"We live in economic times which are unprecedented. Banks around the world have required significant capital injections and we have even seen the demise of the world's largest insurance group, AIG. Against that background, one of the prime concerns for clients must be the counterparty risk of any financial institution with which they deal. Nothing can be taken for granted anymore. This is a matter for additional concern for clients of health insurance companies, particularly international health insurance companies. Not only is there a risk of premium loss, but clearly, any insurer instability during a claiming episode could have consequences for: provider access; medical case management; medical evacuations etc. As brokers, you need to be informed about the financial circumstances of any insurer to whom you introduce clients.
- Allianz Worldwide Care is a fully capitalised insurance company regulated in Ireland where 150% of the EU minimum solvency amount is required. We comply with this requirement
- Allianz Worldwide Care's Standard & Poor's rating of 'A-' has been upgraded to a full 'A' stable rating
- Allianz Worldwide Care does not invest at all in equities and its capital and reserves have not suffered one penny of loss throughout the recent market turmoil
- We are fully owned by Allianz SE, which is itself a fully capitalised multi-national insurance conglomerate with an 'AA' stable rating from Standard & Poor's
- Allianz SE has no exposure to subprime mortgage securities or other similar securitised investments. Nor do we have exposure to the Credit Default Swap market. The sale of Dresdner Bank is complete, leaving our balance sheet strong and unencumbered by unknown liabilities
Allianz Worldwide Care, an 'A' rated subsidiary of an 'AA' rated Group. I hope that these words are helpful in your evaluation of insurance carriers.”
Ron Buchan CEO, Allianz Worldwide Care.
