December 18, 2012 / 7:46 AM / 5 years ago

Allianz grows business in Spain - paper

FRANKFURT, Dec 18 (Reuters) - Allianz is increasing the number of customers and insurance policies it has in Spain, while revenue from the debt-crisis rattled country remains flat, an Allianz board member said.

“Our business is oriented toward the long term,” Helga Jung, board member responsible for insurance in Iberia and Latin America, told Handelsblatt newspaper.

Spain’s economic crisis has led to a fall in claims for car damage because people are driving less, but it also means that insurers are not able to push through price increases.

“It is still notable that we have been able to raise the number of customers and policies,” she said.

Brazil and Latin America generally also have large growth potential, she said. (Reporting by Jonathan Gould; Editing by Hans-Juergen Peters)

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