AGSS expects strong demand for environmental liability (EIL) and entertainment insurance, too. EIL cover offers solutions for companies which are held liable for pollution or environmental or health damage even in cases where they had not acted negligently. Recent regulatory enforcement of environmental law in China will undoubtedly increase the need for EIL protection.
Entertainment is another growth sector for AGCS in China: China’s domestic film production has tripled from 2005-2015 and is now ranked third in the world behind USA and India. Allianz is a global leader and expert in entertainment insuring film production and live events for more than a century.
In Indonesia, AGCS operates as a division of Allianz Utama in Jakarta and will initially focus on financial lines and engineering products alongside the country’s robust economic growth and increased investment into infrastructure. Major appointments include Megasari Manurung, Underwriter for Financial Lines, and Indrajaya Wardhana, Underwriter for Engineering. Both experts are based within Allianz Utama in Jakarta.
Patrick Zeng, AGCS CEO Hong Kong and Greater China, said, “This is an exciting time for AGCS, as we expand not only into new markets but also our range of products. The growing interconnectivity and complexity of risks affecting businesses have also led to the rising demand for newer offerings such as EIL, crisis management, entertainment and cyber as recent high profile cases have increased the awareness of the necessity of such coverage.”