Germany's Allianz to Increase Presence in China

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Wednesday, April 19, 2000, updated at 09:55(GMT+8)

Business

Germany's Allianz to Increase Presence in China

Germany's Allianz, a major global insurance provider, is considering cooperating with Chinese insurers in promoting liability insurance in China.

Reinhard Schwarz of Allianz's Global Risk Division said recently that although China has just initiated liability insurance, it has great potential in this area as the economy maintains a high growth.

Schwarz predicted that liability insurance will develop most rapidly in such industries as information technology, food, and genetic engineering in China because these industries not only bring about undoubted benefits but also pose huge potential risks.

Schwarz said that Allianz is especially willing to provide liability insurance services to large Chinese manufacturers.

Allianz began its business in China in 1917 and has had representative offices in Beijing, Shanghai and Guangzhou. It jointly established the Allianz Dazhong Life Insurance Company in Shanghai in 1998 with Shanghai's Dazhong Insurance Company.


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	Germany's Allianz is considering cooperating with Chinese insurers in promoting liability insurance in China.




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