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ARC & Partners preparing to respond to one of the worst droughts seen in Southern Africa
19th April 2024
The southern African region is currently facing one of the worst droughts it has seen in decades, with millions said to be facing extreme food insecurity and water shortages, amidst a growing climate crisis, fuelled by the El Niño weather phenomenon. A recent meeting took place between Reena Ghelani, UN Assistant ... Read the full article
CG Re (Africa) to manage new Reinsurance Facility in the Democratic Republic of Congo
15th April 2024
CG Re (Africa) has obtained a mandate by the Minister of Finance of the Democratic Republic of Congo (DRC) to assist with the setup and management of a new specialty lines Reinsurance Facility. Administered by the Autorité de Régulation et de Contrôle des Assurances (ARCA), this new Facility for the Oil, ... Read the full article
Africa Re reports best net income result ever in 2023
11th March 2024
Based on preliminary and unaudited figures under IFRS 4, Africa Re has reported a net income of $129.145 million in 2023, marking a massive improvement of 444.16% from the $23.733 million net income posted in 2022. Africa Re additionally recorded gross written premiums of $1.106 billion for 2023, translating into an ... Read the full article
Africa Specialty Risks forms parametric partnership to close protection gap in Africa and Middle East
29th February 2024
Africa Specialty Risks (ASR) has reportedly formed a parametric reinsurance partnership with a leading European reinsurer to increase its coverage for vulnerable populations and economies in Africa and the Middle East. The partnership was facilitated by Inver Re. According to ASR, the agreement will double its parametric capability for smallholder farmers, ... Read the full article
AAMFI: Uniting Africa’s financial institutions for sustainable development
28th February 2024
Several multilateral financial organisations have collaborated to establish the Alliance of African Multilateral Financial Institutions (AAMFI), under the patronage of Nana Addo Dankwa Akufo-Addo, the President of Ghana. This significant initiative was launched during the 37th Ordinary Session of the African Union, marking a pivotal moment in Africa's financial landscape. AAMFI ... Read the full article
ARC Ltd. partners with US gov to expand parametric insurance in Africa
13th February 2024
African Risk Capacity Limited (ARC Ltd.) and the United States Government (USG) have entered into a $11.7 million partnership to increase access to parametric insurance in Africa and safeguard food security. According to ARC Ltd., this newly announced project aims to protect vulnerable smallholder farmers facing increasing climate change-related disasters while ... Read the full article
JBA partners with Old Mutual Insure for use of flood maps in South Africa
26th January 2024
UK-based flood science specialist JBA Risk Management has partnered with South African non-life insurer Old Mutual Insure for the use of its detailed flood maps in the country. Haydn Marchant, re/insurance Specialist, JBA Risk Management, commented on the partnership, "We are delighted to be working with Old Mutual Insure to help ... Read the full article
Africa Specialty Risks gets ‘in principle’ approval from Dubai Authority to register as a company
25th January 2024
Pan-African-focused reinsurance group Africa Specialty Risks (ASR) has been approved ‘in principle’ by the Dubai Financial Service Authority to register as a company, setting the stage for the incorporation of a new entity, ASR Middle East. According to the firm, the ultimate goal is to establish its presence with an office ... Read the full article
UK pledges ~$10m in additional funding to Africa’s Disaster Risk Financing Programme
14th December 2023
The United Kingdom’s Minister of State for International Development and Africa, Andrew Mitchell, alongside the UK’s Foreign, Commonwealth and Development Office has announced nearly $10 million in additional funding to the African Development Bank’s programme assisting African countries to strengthen resilience and enhance their response to climate shocks. The development follows ... Read the full article
Africa Specialty Risks receives ‘in-principle’ approval to launch Lloyd’s syndicate
8th December 2023
Pan-African focused insurer and reinsurer, Africa Specialty Risks (ASR), has now received ‘in-principle’ approval to launch a Lloyd’s syndicate in 2024, which aims to begin underwriting in March 2024 with a focus on underwriting business across Africa. The ‘in-principle’ approval from the Lloyd's Council remains subject to additional financial and operational ... Read the full article
Aon partners with AfDB and Amini to support farmers in Africa
5th December 2023
Aon, the global re/insurance broker, has collaborated with the African Development Bank (AfDB), Africa’s premier development finance institution, and Amini, an innovator in space technology and artificial intelligence, to increase crop insurance capacity across Africa, support smallholder farmers’ resilience and accelerate the use of nature positive practices. The additional anticipated benefits ... Read the full article
Climate-related death toll in Africa underlines urgency for COP28 action: ARC
29th November 2023
In 2023, 15,700 people have lost their lives to extreme weather disasters in Africa, while another 34 million have been affected, highlighting the urgent need for action at COP28, says African Risk Capacity Limited (ARC). In a recent report, ARC observed that 2023 has been a year of "climate carnage" in ... Read the full article
East Africa Re establishes subsidiary in Tanzania: report
27th November 2023
Kenya-domiciled reinsurance company, East Africa Reinsurance Company Limited, has expanded its operations with the establishment of its first subsidiary in Tanzania, as reported by Daily News. In a statement, the company said that the Tanzania Insurance Regulatory Authority (TIRA) has licensed East Africa Reinsurance (Tanzania) as a local Reinsurance Company in ... Read the full article
Africa Re reports improved Net Profit of $75.4mn in 9M 2023
24th November 2023
The African Reinsurance Corporation has announced its financial results for the first nine months of 2023 reporting strong growth in Net Profit, to $75.4 million, a “remarkable improvement” compared to the loss recorded at the end of the same period of 2022. Africa Re’s Gross Written Premium Income also saw improvement, ... Read the full article
Floodbase and ARC Ltd. partner to address Africa’s flood insurance gap
25th October 2023
In a significant move towards mitigating the devastating impact of floods in Africa, Floodbase has recently announced a strategic partnership with African Risk Capacity Limited (ARC Ltd.). The collaboration aims to develop, distribute, and scale parametric flood insurance solutions across the continent. Floods have emerged as a critical humanitarian challenge in Africa ... Read the full article