Allianz Partners African Insurance Organisation at 46th Annual Conference
Allianz Group has announced its partnership with the African Insurance Organization (AIO) for its 46th annual conference and assembly which started in Emperors Palace, Johannesburg, South Africa, on Sunday, June 9.
The event which will last till Thursday, June 13, is themed: “Insurance penetration in Africa: Insuring the uninsured.
In a statement signed by Allianz’s Africa Regional head of communications, Ludivine Delfaut, quoted Allianz’s Global Corporate & Specialty (AGCS) Africa CEO, Thusang Mahlangu, as saying that the majority of individuals and businesses in Africa are not insured or are underinsured, adding that that is why Allianz have partnered with the AIO for this conference to explore ways of ensuring that people and companies in Africa are adequately insured through innovative products and solutions that fit their needs” says Allianz Global Corporate & Specialty (AGCS) Africa CEO,
Allianz, the statement stated has been operating in the continent since 1912 and accompanies clients in 39 countries through a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. It provides micro-insurance for 500,000 low income families and individuals in Africa. The continent’s economic growth and increasing insurance penetration is linked to the insurer’s long-term growth aspirations, specifically of the insurance sector.
“Allianz has a great ambition in Africa and we are eager to insure and protect all our clients’ individual and corporate needs. Allianz’s initial presence on the continent dates from more than a century, we now aim to be the leading insurance company in Africa by providing best-in-class services and advisory to our clients as well as offering innovative insurance solutions and technical excellence,” says Allianz Africa COO and Vice President of the AIO Delphine Traoré.
“Our commitment continues with our latest investment in SafeBoda, based in Kampala, Uganda. We entered Africa’s biggest economy, Nigeria, through the completion of the acquisition of Nigerian insurer, Ensure Insurance, in 2018, which now operates as Allianz Nigeria and also acquired eight percent in Africa’s leading re-insurer Africa Re. All this contributes to our long-term growth strategy in Africa,” adds Traoré.
“Allianz works closely with individuals and communities to design products and solutions that suit their needs through mobile and digital solutions essentially because Africa is digital by nature. Mobile is the fastest growing sector and an innovation enabler on the continent with over a billion subscribers.
In 2018, the organization invested $96.6 million in BIMA, a leading digital micro insurer utilizing mobile technology with the aim of reaching 1 billion customers in low-income customers in Africa. BIMA will give a talk at the conference about how they contribute to insuring the uninsured using new innovative methods. Allianz announced earlier this year that the company had started a major technological transformation in Africa to support the current portfolio and to tapping into the uninsured market,” the statement added.
The Allianz Group is one of the world’s leading insurers and asset managers with more than 92 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 708 billion Euros on behalf of its insurance customers.
Furthermore our asset managers PIMCO and Allianz Global Investors manage more than 1.5 trillion Euros of third-party assets. Thanks to its systematic integration of ecological and social criteria in their business processes and investment decisions, Allianz holds the leading position for insurers in the Dow Jones Sustainability Index. In 2018, over 142,000 employees in more than 80 countries achieved total revenues of 131 billion Euros and an operating profit of 11.5 billion Euros for the group. In Africa1, Allianz is currently present in 13 countries and accompanies clients in 39 countries. Its 1,500 employees achieved regional revenues of 588 million Euros in 2018. Allianz also provides micro-insurance for 500,000 low income families and individuals in Africa.
