Allianz sets up an emergency response fund to support China's fight against the coronavirus epidemic
Allianz, an international financial services provider, has announced 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 RMB4 million (EUR520,000), 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, which is based in Shanghai, in collaboration with the other Allianz operating entities in China and the region, including Allianz China Life Insurance, Allianz Jingdong General Insurance, Allianz Partners China, Allianz Global Corporate & Specialty SE 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, according to a press release by the firm.
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, 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, 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.”
The corporate & specialty arm of the Allianz Group is monitoring the impact of the coronavirus on its corporate clients.
Mark Mitchell, Regional CEO Asia Pacific, Allianz Global Corporate & Specialty SE, 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.”
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.
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