Insurer Allianz becomes Olympic sponsor

German insurer Allianz has signed up as a global Olympics sponsor from 2021 to 2028, covering four Games, the IOC said on Tuesday. The Munich-based group will have rights to use the Olympic logo at the 2022 Winter Games in Beijing and in 2026, and at the 2024 Summer Olympics in Paris and Los Angeles four years later. Allianz becomes the 14th top-tier sponsor of the Olympic Games, alongside brands such as Coca-Cola, Panasonic, Intel and Visa. The company and the International Olympic Committee said in a joint statement the deal was designed "to use the power of sport to connect with new audiences via digital channels, including the Olympic Channel". Allianz's marketing director Jean-Marc Pailhol told AFP: "We want to work with the other IOC sponsors on the sporting field and beyond." He said the company hoped to use the tie-up with the Olympics to add "emotion and innovation" to its brand to attract customers under the age of 30. The deal will cover the insurance needs for the national Olympic committees of 206 countries, for their buildings and fleets of vehicles as well as for their teams at the Games. Unconfirmed estimates by Olympic marketing insiders suggest the deal will cost the company 50 million euros ($58.5 million) a year. Allianz are already a Paralympic sponsor and since 2017 has backed the Formula E championship after 17 years in Formula One. Their name adorns Bayern Munich's ground the Allianz Arena and Ligue 1 Nice's venue the Allianz Riviera. Allianz and the IOC's marriage will begin in 2019 with a pilot project in four key markets, Australia, China, France and Spain.