The nation’s insurance industry is set to witness major leap in growth, innovation, technology, technical capacity and most importantly improved ethical practice with the final birthing of global insurance giant, Allianz Group under the name Allianz Nigeria Insurance plc.
This development is not only expected to ignite stronger competition among players in the industry, but further revolutionize the insurance space that is already witnessing disruption by increasing consumer choice for quality service delivery.
Allianz Nigeria Insurance plc (Allianz Nigeria) erstwhile known as Ensure Insurance plc was acquired by the Allianz Group in July 2018, while also having fulfilled all regulatory requirements to rebrand the company to Allianz Nigeria.
The Allianz Group – headquartered in Munich, Germany is one of the world’s leading insurers and asset managers. The Group manges over 650 billion euros on behalf of its insurance customers, while their asset managers – Allianz Global Investors and PIMCO – manage an additional 1.4 trillion euros of third-party assets.
In 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the Group.
In Africa, Allianz is currently present in 17 countries and accompanies clients in 39 countries.
The formal launch on Friday at the Harbour Point off Ahmadu Bello Way, Victoria Island – which had in attendance major stakeholders in insurance and the financial services sector as well as the presidency -depicted the strengt hand vast network of this global insurance leader.
Fola Adeola, chairman of the company in his brief welcome address at the eventsaid “at a time when the country was losing foreign direct investment, the company was getting them and more is expected to flow in”.
He assured the commitment of the board and management to live up to the global standard set by Allianz and to add value to the Nigerian insurance space.
Coenraad Vrolijk, regional CEO of Allianz Africa said the company is strongly committed to its business in Africa, where it is present in 17 countries, stressing that the company is dedicated to deploying considerable technical skill resources and innovations to strengthening business for clients.
He said the Allianz Group views Africa as one of the important future growth market, adding that in 2017, over 140,000 employees in more than 70 countries achieved total revenue of 126 billion euros and an operating profit of 11 billion euros for the Group.
Owolabi Salami, executive director, Allianz Nigeria who could not hold his joy, beamed about finally having Allianz in Nigeria. “By launching in Nigeria, Allianz gains full access to this key insurance market in Africa and this marks a major milestone for Allianz’s long-term growth strategy on the continent”, he enthused.
“We are optimistic about the limitless potential of this future growth market”, Salami concluded.
Sunkanmi Adekeye, managing director, Allianz Nigeria Insurance plc joins his voice, noting thatthe coming of Allianz to Nigeria will enable it contribute to offering the best products and services to Nigerian customers in both personal and commercial lines, stressing his optimism about the limitless potential of Nigeria’s growing insurance market.
Allianz currently offers micro-insurance solutions to 500,000 low-income households on the continent, and the firm looks forward to exploring that more fully in Nigeriawhile looking more closely at cyber liability insurance coverage.
Ludivine Delfaut, regional head of Communications for Allianz Africa, said the event marks the official entrance of global insurance giant, Allianz, into the Nigeria market with the launch of its local operating entity, Allianz Nigeria.
