Malaysian businesses active in domestic and export markets can now access Euler Hermes trade credit insurance products and services more easily, following a cooperation agreement involving the world leader in trade credit insurance and Allianz General Insurance Company (Malaysia) Berhad, who will act as a distributor throughout the country.
“Malaysia is a strategic Asia-Pacific market for Euler Hermes and this agreement offers local companies more direct access to credit insurance products that protect them as they grow domestically, regionally or globally,” said Victor Jiang, CEO, Euler Hermes ASEAN. “We opened our own branch company in Kuala Lumpur last December, but have provided credit insurance solutions to Malaysian businesses since 2005. Partnering with our leading shareholder Allianz, who has a strong local presence, enables us to move even closer to our customers in responding to their specific needs as their markets continue to grow.”
Allianz is one of Malaysia’s largest insurers with 32 branches and more than 5,000 agents and other partners country-wide. In June 2012 Allianz was authorized by Bank Negara Malaysia to write credit insurance.
Companies that insure their trade credit benefit from cash flow protection against unpaid invoices or insolvencies while trading with their clients on an open account basis.