The International Olympic Committee (IOC) has confirmed that German-based insurance company Allianz will join the ”Worldwide Olympic Partner” (TOP) Programme in 2021 and will serve as the worldwide Olympic insurance partner until 2028.
This comes after reports last week that the European financial services giant has signed a multi-year deal to become an IOC TOP sponsor – The top-tier. The reports further suggested that IOC will net $200 million per quadrennial or $50 million per year from the deal.
The deal will cover the Beijing 2022 Winter Games, Paris 2024 Olympics, the Olympic Winter Games 2026 and the Los Angeles 2028 Olympics. In China, France and Spain, Allianz will already have marketing rights from 2019 onwards.
Allianz, along with all Worldwide TOP Partners, will also become the global partner of the International Paralympic Committee (IPC) and the Paralympic Games as per the long-term agreement between IOC and IPC signed in March 2018. The IOC-IPC dual sponsorship programme alliance will run until 2032.
Allianz will also become a “Worldwide Paralympic Partner” from 2021 as part of this agreement.
Under the terms of the deal, Allianz will work with the IOC to provide innovative and integrated insurance solutions to support the Olympic Movement, including the Organising Committees of the Olympic Games, with the ambition of providing those insurance solutions to the National Olympic Committees around the world and their Olympic teams and athletes.
The support will include existing products, such as fleet and property & casualty insurance, but also insurance solutions for future products and services, driven by technological changes. The partnership will run from 2021 through to 2028.
The company will also aim to connect with new audiences via digital channels, including the Olympic Channel and engage with the next generation to discover their insurance needs.
IOC President Thomas Bach said, “This new partnership demonstrates the global appeal and strength of the Olympic Movement, and we are delighted to be working together in the long term with Allianz to support sport around the world. Allianz has built a global business founded on trust.”
“With this partnership, together we are building a foundation based on mutual trust. Allianz also has a strong sporting heritage and, in line with the Olympic Agenda 2020, we share a digital ambition of connecting with young people around the world to promote the Olympic values and the power of sport.”
Allianz CEO Oliver Bäte said, “I am thrilled that we are joining a global community of athletes and people enthusiastic about sport and team work – in addition to our existing strong partnership with the International Paralympic Committee (IPC).”
“Through the IOC’s digital and social channels, we can connect with more people than ever before and offer them our expertise in insurance. We believe the world is a better place when people have the courage to leave differences behind and stand together to achieve better outcomes for themselves and for the societies they live in.”
Tsunekazu Takeda, the IOC’s Marketing Commission Chair, said, “We are delighted to announce this new partnership with one of the world’s leading companies in its field, and we look forward to beginning a new, exciting journey together.”
Jean-Marc Pailhol, Head of Group Market Management and Distribution at Allianz SE, added, “As a world-leading insurer, Allianz is directly embedded in all the great events which make and transform our global society. That is why becoming the Worldwide TOP Partner in the insurance category of the IOC and the IPC is important for us.”
“We will work together to take both teams to the next level – digitally, commercially and globally. We’re excited about the opportunity to move Allianz into new markets, as well as strengthening our position in existing territories. Together with the IOC and the IPC, this is a perfect way to share our passion for sport and the social, physical and mental benefits it brings to humanity.”
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