Allianz Global Corporate & Specialty SE (AGCS) is rolling out the red carpet for its Entertainment insurance division in Asia with a launch in Singapore. With nearly half of the world’s movie production taking place in Asia and large-scale live events and music tours on the rise, Entertainment is an important growth sector in Asia as more organizers look for insurance solutions to protect their events and productions. Since integrating Allianz's U.S. subsidiary Fireman’s Fund in 2015, AGCS has been expanding its Entertainment division to support customers in new markets beyond North America. In Asia, the first phase of expansion includes Singapore, Hong Kong and China.
The Entertainment product line is the latest addition to a growing AGCS Asia book that contributed 6 percent to overall global premium volume of 7.4 billion euros in 2017. Damian Kerin, Head of Entertainment Asia Pacific, will oversee this new division.
Mark Mitchell, Regional CEO AGCS Asia, said: “The film production and event industry is a thriving and fascinating business in Asia. Allianz has offered Entertainment solutions for decades in the US market and successfully expanded to Europe recently. Now we are targeting Asian markets with our expertise and market-leading solutions for film and events insurance. The Entertainment line is a good fit for our portfolio of offerings to clients, as we already offer complementary solutions which support the film and events industry such as cargo insurance for touring acts. We also see an increase in clients organizing events, commercials and advertising so our Entertainment product allows us to offer them a full set of solutions all under the AGCS brand, providing them with wide coverage, global reach and financial stability.”