Allianz Worldwide enters Equatorial Guinea market

Allianz Worldwide enters Equatorial Guinea market

Allianz Worldwide Care, the international health and life insurance arm of Germany’s Allianz Group, has entered into a partnership arrangement with Equatorial Guinea Insurance Co, or EGICO, to provide group health insurance plans in Equatorial Guinea to companies operating there.

Allianz said the arrangement would make it possible for the first time for employers in that country to offer health insurance to their Equatorial Guinea workers and their international staff.

In a statement detailing the arrangement, Allianz said two plans were being offered: a local one, called Salud GE, which offers full domestic coverage within Equatorial Guinea, and an  international plan, Salud Global GE, which offers worldwide coverage, excluding the US, and which is aimed at both Equatorial Guinean employees who may work abroad as well as at expatriate staff living in Equatorial Guinea.

Equatorial Guinea is a west central African country, bordered by Cameroon and Gabon, with around 770,000 people. One of Africa’s smallest countries, comprised of a mainland territory and five inhabited islands, it gained its independence in 1968 after 190 years of Spanish rule.

Although still relatively poor, it has seen rapid economic growth recently following the  discovery of large offshore oil reserves, and in the last decade has become Sub-Saharan Africa’s third largest oil exporter.

Susan Landers, head of market management at Allianz Worldwide Care,  said demand for comprehensive health insurance has been growing rapidly in Equatorial Guinea, and that a “a real gap for corporate clients looking to provide their workforce with this benefit” had developed, which Allianz and EGICO are now looking to fill.

Health insurance is a key factor in an employee benefit package,” she added.

“The comprehensive nature of these new plans, combined with our strong support services, will assist organisations in Equatorial Guinea in attracting and retaining highly-skilled employees.”