Thursday, November 7, 2024
29.5 C
Lagos

Allianz Nigeria Insurance to Redefine Underwriting Market

Allianz Nigeria Insurance Plc launched into the Nigerian insurance market over the weekend with a firm promise to redefine the business of risk underwriting in the country. Specifically, the company is projecting the top three spot in the industry few years from now.

Mr. Sunkanmi Adekeye, Managing Director of Allianz Nigeria Insurance Plc said the company is primed to offer the best products and services to Nigerian customers in both personal and commercial lines and highly optimistic about its growth potential in the industry.

On why Allianz invested in Nigeria, Adekeye said: “In nearly two decades of this century, Nigeria has witnessed significant population growth and rapid transformation in the areas of financial services provision, digital disruption, telecommunication and accessibility to the Internet. As Africa’s most populous nation, Nigeria represents the powerhouse of human capital on the continent and is one of the most dynamic economies in Africa. By launching in Nigeria, Allianz gains full access to this key market in Africa and this marks a major milestone for Allianz’s long-term growth strategy on the continent.”

He added that the company will explore opportunities in micro-insurance, retail, bancassurance and cyber security for businesses in terms of Cyber Liability Insurance Cover (CLIC) considering that Nigeria is a fast growing market.

“For the past 20 years, Allianz in Africa has steadily grown at an annual average of 10 per cent. Allianz aims to expand in major African insurance markets where we have no presence through M&A when conditions are met. Recent examples include Nigeria and Morocco, as well as following an organic growth strategy in those 17 markets where we are already present.”

The Allianz Nigeria Insurance MD sees claims automation as the biggest opportunity for innovation in the insurance market going forward.

spot_img
spot_img
spot_img

Hot this week

Continental Re Seeks Entries for 10th Pan African Re/Insurance Journalism Awards 2025

Continental Reinsurance Plc, a leading Pan-African reinsurer, is proud...

Cloud Energy Unveils 200 Watts Street Light Bulbs, Rooftop Panel Campaign

Nigeria’s foremost indigenous Renewable Energy Company, decorated by industry...

Awele Elumelu Seeks Increased Female Leadership in Insurance Sector

L-R: Lady Margaret Moore, President, Africa Insurance Women Association...

NCDMB ES, Lagos Gov Commission Bell Oil and Gas’ Pipe Threading, Valve Assembly Plant

A multi-million-dollar pipe threading and valve assembly facility built...

Polaris Bank Clinches “Best Mobile App” Award at Digital Jurist Awards 2024

Polaris Bank's commitment to digital innovation and excellence has...

Topics

International Energy Insurance in N81m Litigations, Up from N57m in 2019

Mr. Ebun Ayeni Managing Director/CEO International Energy Insurance Plc International Energy Insurance...

Nigeria: Real Estate Sector Declines 5.27% in 2ndQtr 2016

A report ‘Understanding Nigeria’s Housing Finance Market’ by the...

NAICOM Begins Process to Register HEIRS, Enterprise, Stanbic as Insurers

The National Insurance Commission (NAICOM) says it has received...

 SEC DG, Lamido Yuguda, Says Reforms Will Rejuvenate Nigerian Economy

President Bola Ahmed Tinubu has been commended for the...

REPORT: Ebola ‘Tipping Point’ Could Come By Late January 2015

The Ebola virus disease outbreak in West Africa has...

Top 10 Takeaways From Protein Challenge Webinar Series 5

Protein deficiency, the state of the relative or absolute...

LOMA Partners P+ Measurement Services as Official PR Measurement Partner

The Location Marketing Awards (LOMA), often referred to as...
spot_img

Related Articles

Popular Categories

spot_imgspot_img