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Allianz Extends Indonesia Microinsurance Program
(BestWire Services Via Thomson Dialog NewsEdge) Allianz S.E. said it is extending the portfolio of Islam-compliant microinsurance products, tailored for customers with low incomes, that it currently offers in Indonesia.
The Germany-based insurance group said it has been offering microinsurance products in Indonesia since August 2006 as part of a pilot scheme. It has now judged that these products are well established and that the microcredit insurance Payung Keluarga (Family Umbrella) now has extended options and will be permanently included in the product portfolio of Allianz in Indonesia.
?We are the first international insurer to offer a microinsurance product that complies with Islamic law,? said Jens Reisch, chief executive officer of Allianz Life Indonesia, in a statement. ?The majority of the Indonesian population is Muslim, so ensuring that the products they buy do not go against the principles of the Koran is an important consideration for many, and that applies to potential microinsurance customers, too.?
Family Umbrella policies will now offer the opportunity for policyholders to co-insure their spouse. If they do, the family is insured not only in the event of the death of the loan taker -? 90% of whom are women who have their own small businesses -? but also if the spouse, often the main wage earner, should die.
Allianz Indonesia said it aims to sell a total of 100,000 microinsurance policies by the end of 2008, rising to 300,000 policies by 2010. The company currently has around 42,000 policyholders.
The Allianz Group is also offering microinsurance products in countries such as India and Egypt. In India, Bajaj Allianz has already concluded 250,000 contracts. Currently, Allianz has some 30,000 microinsurance customers in Egypt.
Allianz Group's preliminary figures show its operating profit for 2007 should exceed 10.8 billion euros (8.07 billion pounds), with net income of 8 billion euros, up from 7 billion euros a year earlier (BestWire, Jan. 24, 2008).
Allianz S.E. currently had a Best?s Financial Strength Rating of A+ (Superior)
(By: Marc Jones, London news editor: marc.jones@ambest.com)
Copyright ? 2008 A.M. Best Company, Inc.
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