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Allianz joined automakers in auto insurance earnings Rearrange.
Allianz SE, the largest insurer relies on global automakers to help recapture market share in its home country and give it a jump on competitors with a local presence in Europe.
The company seeks a 30 percent sales through partnerships with manufacturers, including Ford Motor Co. Volkswagen AG and Bayerische Motoren Werke AG during the next three years, said Karsten Crede, CEO of Global automotive unit Allianz group.
We are growing at 13 percent to 14 percent per year and increased gross written premiums February 7 billion 3 7 billion in 2013 1 3 billion euros in 2010, Crede said in an interview in Munich April 9 unit objectives premiums 3 5 billion euros by 2016, he said.
Germany, the largest market for auto insurance in Europe, has been profitable for carriers as they stepped up price cuts to win business in 2005. In 2010, Allianz has lost first place among the German motor insurers the HUK-Coburg Holding AG little, focusing on Germany and can offer cheaper rates because of lower costs as a result, Allianz is looking for alternative ways to distribute its products.
Although the German car insurance price increases taken it three years ago, hailstorms requests that damaged 450,000 vehicles last summer wiped out any chance of returning to a profit for the industry.
On average, the German motor insurers spent 104 cents for each euro in premiums on claims and costs last year, according to data from GDV industry lobby group In 2012, the combined ratio was supposedly 102 6 percent.
Allianz offers automakers a commission to sell its auto insurance under their brand, giving it an advantage over the margins of local competition are similar to those of traditional insurance, Crede said Adding more coverage to our product packaging, such as the upper margin warranty coverage and support products, will help us to improve margins further.
The insurer, based in Munich, is a combined ratio to its global automotive unit less than 98 percent, a goal set in 2010, compared to 99 percent in 2013 7.
While the biggest markets of the unity of Germany and Australia, the growth markets are a very important part of the company, said Crede Perhaps more by adding more countries to the existing partnerships with automakers and adding new partners to the network.
Allianz teamed up with Ford in Europe at the end of 2013 Partners include Volkswagen and Daimler AG and BMW on a turnover of internationally through concessions now account for more than 5 million of the 50 million insured vehicles Allianz worldwide.
Partnerships with car manufacturers vary from one country to another in Germany, BMW sells car insurance for Ergo Versicherungsgruppe, the primary insurance unit of Munich Re, while Daimler partner with HDI Versicherung, a unit of German unity Talanx AG Zurich Insurance Group AG sells coverage through a joint venture with the automobile club ADAC in Germany.
In general, contracts with automakers five to eight years, and Crede said he expects existing partners renew the relationship As we could boost business partnerships in all, I expect our relationship existing be more than just a single effort.
German Allianz unit increased sales of auto insurance by 3 percent to 3 3 billion last year Allianz leaving 8 1 million vehicles in Germany in 2013, while HUK-Coburg assured about 9 8000000.
Allianz automotive unit is part of the insurer's global business lines, which include trade credit insurer Euler Hermes SA, which owns 68 percent Allianz, the insurer World Travel Assistance, Allianz industrial insurance unit Global Corporate and specialty and Allianz Asset management unit, which owns Newport Beach, California Pacific Investment management Co.
The United States still discovered territory for us, but it is also a more difficult market than auto dealers are legally allowed to sell insurance and that each state has a different law, Crede nevertheless, I could not imagine that we give it a try at some point.
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