Allianz Moving to the Top

Allianz is confident that it will be the top general insurer in terms of market share by end of the year. Allianz at present has 10% market share and with "very encouraging" Q3 results, it is confident that it will be the largest general insurer for 2008.

According to the industry statistics, in year 2007, based on Gross Direct Premium, the top 3 general insurers were: Kurnia, Mitsui Sumitomo and Allianz with respective market share of 10.92%, 6.72% and 5.93%. With the acquisition of Commerce Assurance (market share: 3.53%), Allianz would have moved to the 2nd position with market share of 9.46%.

Key strategies for Allianz:

• Customer segmentation
• Product development and pricing
• Co-locating life branches close to the general unit

Source: Business Times