ALLIANZ LAUNCHES ENHANCED CONSTRUCTION PROPOSITION

Launch signals Allianz’s intentions to capitalise on predicted construction sector growth over next three years.

Allianz has launched a refreshed construction product, Construction Project All Risks (CPAR), designed specifically to ensure that clients undertaking a single construction project meet their contractual obligations.

The launch comes as market analysis shows confidence is returning to the construction sector with predicted construction output growing at over 4.5% during the next three years.

Following market research and feedback from brokers, CPAR offers greater Public Liability cover for multi-parties such as contractors and sub-contractors. The refreshed product will be suitable for a wide range of clients, including property developers and owners, universities and retailers. It will also provide customers cover for advanced business interruption, owned or hired in plant, employer’s contract work and JCT 6.5.1, offering one single tailored solution with one point of contact.

In addition, Allianz offers customers access to construction underwriting experts, a specialist claims team and Risk Director, which provides extensive risk management advice, all supported by an AA- financial rating (Standard and Poor’s rating 2013) which ensures a proven track record of experience, support and financial stability.

Chris Little, director engineering markets, Allianz Engineering, commented: “Allianz is one of a few insurers to offer a product that caters for single construction project work and we are confident that the extensive cover offered by CPAR and the expertise of our 40 plus specialist construction underwriters will fulfil the often complex needs of our construction clients and help us to optimize the upturn in the construction industry.”

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Notes to editors:  

1- Allianz UK is one of the largest general insurers in the country and part of the Allianz Group.

Together with its customers and sales partners, the Allianz Group is one of the strongest financial communities. Around 78 million private and corporate customers rely on Allianz's knowledge, global reach, capital strength and solidity to help them make the most of financial opportunities and to avoid and safeguard themselves against risks.

In 2012, around 144,000 employees in over 70 countries achieved total revenue of 106.4 billion euros and an operating profit of 9.3 billion euros (restated on January 1, 2013, due to a change in accounting standard and presentation).

Benefits for our customers reached 89.2 billion euros.