Allianz signed a letter to that effect here at the Rio 2016 Paralympics with negotiations set to take place after the Games finish on September 18.

The company, recognised as the world’s leading insurance and asset management company, has been a supporter of the Paralympic Movement since 2006 and became the IPC’s first international partner in 2011.

"Allianz has been a hugely proactive and loyal partner who has been with the IPC for over 10 years now," said IPC President Sir Philip Craven.

"I truly believe our partnership is making a difference to this world and I am excited that we have signed a letter of intent to extend our partnership for a further four years.

"Together we can continue to make a difference, and together we can make for a more inclusive society for all."

In addition to offering financial support to the Movement, Allianz has created awareness campaigns for Para-sports and invited Paralympians into the company to hold motivational sessions for employees, managers, agents and clients in a bid to increase the pool of Paralympic ambassadors around the world.

Their latest "Dare to" campaign features a number of the world’s best Para-athletes.

A total of 14 National Paralympic Committees are supported by Allianz, including Argentina, Australia, Colombia, Croatia, Czech Republic, Germany, Great Britain, Greece, Hungary, Ireland, Mexico, Slovakia, Sri Lanka, and Switzerland.

"Allianz is proud to support the Paralympic Movement to foster public awareness and generate a greater interest in Paralympic sport and the topic of inclusion," said Jean-Marc Pailhol, head of Allianz SE's market management and distribution.

"We aim to contribute to building a more equitable society where all people have equal opportunities."

Allianz also supports the Independent Paralympic Athletes (IPA) team with travel insurance for the Rio 2016 Paralympics as well as onsite in Rio de Janeiro.

Werner Zedelius, a member of Allianz SE’s board of management, said: "Giving Paralympic athletes with asylum or refugee status the opportunity to compete in Rio means a lot to us at Allianz and fits perfectly with our commitment and dedication.

"I have always been inspired by the motivation of all Paralympic athletes in their quest for excellence.

"Those among them who are currently without a home country have even greater barriers to transcend."

In addition to its partnership with the IPC, Allianz is taking part in the #FillTheSeats campaign by supporting 3,000 children and people with an impairment to attend the Rio 2016 Paralympics.

The campaign was initiated by Greg Nugent, the former marketing director of London 2012, and aims to bring 20,000 Brazilian children and people with an impairment to the Paralympic stadiums.

It is hoped this contribution will help to spread the Paralympic idea and to create a more inclusive society.