The sponsorship period will last from 2021 to 2028.
Allianz will become the International Olympic Committee's Worldwide Olympic Insurance Partner from 2021.
The agreement was announced between IOC President Thomas Bach and Allianz CEO Oliver Bäte in Munich.
"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."
—Thomas Bach, IOC President
The partnership will last through to 2028 and cover Beijing 2022, Paris 2024, the 2026 Olympic Winter Games, and Los Angeles 2028. Allianz will also have marketing rights from 2019 in China, France, and Spain.
"I am thrilled that we are joining a global community of athletes and people enthusiastic about sport and team work," Bäte said at the announcement.
Both Allianz and the IOC want to use the power of sport to connect with new audiences through digital means, including the Olympic Channel.
"Through the IOC’s digital and social channels, we can connect with more people than ever before and offer them our expertise in insurance," Bäte noted.
"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.”
—Allianz CEO Oliver Bäte
Through the sponsorship agreement, Allianz will work with the IOC to provide innovative and integrated insurance solutions to support the Olympic Movement, including Organising Committees, National Olympic Committees, and their Olympic teams and athletes.
"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.” IOC President Bach said, adding:
"Allianz has built a global business founded on trust. With this partnership, together we are building a foundation based on mutual trust."
In March, the IOC extended its long-term partnership with the International Paralympic Committee until 2032.
As part of that co-operation, all IOC Worldwide TOP Partners will also be partners of the IPC and Paralympic Games from 2021.
Allianz has already had an existing agreement with the IPC for more than a decade, and the new deal will build on that.
"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," said Jean-Marc Pailhol, Head of Group Market Management and Distribution at Allianz SE.
"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.”