Pan-African reinsurer Continental Reinsurance (Continental Re) has posted a 29% increase in gross premium income for the first quarter of 2020, despite what it describes as “unprecedented challenges” across Africa due to the COVID-19 pandemic.
The Group reported an overall increase to NGN 11,560 million (USD 29.7 million) for the period, with strong contribution from all six operating locations.
Underwriting profit of NGN 1,565 million (USD 4.02 million) for Q1 also represents a 622% increase in comparison to the same quarter previous year (NGN 217 million), reflecting greater underwriting discipline and cost control.
Profit before tax at NGN 2,479 million (USD 6.36 million) was a 446% increase over the same period last year.
Offsetting growth was a 14% increase in claims occurred, which amounted to NGN 4,675 million (USD 12.0 million).
“COVID-19 has caused extreme personal distress and challenged business sustainability across the world,” commented Continental Re Group Managing Director, Femi Oyetunji. “However, it has also created an environment for greater collaboration, innovation and digital transformation, particularly within the insurance industry.”
“As insurers, we should be demonstrating our value more effectively as lubricants of the economy to create greater cohesion with other sectors of our economies. As we do with the UN–Principles of Sustainable Insurance, steadfastly integrate our global efforts to proactively prevent and manage climate related catastrophes and pandemics,” he continued.
“Certainly, as insurance leaders, we are focusing attention to the crisis on the continent by working with industry players to contribute towards resolving this challenge. We are closely monitoring developments in our markets.”
