Allianz enters the Finnish insurance market

World’s largest insurance company is interested in Finland’s nuclear power construction projects.

Allianz, the worlds largest accident insurance company, has opened an office in Helsinki. According to Ilkka Ilmonen, Allianz’s country director for Finland, the company is initially focused on offering accident insurance to the large international corporations operating in Finland that have a turnover above EUR 70 million.

Allianz is mainly using insurance brokers as its distribution channel, rather not constructing its own office network in Finland. Its aim is to capture 15% of the market during the next 3-4 years. Allianz believes that the price level in the insurance industry in Finland is very low compared to the international market. One explanation for this is good risk management by Finnish companies.

Stig Jensen, Allianz CEO for the Nordic region, says that the company is interested in insuring new nuclear power station construction projects in Finland. Allianz is already one of the insurers of the Olkiluoto nuclear power station currently under construction in Finland.

In 2009 Allianz’s turnover was EUR 97 billion. The company operates in 80 countries and its headquarters are located in Munich, Germany.

Source: Kauppalehti