Brought to you by:

Allianz Partners Australia encouraged by travel uptake

Facebook Twitter LinkedIn Google

Allianz Partners Australia CEO Chris McHugh says the specialty niche insurance and assistance business is well positioned for a rebound in demand as borders continue to open after restrictions.

Asia-Pacific was the only region that did not improve its performance in 2021, Allianz Partners says, held back by the continuing impact of covid on the business, especially in Australia and China.

Mr McHugh, who took the top role last year and was formerly Suncorp EGM Personal Injury Insurance, says good travel uptake and “significant wins” in the elderly care market in Australia are paving the way for growth this year.

“We are encouraged by the growing numbers of Australians travelling overseas, as well as the return of international students for our Health line of business,” Mr McHugh said.

“Together with new opportunities in the aged care sector, we look forward to continuing to expand our footprint ... over the coming year.”

Globally, Allianz Partners revenue jumped 16% to €6.2 billion ($9.29 billion) last year. The combined ratio improved by 1.7 percentage points to 96%.

Travel Insurance revenues jumped 55%, driven by sales in the US, while Assistance division revenue grew 6%.

The new Allyz digital platform, a one-stop-shop service shop that includes a destination explorer, travel insurance, flight alerts, flight delay compensation, lounge access, telehealth services and 24/7 assistance, is being rolled out globally this year.