Allianz announced that it has partnered with the African Insurance Organization (AIO) for their 46th conference and assembly from June 9 – 13 at , Johannesburg, South Africa. The theme of the conference is Insurance penetration in Africa: Insuring the uninsured.
“The majority of individuals and businesses in Africa are not insured or are underinsured. That’s why we 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, Thusang Mahlangu.
Allianz 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 reinsurer 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.