Allianz counts on Africa

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Mar 2014

For Allianz, Africa stands as a major development niche in comparison with saturated markets in other continents. In 2013, Allianz Africa, spearheading the group on the entire continent (with the exception of South Africa and North Africa), reported a total premium volume of 141.4 million EUR (194 million USD), up by 5% compared to 2012.

Photo credit: Atlas magazine

The portfolio is dominated by non life insurance with 87.2% of premiums versus 12.8% for life. Development potential remains high for a group that has 16 subsidiaries in 11 countries in Western and Central Africa. New products and distribution methods are currently under study to boost sales. The group prepares to target, among other sectors, microinsurance with a view to conquer low-income population and expand its customer base. Allianz Africa is already providing microinsurance solutions to 300 000 people, most of whom are located in Côte d' Ivoire.