In addition to sponsorship of the live coverage, the deal also includes the funding of a new original short film series airing on on-demand service All 4 and a sponsorship of associated Paralympic programming.
Associated programming includes shows such as Adam Hills’ The Last Leg Live from Rio.
Allianz was already an official partner of the British Paralympic Association and the International Paralympic Committee prior to signing the Channel 4 deal.
Allianz Insurance head of brand management Nick Dudman told The Guardian: "This is about more than sponsorship for us – it inspires us to keep improving our offering as the insurer of choice to a broad community, both as an employer and through our products."
Channel 4 is still seeking another sponsor for its coverage as it attempts to replicate the deal it carried out for the London 2012 Paralympics, which involved BT and Sainsbury's both sponsoring coverage.
The broadcaster’s coverage will air from 7 September and will be hosted by Clare Balding and Breaking Bad actor RJ Mitte, who plays Walter White’s son.