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German insurance giant to enter into Denmark
08-05-2008
Regional setup:
The global insurance company Allianz is now aiming at the 700 Danish companies with a turnover of over EUR 65 million. It is anticipated that the group will take over a good market share.
The world’s largest insurance company German Allianz moved across the Danish border six months ago and in connection with the opening on 1 may of their new head office for all the Nordic countries, located in Pilestræde in Copenhagen, the company says that the group is going cutthroat after a market share of 5 per cent within a few years, writes Berlingske Business.
Allianz has a turnover of approximately EUR 100 billion globally within insurance, asset management and banking. One of Allianz’ strengths is its presence in almost all parts of the world. This can be of great importance to companies with global business:
“Today many companies in Denmark think and act globally. Therefore they will profit by an insurance company which is present in the markets where the companies are. The requirements in the local policies may differ and it may be better to handle things locally in each country. Consequently with our global presence we are able to offer a tailor-made coverage and collection of local taxes and fees,” says Stig Jensen, who is General Manager in the Nordic Countries for Allianz Global Corporate & Specialty that is the industry insurance company within the Allianz Group.
The primary target group for Allianz is companies with a turnover of approximately EUR 65 million and over. According to the insurance group’s Nordic general manager there are 725 of these in Denmark and 3,000 in the entire Nordic region.
“It is and advantage that Allianz now is to be noticeable in Denmark and Scandinavia through its office in Copenhagen. They already have some of the very large industry customers but with their presence they are able to get hold of some of the other companies too,” says Søren Lindbo, General Manager in the pension and insurance broker company Aon.
In the long term Allianz hopes to establish offices also in Stockholm and Oslo.
