ALLIANZ General Insurance Malaysia Bhd is on track to meet its RM530mil sales target for the current financial year ending Dec 31, chief executive officer William Mei said.
He said the country’s third largest general insurance company expected to control a greater share of the health and personal accident insurance market this year.
“Our portfolio is currently made up of motor insurance (23%), fire insurance (25%), and marine, aviation and transit industries (9%), while miscellaneous policies under our personal line and for high risk industries such as power plants, for which we are Malaysia’s leading insurer, accounts for 43%,” he added.
Speaking at Allianz' staff annual dinner in Seri Kembangan, Mei said despite the economic downturn, the company expected to exceed its market share for the different portfolios by between 2% and 10%.
Allianz sold policies worth RM490mil in 2002.
The company controlled 6% of the health and personal accident insurance sector - one of the fastest growing sectors in the industry - earning the company premiums worth RM31.2mil.
Mei attributed the company’s success in this sector to its innovative and industry-leading policies and benefits, and pointed to its unique Supershield 2 personal accident policy launched in September 2001.
The policy, which is expected to earn premiums worth about RM20mil for the current financial year, is one of Allianz’s best sellers in the personal insurance line.
Mei said the policy was the only one in the industry to provide cashless hospitalisation and discharge in Malaysia and the Asia-Pacific region and it had seen a 20% rise in policyholders over the past three months.
Supershield 2 offers daily cash benefit on hospitalisation and double indemnity for overseas accidents.
It also offers cash payout if the insured contracts HIV as a result of a blood transfusion, and kidnap benefits, among others.
“We are also the first to recognise traditional treatment by bomoh and sinseh, making the policy’s benefits truly unique and placing it way ahead of our competitors,” he added.
Plans were afoot to increase the company’s branches nationwide.
There are also plans to hold a customer-related programme to promote greater awareness on Allianz’s products.
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