Allianz China Insurance, Allianz SE form joint coronavirus emergency fund

The $570,040 (RMB4m) initial pledge will support frontline workers in Hubei Province.

Allianz China Insurance and Allianz SE will jointly establish an emergency response fund to support China against the coronavirus epidemic, according to a press release.

The initial pledge of $570,040 (RMB4m) came in part from Allianz SE’s Disaster Recovery Fund and its operating entities in China and the region. It will support those working on the frontline in areas mostly hit by the virus in Hubei Province, and will cover medical supplies, donations, and insurance protection.

The fund will be managed directly by Allianz China Insurance in cooperation with other Allianz entities in the region, including Allianz China Life Insurance, Allianz Jingdong General Insurance, Allianz Partners China, Allianz Global Corporate & Specialty SE (AGCS) Singapore and Euler Hermes Consulting Shanghai.

Allianz China Life Insurance and Allianz Jingdong General Insurance have also launched temporary emergency measures such as fast track claims process, removing restrictions on designated hospitals and drugs, waiving deductibles, and eliminating waiting periods.