Strategically spread out across Sub-Saharan Africa, Allianz Group’s entry into Kenya makes it the 15th destination in the continent where Allianz, the largest global insurance company in the world has set up an office. The official launch took place at a cocktail event held at the firm’s new building, Allianz Plaza.
Allianz Kenya Chief Executive Officer, Mr. Demba Sy said that the company has now fully established its structures, and is progressively setting its footprints in the market.
“Allianz Kenya is focused on accelerating organic business growth in Kenya, while seeking to differentiate our service provision through quality service and we look forward to finally commencing operations here, a market we strongly believe is full of promise”, said Mr. Demba.
Allianz was founded in 1890 in Berlin, Germany as a transport and accident insurer and it has grown in astronomical proportions with a customer base of 85 million providing a comprehensive range of services in Property and Casualty , Life and Health Insurance, Asset Management and Banking classes.
The launch was attended by key stakeholders in the insurance and financial industry who included, Cabinet Secretary National Treasury Honorable Henry Rotich, representatives of the Embassy in Kenya of the Federal republic of Germany and of the Embassy of France in Kenya, and the Insurance Regulatory Authority, Acting Commissioner of Insurance Godfrey Kiptum.
Allianz Insurance is renowned for its solid financial strength, world-class services and a solid pedigree built over more than a century of operations. The presence of Allianz in Kenya will therefore allow current and potential clients to gain access to the wide variety of product offerings with plans to expand into the expansive regional market.
“On behalf of Allianz, we are excited and honored to have this opportunity to venture into the Kenyan market. A regional leader, Kenya is a vibrant market with opportunities that will see the growth of the insurance industry in the region and establishing our offices is just the beginning of our relationship with current and potential customers. Being a leading economy within the continent, it remains crucial to Allianz’s operations that we seek to capitalize on the opportunities derived from the competitiveness and dynamism of the Kenyan market,” added Mr. Baccelli.
With a population of 45 million and a total market size of currently 1.7 billion U.S. dollars, Kenya provides a major growth opportunity in the fast developing market and an opening to the East African community. This new entity is therefore a milestone in the Allianz Group’s development strategy in Africa.
The global underwriter spent much of the past 12 months setting up their office and familiarizing with the local business environment and plans to have custom-made products to suit the Kenyan market. It offers to bring competitiveness and heighten quality standards in its products range to help bring key insurance solutions including, Personal Insurance Solutions (home insurance, car insurance and personal accident) and Business Insurance Solutions that include marine cargo insurance, business asset protection, covers for employees, liability insurance and specialty insurance offering a variety of products for potential customers to select from at competitive rates.
The Allianz Group is well entrenched within the Sub-Saharan region and has been a leading insurance service provider in Africa for more than 100 years. The company has offices in Benin, Burkina Faso, Cameroon, Central Africa, Egypt, Ivory Coast, Ghana, Madagascar, Mali, Republic of Congo, Senegal, South Africa, Togo, and much recently Morocco.