The agreement will see Allianz support the Olympic movement in Australia, including plans to provide insurance to the AOC and the Australian Olympic teams, as well as athletes as they continue preparing for the Games.

The AOC claim the partnership will provide greater connection with athletes and people around the world, helpping promote the Olympic values and the power of sport.

"I am delighted to welcome Allianz to the Australian Olympic family as a supporter of the Australian Olympic team," said AOC President John Coates.

"Our job is to provide Australian athletes with the opportunity to do their very best at the Olympic Games and to represent their country with pride.

"Without the generous support from Allianz, the AOC would not be in a position to realise the Olympic dreams of our athletes."

Allianz has a long history of supporting sport in Australia, as well as across the world.

This includes their nearly decade-long partnership with Paralympics Australia.

The partnership will see Allianz Australia will work with the AOC to provide integrated insurance solutions, for the athletes and teams.

This will include existing products, such as fleet and property, and casualty insurance, as well as insurance solutions for future products and services driven by technological changes.

The sponsorship period will cover Tokyo 2020, as well as Beijing 2022, Paris 2024, the 2026 Winter Olympics and Los Angeles 2028.

"These athletes are great role models for all Australians and we are proud to invest in partnerships that reflect inclusivity and spark inspiration," Richard Feledy, Allianz Australia managing director, said. 

"This is an exciting opportunity for Allianz Australia to join a global and local community of athletes and people who share our passion for sport and the social, physical and mental benefits it can bring to humanity.

"We are proud to support the Olympic movement in Australia over the next 9 years. It is a demanding process for any team preparing for the Olympic Games and we are privileged to play a role in helping them get there."

The agreement follows the announcement in September which saw Allianz confirmed as the Worldwide Olympic and Paralympic Insurance Partner.

Allianz will become part of the International Olympic Committee’s top tier sponsorship programme - TOP -from 2021.