"This new partnership demonstrates the global appeal and strength of the Olympic movement," said IOC President Thomas Bach in a statement.
"We are delighted to be working together in the long term with Allianz to support sport around the world. Allianz has built a global business founded on trust."
The insurer, who will become the IOC's 14th top sponsor, will already have marketing rights in China, France and Spain from 2019 onwards.
The IOC said Allianz would work to provide "innovative and integrated insurance solutions to support the Olympic movement, including the organising committees of the Olympic Games, with the ambition of providing those insurance solutions to the National Olympic Committees around the world and their Olympic teams and athletes."
Financial details of the deal were not released but media reports said the IOC was seeking around $50 million per year.
"I am thrilled that we are joining a global community of athletes and people enthusiastic about sport and team work – in addition to our existing strong partnership with the International Paralympic Committee (IPC)," Allianz CEO Oliver Baete said in the statement.
"Through the IOC's digital and social channels, we can connect with more people than ever before and offer them our expertise in insurance."
Long-time Olympic sponsor Coca-Cola, Intel and Panasonic are also among the 14 IOC partners. Visa, another long-time sponsor, recently extended its contract with the IOC to 2032.
(Reporting by Karolos Grohmann; Editing by Peter Rutherford and Christian Radnedge)
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