Europe's largest insurer, Allianz, has launched its operations in the Slovenian market. Klaus Junker, regional CEO for Central and Eastern Europe, told the press in Ljubljana on Tuesday that Allianz would initially offer insurance products and services for corporate customers.
The insurer's branch office in Ljubljana was established in November 2007, but it has launched its operations now. Its boss Uros Klenovsek said the insurer would first offer a range of property, liability and technical insurance products for companies.
Its mid-term plan is to enter the car liability and life insurance markets. Allianz will sell insurance over the internet and the existing network of insurance agencies and brokers, Klenovsek said.
The German insurer has been offering life insurance of Allianz Elementar in Austria to Slovenian consumers through the insurance brokers Styria West since 2007.
Klenovsek also mentioned fronting businesses, which Allianz would take over from local companies so as to offer comprehensive insurance protection as elsewhere in Europe and the world.
Allianz entered the Slovenian market through its Hungarian subsidiary, Allianz Hungaria, the market leader in Hungary with 4,800 employees.
Allianz Hungaria CEO Karoly Salamon said the company's goal for next five years was to control 5% of the Slovenian market and collect EUR 50-100m in premiums.
Allianz Group is a leading world provider of insurance products, banking and asset management services. Employing some 181,000 people across the world, it services more than 80 million customers in 70 countries, Junker said.
The insurer's main market is Europe, where it generates 70% of its revenues. These amounted to EUR 102.6bn last year, up 1.5% on 2006. The group's net profit increased by 13.5% to EUR 7.9bn.
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