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Allianz Annual Report 2012

Allianz Group16 Titan Italia was back in production just a few weeks after the Emilia-Romagna earthquake in Northern Italy (above). An Allianz loss adjuster assesses the first repair works at the severely damaged factory shortly after the quake (right). Last May, the Emilia-Romagna region was shaken by earthquakes measuring 5.8 to 6 on the Richter scale. Twenty-five people lost their lives and 15,000 were made temporarily homeless. Titan Italia, a ­leading maker of wheels for agricultural utility vehicles, was among those affected. An Allianz claims adjuster was on site just a short time later. “We can be practically anywhere in the world within 24 hours,” explains Shell, Global Head of Claims for Property Insurance at Allianz Global Corporate & Specialty (AGCS), the Allianz Group’s industrial insurer. “As soon as we hear of a major loss or natural disaster, we contact our clients, get on site, work out the necessary emergency steps with them and organize the claims handling process.” When it comes to adjusting major losses, quick interim measures by the insurer can decide whether a company will continue to hold its own in the market or lose market share. The longer it takes to get a business back to normal, the more expensive it is for both AGCS AG is rated annually by Standard & Poors, the global rating agency. The current ­rating is : insurer financial strength rating AA “ As soon as we hear of a major loss or natural disaster, we con- tact our clients, get on site, work out the necessary emergency steps with them, and organize the claims handling process” Dr. Andreas Shell, AGCS