IPC President Sir Philip Craven presented Diekmann with the accolade, bestowed upon high-ranking dignitaries, officials and others who have contributed significantly to the Paralympic Movement, in German city Bonn. 

Allianz’s partnership with the IPC started in 2006 when the company became a Gold Patron, before going on to support International Paralympic Day in Berlin in 2007.

In 2009, the Munich-based giants entered into its first sponsorship contract with the IPC and partnered the IPC Alpine Skiing World Cup Finals.

Two years later, Allianz became the IPC’s first International Partner and supported several world and regional championships.

Europe's biggest insurer is currently an IPC International Partner and an IPC Athletics Global Partner, supporting 13 National Paralympic Committees (NPCs).

Since 2010, Allianz has also sponsored the biennial Paralympic Sport and Media Awards, which most recently took place in Mexico City in November of last year.

"It is a great honour to receive the Paralympic Honour as acknowledgement for the support of the Paralympic Movement," said Diekmann, who served as chief executive from 2003 to 2015.

"The most special thing about the partnership is that the whole idea of inclusiveness touches people."

Sir Philip added: "On behalf of the whole Paralympic Movement I am delighted to say thank you to Michael by awarding him the Paralympic Honour.

"When I first met him at the Torino 2006 Paralympic Winter Games I could instantly feel his passion for the Paralympic Movement and both he and Allianz have been huge advocates ever since.

"During his tenure as chief executive of Allianz, he not only transformed the organisation into a hugely successful global brand, but ensured that inclusiveness played a key role.

"His and Allianz’s support over the last decade have played a key role in increasing the profile of the IPC, a number of NPCs and leading athletes.

"We are forever indebted to him for his support."

Previous recipients of the Paralympic Honour include Wen Jiabao, the ex-Chinese Premier, and Jacques Rogge, a former President of the International Olympic Committee.