Allianz SE have pledged 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, 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).

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

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.

Chen Liang, Chief Executive Officer, Allianz China Life Insurance Co. Ltd, said: “Hubei, our newly established branch in 2019 is at the centre of the epidemic and we have to respond quickly to address the concerns, safety and wellness of our employees and business partners there.”

The corporate & specialty arm of the Allianz Group, AGCS said it 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.”

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.”