Home Uncategorized Karsten Crede appointed at Allianz Global Corporate & Specialty board

Karsten Crede appointed at Allianz Global Corporate & Specialty board

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Karsten Crede (aged 41) will be joining the Allianz Global Corporate & Specialty (AGCS) management board, pending the approval of the relevant bodies. AGCS is the industrial arm of the Allianz Group.

Previously the director of Volkswagen Insurance Services, Crede will be heading up a new automotives division for AGCS which will focus on developing insurance schemes for global automobile manufacturers.

Motor insurance schemes for international car brands

Allianz currently provides motor insurance schemes for 25 major international car brands in 27 countries (including in seven Asian countries). More than two million drivers are insured by Allianz Group companies worldwide under such schemes, generating around one billion euros in annual premiums for the Group.

These partnerships allow car buyers to purchase customized insurance for their new vehicles under their own brand, often with additional coverage provided for their specific make of car, developed and designed by Allianz in association with the car manufacturer. Allianz coordinates such partnerships through its Car Manufacturers’ Center of Competence, set up in Munich in 2006, which provides one global point of contact to Allianz for individual car manufacturers.

According to A.T.Kearney’s Auto2020 study, global car sales are forecast to grow by 37 percent from 65 million in 2008 to more than 89 million in 2020.