New Telegraph

Allianz consolidates presence in East African market

Frontline underwriting firm, Allianz, has moved ahead to consolidate its presence in the East African market.

 

To this end, it initiated a series of events aimed to introduce the brand to the East African market, not only as a worldwide insurance leader, but also as a global thought leader and expert in financial and insurance markets.

 

Allianz, as part of the agenda, is building on a solid foundation in Kenya with the acquisition of the majority of shares in Jubilee General Insurance Company in Kenya, Tanzania, Uganda, Mauritius and Burundi.

 

A statement made available to New Telegraph said the first event to this consolidation kicked off with a presentation and discussion with Ludovic Subran, Chief Economist of Allianz SE, titled “Vaccine Economics, Trade, China and Growth in Africa.”

 

The event was followed by a panel discussion with East African and German/African business leaders followed by Q&A with Ludovic Subran and members of the Allianz Africa Regional Executive Board Coenraad Vrolijk, Anuj Agarwal and Delphine Traoré, respectively, CEO, CFO and COO of Allianz Africa.

 

“Allianz Research is confident about the short-term economic development and forecasts a strong rebound of global GDP by +4.4 per cent for 2021. “For 2020, a contraction of -4.5 per cent is expected. Besides huge ongoing monetary and fiscal impulses, the main growth driver in 2021 will be a positive “confidence shock”, triggered by the vaccination campaign, boosting consumption, investment and trade. In this growth scenario, the upside and downside risks are substantial. “A fast and successful vaccination campaign could lift spirits even more, adding two percentage points to GDP growth. The driver would be consumption powered by the unleashing of excess savings of households. In the Eurozone alone, around EUR 500 billion are sitting on the sidelines, waiting to be spent. A botched vaccine campaign, however, would work in the opposite direction,” said Ludovic Subran, Chief Economist at Allianz.

 

The statement noted that after being through the worst recession in its recent history in 2020 with a -4.2 per cent decline of GDP, the Allianz economists expect the African economy to rebound by +3.2 per cent in 2021, adding that Covid-19 infection rates remained relatively low on the continent compared with the other parts of the world.

 

“However, African economies were severely hit by the crisis due to weak internal and external demand and commodity price shocks. In 2021, the recovery will be essentially driven by stronger domestic and world demand and trade, higher commodity prices and resuming tourism activity.

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