Claims to have taken €100m of AIG business so far

Allianz commercial plans to expand in Asia and take business from rivals including AIG, Axel Theis, head of the Allianz’s industrial unit, said in an interview with Bloomberg.

“We regard Asia as one of the most promising regions to expand our business. Growing the business by €300m in Asia over the next five years is possible. Japan offers an interesting opportunity because of the consolidation of local insurers and the weakening of AIG.”

“We probably took over more than €100m of business from AIG worldwide,” Theis said. “While AIG has offered some very competitive prices to retain its customers, this movement will continue for the next couple of years.”