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ALLIANZ ACTS EARLY ON REFORMS

Press release   •   Nov 02, 2015 10:22 GMT

Allianz Commercial is pleased to announce that it has already successfully implemented the changes set out by the Insurance Act 2015.

The reforms, publicised in February 2015, was one of the largest overhauls in the insurance market for over a century. Allianz Commercial has remained true to its promise and has reviewed and changed all policy documentation for its mid-corporate propositions well in advance of the August 2016 deadline.

Although insurers were given the option to opt out or embrace the changes by the deadline, Allianz made an immediate decision to better serve its customers by becoming early adopters of the changes.

Neil Clutterbuck, director underwriting and technical, Allianz Commercial, commented: “As always we have the customer at the forefront of what we do and we have gone above and beyond the actions required. These changes bring improved transparency and fairness to our policyholders and we believe Allianz has been the first insurer to achieve this’.

“Whilst the Act does not come into force until August next year, we are very pleased to announce that all Mid-Corporate and Engineering policies have been reviewed.”

ENDS

Allianz Insurance is one of the largest general insurers in the UK and part of the Allianz SE Group, the largest property and casualty insurer worldwide.

Around 85 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks. In 2014, over 147,000 employees in more than 70 countries achieved total revenues of approximately 122.3bn euros.

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