Allianz Launches Subsidiary in Kenya

Allianz has taken a further step in its growth strategy in Africa by launching operations in Kenya.

In addition to Kenya, Allianz Africa operates in 11 other countries: Benin, Burkina Faso, Cameroon, Central Africa, Ivory Coast, Ghana, Madagascar, Mali, Republic of Congo, Senegal and Togo.

Allianz also has a separately run subsidiary in Egypt, the credit insurance company Euler Hermes in Morocco, and the industrial insurance entity Allianz Global Corporate and Specialty in South Africa. The insurance business in Africa is run by Allianz Africa, a subsidiary of Allianz France.

With a population of 45 million and a total market size of currently USD$1.7 billion, Kenya provides a growth opportunity in a fast developing market and an opening to the east African market, Allianz said in a statement.

Jacques Richier, CEO of Allianz France, said: “The Allianz Group is extending its network to a new Anglophone African country where the insurance industry is developing strongly, thanks to an economy marked by dynamic growth. This new step of development … will allow us to offer the best products and services in Kenya.”

Source: Allianz