Allianz sets up emergency response fund against coronavirus

Pedro Gonçalves
Allianz sets up emergency response fund against coronavirus

Allianz (China) Insurance. 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 (€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 Co Ltd., 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).

We hope to provide relief to the areas that are most hit by the epidemic at present"

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.

Solmaz Altin, CEO, 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,CEO, Allianz China Life Insurance, added:"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."

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.

The corporate & specialty arm of the Allianz Group, AGCS 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."


Subscribe to International Investment's free, twice-daily, newsletter