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.