FG to partner Allianz to grow insurance business

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Chuks Udo Okonta

The Federal Government has pledged to partner Allianz the global insurance group to promote insurance business in Nigeria.

The Vice President, Yemi Osinbajo, disclosed this at the launch of Allianz Nigeria Insurance Plc in Lagos. Osinbanjo, who was represented Dipe Olu, welcomed the company to the country, whilst urging promoters of the company to deploy their wealth of experience towards promoting the level of insurance business in the country.

He noted that insurance has a serious role to play in country, adding that Nigeria has great potentials for the insurance industry. “We look forward to partnering you as you build your brand in Nigeria,” he said.

Regional Chief Executive Officer, Allianz Africa and board member, Coenraad Vrolijk, 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 its considerable technical skills resources and innovations to strengthening business for clients.

He said 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.

He posited that the firm is one of the world’s largest investors, managing 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.

Managing Director, Allianz Nigeria Insurance Plc, Sunkanmi Adekeye, said the company will deploy four key resources namely, skill, technology, product development and investment in driving its operations.

He said 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 that he is optimistic about the limitless potential of Nigeria’s growing insurance market.

He noted that Allianz currently offers micro-insurance solution to 500,000 low-income households on the continent, adding that this is a business opportunity the firm looks forward to exploring fully and that attention will also be focused closely on cyber liability insurance coverage.

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