Allianz Unveils COVID-19 Insurance In Nigeria’s Travel Market

Yemisi Izuora

Allianz Nigeria has announced its COVID-19 travel protection cover to the Nigerian market.

Mobolade Odanye, Marketing and Communications, of the firm said the introduction of the product followed the announcement of the Allianz Risk Barometer 2021 results which was clearly dominated by the COVID-19 trio of risks; Business interruption, Covid-19 pandemic and Cyber incidents, adding that all three risks are strongly interlinked, demonstrating the growing vulnerabilities of our highly globalized and connected world.

“The COVID-19 travel protection cover,  is an extension of the International travel Insurance and offers travelling customers protection against emergency medical expenses associated with a Covid-19 diagnosis whilst on a trip.

The travel plan also covers accommodation costs related to COVID-19 diagnosis during a trip.

“This is a very timely introduction to the travel industry as many countries have imposed mandatory quarantines, border closures, entry bans as well as restrictions for domestic travel as a means to curb the spread of the virus.

“The introduction of vaccines has a positive impact on travel, especially air travel as demand for travel gradually begins to return to normalcy with airlines beginning to advertise summer travel,” Odanye said.

Allianz Nigeria nevertheless, continues to offer International travel Insurance that meets the travel requirements of various embassies including Schengen member states. The plan covers emergency medical expenses & hospitalization abroad, medical evacuation, emergency dental care, legal assistance, compensation for delayed trip, or lost checked-in Baggage. Allianz also provides 24 hours travel assistance worldwide.

‘Allianz has a long experience in travel insurance offering the market a range of travel insurance options. There’s a policy for every type of travel so, whether you’re traveling alone, heading on a family holiday, a last-minute business trip or travel emergency, we’ve got you covered’ says Tunji Oshiyoye, Chief Customer Officer  Allianz Nigeria.

Meanwhile, the firm has announced claims payment of N1.8 billion to its customers in the first half of the year 2021.

The payments were split between claims in the life and non-Life business of the company, demonstrating its unwavering commitment and resilience to customers even in tough times due to the effect of the pandemic in global and local economy.

Managing Director Allianz Nigeria, Adeolu Adewumi-Zer had reassured its customers, of the company’s obligations to settle claims and promised to focus on the fulfilment of such obligations to maintain trust and uphold its status, as the top insurance brand in the world. “As risk bearers, claims settlement is the core of any insurance business and we are fully awake to our obligations to all stakeholders.”

The company also announced a gross written premium of over one billion Naira in retail sales representing a 25 per cent growth, when compared to the same period last year. ‘Retail growth is a key focus of our business operations as we are able to provide real value to the everyday Nigerian.

The company’s purpose, according to the statement, “is to secure the future of our customers giving them the freedom to actualize their dreams and one of the ways we support our customers is by offering cash back as reward for safe driving to our motor customers. We refund 15 per cent of all premiums received from customers after 24 months without a motor claim from those customers.

“So far, we have paid over N3.7 million to our customers this year alone’ says Tunji Oshiyoye Chief Customer Officer, Allianz Nigeria.

“Earlier in the year, Allianz Nigeria announced changes in its leadership and governance structure, as well as a strengthening of its capital base, recalibrating to Allianz 2.0 in order to offer customers a more efficient and personalised service.”

The Allianz Group is one of the world’s leading insurers and asset managers with more than 100 million retail and corporate customers in more than 70 countries. Allianz customers benefit from 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. Allianz is one of the world’s largest investors, managing around 774 billion euros on behalf of its insurance customers.

Furthermore, our asset managers PIMCO and Allianz Global Investors manage 1.7 trillion euros of third-party assets.

Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold the leading position for insurers in the Dow Jones Sustainability Index. In 2019, over 147,000 employees achieved total revenues of 142 billion euros and an operating profit of 11.9 billion euros for the group.

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