The ever-changing global business landscape coupled with changing geo-political situation has seen creation of new risks and threats which coud negatively impact the business, assests and human capital of business entities. In light of these challenges, Allianz General Insurance Company (Malaysia) Berhad has launched Crisis Management Products in Malaysia.
These products – Terrorism and Political Violence Insurance, Automotive Recall Policy, Allianz Global Pro Plus and Environment Protect – are available through the brokers and exclusive agents of Allianz General for companies looking to acquire heightened protection for their business.
Theses products are entering the market at the right time, delivering different solutions to various needs as companies and individuals now have a front row seat to a world that is becoming highly unpredictable. CNN.com reported in April this year that since June of 2014, the world has witnessed 75 attacks in 20 countries other than Iraq and Syria with the attack in the Belgian capital of Brussles in March this year is said to cost the country approximately $4.47 billion . The automotive industry has also seen no respite. The incidences of automotive recalls has seen a steady increase throughout the years. 2015 was a record year for vehichle recalls in the United States of America with 51.26 million vehichles summoned up . In Malaysia, the first quarter of 2016 has seen one auto maker recall 95,000cars due to faulty cooling hoses .
“Times are evolving and it calls for us to be more robust with our crisis management solutions by offering our clients the best products in safeguarding their business, assets and human capital. Our commercial business grew proximately three percent in 2015 and we are market leaders in Motor, Property, Liability, Cargo and Engineering portfolios. Our business purpose is always to provide simply the best value for customers. And by driving our superior risk management services to the forefront, we will be able to fill in the gap in the market with comprehensive solutions that meets challenges,” said Rafliz Ridzuan, Chief Underwriting Officer.
“At Allianz, our priority is in providing additonal security to our clients, affording them the ease of mind to continue their business as usual. As companies go global, consumerism rises and we as insurers must meet those demands in providing far-reaching protection. The important thing these four products possess adequate reach in their own right in providing sufficient coverage to meet the demands of the client and industry to ensure sustainable growth,” added Rafliz.
Allianz General’s appetite risks for each product are as below :-
Terrorism and Political Violence Insurance covers all types of business segment e.g. conventional power plants, construction projects, oil and gas facilities, real estate and warehouses etc. Acceptance limits up to 100 million euros (RM443 million) per policy.
Automotive Recall Policy caters to manufaturers of automotive and distributors of component parts, up to 50 million euros (RM221 million) per policy covers third party recall expense, governmental recall expense and crisis management fees and expenses.
Allianz Global Pro Plus aims to protect food and beverage, cosmetics, pharmaceuticals and tobacco products against product contamination be it accidental or deliberate through malicious product tampering. While Environment Protect protects companies in the manufacturing, construction, energy and real estate industries that can be liable for waste discharge violations, emission exceedance or improper disposal practices . Both products have a capacity of up to 50 Million euros (RM221 million) per policy.