Insurance Penetration: FG to Partner With Allianz Group

The Federal Government said it will partner with Allianz Group to deepen insurance penetration in Nigeria.

The Vice President, Yemi Osinbajo, said this at the launch of Allianz brand in Nigeria, Allianz Nigeria Insurance Plc in Lagos recently.

The Vice President who was represented at the event by Dipe Olu, while welcoming the Allianz Group to Nigeria assured them of the Federal Government’s support.

Insurance, the VP said, has a serious role to play in the country, noting that Nigeria has great potentials for the insurance industry, calling on Allianz Group to use their wealth of experience in promoting insurance business in the country.

Regional Chief Executive Officer, Allianz Africa and board member, Coenraad Vrolijk, said the company is strongly committed to its business in Africa, where it has presence in 17 countries.

He said: “The company is dedicated to deploying its considerable technical skills resources and innovations in strengthening business for clients. Allianz Group views Africa as one of the important future growth market.”

He added 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.

“Allianz 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,” he added.

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

Source: The Authority

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