Global insurance company Allianz is now aiming to acquire market share among the 700 Danish companies with a turnover of over EUR 65 million - and prospects look promising.

The world's largest insurance company, Germany's Allianz, opened a new regional head office in central Copenhagen on 1 May to serve the Nordic countries. The company is aiming for a market share of 5 per cent within a few years, writes Berlingske Business.

Allianz has a turnover of approximately EUR 100 billion globally within insurance, asset management and banking. One of Allianz' strengths is its presence in almost all parts of the world. This can be of great importance to companies with global business activities.

"Today, many companies in Denmark think and act globally," explains Stig Jensen, Nordic General Manager of Allianz Global Corporate & Specialty, the industry insurance company within the Allianz Group. "Therefore they will profit by having an insurance company which is present in the markets where the companies are. Local policy requirements can differ considerably and it may be more beneficial to manage insurance matters locally in each country. Consequently, with our global presence we are able to offer tailor-made coverage and collection of local taxes and fees."

The primary target group for Allianz is companies with a turnover of EUR 65 million and over. According to the insurance group's Nordic general manager, there are 725 such companies in Denmark and 3,000 in the entire Nordic region.

"It is an advantage that Allianz will now be profiled in Denmark and Scandinavia through its office in Copenhagen," says Søren Lindbo, General Manager with pension and insurance brokerage company Aon. "Allianz already has some leading industrial customers, but being present in Scandinavia will enable them to attract other companies too."

In the long term, Allianz is also looking to establish offices in Stockholm and Oslo.