As a result of the agreement, Allianz Utama can offer credit insurance to its export-oriented customers. They will benefit from Euler Hermes' market-leading expertise and technical support, including direct access to the Euler Hermes global risk database and commercial debt collection network. In addition to providing the reinsurance capacity for the activity, Euler Hermes will train and assist the Allianz sales force which will distribute its credit insurance solutions in Indonesia.
"Indonesia is a country with vigorous export activity. Therefore, it represents a growth market for credit insurance, and we are delighted to develop our business in Indonesia with such a strong partner as Allianz Utama", says Clemens von Weichs, Chairman of the Euler Hermes management board. Indonesia’s export value has been growing by more than 15 percent annually in the last five years.
Euler Hermes and Allianz join forces in Indonesia
Volker Miss and Jeff Vincent, CEO of Euler Hermes Asia, at the launching event
Understand customer needs
"As a prominent insurer in the corporate segment, we always try to understand the specific needs of our customers," says Volker Miss, Managing Director of Allianz Utama Indonesia. "By offering credit insurance, we are confirming our promise to provide a complete range of insurance protection to our corporate clients," he adds.
Von Weichs: "Euler Hermes established a strong base in Singapore in 1999, from where it has been serving the ASEAN countries and assessing the creditworthiness of companies in the region, including Indonesia. This proximity, and the experience we have accumulated, will allow us to fully support the development in Indonesia."
20 percent annual growth expected
For its credit insurance business, Allianz Utama set a premium target of 1.8 billion Indonesian rupiahs (about 140,000 euros) for this year and is expecting at least 20 percent growth for the coming years.
"We are optimistic with our premium target due to flourishing export transactions in Indonesia and also the fact that we have a solid backup from Euler Hermes," says Volker Miss. "Credit insurance will be delivered by all of our existing distribution channels: direct sales, agencies network and banks."
About Euler Hermes
Euler Hermes is the worldwide leader in credit insurance and one of the leaders in the areas of bonding, guarantees and collections. With 5,800 employees in 49 countries, Euler Hermes offers a complete range of services for the management of B-to-B trade receivables and posted a consolidated turnover of 2.01 billion euros in 2006.
About PT Asuransi Allianz Utama Indonesia
Allianz entered Indonesia by opening a representative office in 1981. After eight years of its early operation, Allianz established PT Asuransi Allianz Utama Indonesia as a joint venture general insurance in 1989. Today, Allianz Utama has grown into one of the largest general insurance companies in Indonesia. It has seven branch offices and 18 points of sale and serves more than 38,000 customers with gross written premiums of nearly 615 billion rupiahs (almost 48 million euros) as of the end of 2006.
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