Spanning many industries and countries worldwide, there is a wide variety to the individual requirements of our clients. Their varying exposures and local needs demand individually adjusted international insurance structures – which are always carefully designed on a case-by-case basis.
This is one of Allianz’s key advantages because of our experience in the bespoke design of individual global programs – as well as the breadth of our product range. A variety of options can be offered, subject to individual client exposures, which could include:
- Stand alone local policies issued by Allianz offices in several countries
- Difference in conditions/Difference in limits (DIC / DIL) at central level above local policies (for incidental risks)
- For property, engineering and marine coverage, freedom of services (FOS) single admitted pan-European policy for EU/EEC states
- Centrally controlled and coordinated master program, international insurance program (IIP)
- Fronting for client captive with or without risk retention by Allianz
In order to demonstrate how a typical IIP is structured, we outline below two examples of the more common IIP product types: property and liability.
- Local policies placed with Allianz companies or our partners
- Oriented on maturity of local market as well as legal environment
- Considers compulsory insurance components and specialties
- Regulatory requirements taken into account
- Complies with handling requirements for taxes, levies and fees
- Premium calculation and allocation done in relation to exposure
- Local policies pooled via reinsurance to optimize on overall scope incl. master cover DIC/DIL
- Centrally agreed maximum scope of cover master cover (DIC/DIL) for corporate protection
- Global risk management & loss control program aligned to overall concept
- Centrally controlled claims handling via lead office
- Information on exposures, policies & claims centrally recorded
- Similar to property IIP concept but with additional specific umbrella coverage for US risks (Freedom of services approach in Europe is not applicable).
- Assures compliance with special regulatory and market requirements in this region