Reinsurance News
Africa
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
African reinsurance markets witness growth and stability in 2021/2022
5th October 2023
The African reinsurance landscape in 2021/2022 demonstrated a mix of notable growth and stability across both life and non-life sectors, as revealed by recent market data. Among the top 14 markets, the African life reinsurance market experienced significant growth, with a year-on-year increase of USD 193 million, reaching a total of ... Read the full article
Kwaku Baah-Nuakoh named SeyRe Global CEO
28th June 2023
Kwaku Baah-Nuakoh has become the new Chief Executive Officer of Seychelles Reinsurance Global Ltd (SeyRe Global), a Barbados-based re/insurer. The reinsurer's aim is to achieve a consistent growth target over its first five years and to leverage on the brand and rating of Ocean Re, its fronting partner, to position itself ... Read the full article
Untapped potential in Africa’s agricultural insurance market: Faber
2nd June 2023
Africa’s agricultural insurance market has a large untapped potential for non-life insurers due to its low penetration and it is key to advancing food production security in the continent, according to the latest edition of the Africa Insurance Pulse on food security and agricultural insurance. The global agricultural insurance market has ... Read the full article
Creditworthiness of African institutions likely to be pressured throughout 2023: AM Best
10th May 2023
According to a new report from AM Best, reinsurers operating in Africa and other emerging markets are exposed to heightened levels of economic, political and financial system risks, and within recent years these risks have been “exacerbated” by external shocks, such as the Russia-Ukraine conflict and the COVID-19 pandemic. Best states ... Read the full article
Swiss Re to reinsure parametric flood product in Kenya
9th May 2023
Global reinsurer Swiss Re is to provide reinsurance for a new index-based flood insurance solution in Kenya, which is set to be launched by Britam in partnership with Oxfam, and which aims to protect small-scale farmers from the impact of catastrophic floods. The solution, developed by Nairobi-based insurer Britam, uses data ... Read the full article
ARC makes Cyclone Freddy payout to Madagascar & World Food Programme
28th April 2023
The Government of the Republic of Madagascar and the World Food Programme have received a combined insurance payout of $1.5 million to support the country’s recovery from Tropical Cyclone Freddy. This payout includes $1.2 million to the Government of Madagascar and $300,000 to the World Food Programme through the African Risk ... Read the full article
Mozambique secures $35m cyclone parametric reinsurance placement
22nd March 2023
The Mozambique government has secured USD 35 million of parametric cyclone insurance via the National Institute of Disaster Management (INGD), supported by Africa Specialty Risks, The World Bank, and PULA. The inaugural, Mozambique cyclone parametric reinsurance program is designed to provide the country's economy with resilience against the effects of cyclones ... Read the full article
ARC & Djibouti government ink agreement to shield climate-vulnerable communities
16th March 2023
The African Risk Capacity Group and the Government of Djibouti have signed the first-ever multi-year, multi-peril agreement on the African continent to protect the most climate-vulnerable communities. The agreement means that Djibouti now has access to five years of disaster risk management capacity building and disaster risk insurance coverage offered by ... Read the full article
ZEP-RE and Planet Labs partner on African drought program
13th December 2022
ZEP-RE, a reinsurance company based in Nairobi, Kenya, has partnered with data provider Planet Labs to expand its drought insurance program in the Horn of Africa (HOA) region. The reinsurer plans to leverage Planet’s Basemaps products to measure vegetation health for an area of more than 600,000 square kilometres of Eastern ... Read the full article
Aon appoints head of transaction solutions for Sub-Saharan Africa
1st December 2022
Aon has appointed Maakopi Reason Maredi as head of transaction solutions for the Sub-Saharan Africa region. The firm said in a statement that Reason will be based in Johannesburg and joins the firm from Webber Wentzel, where she was a corporate partner and gained broad corporate and commercial transactional experience. Prior to ... Read the full article
African insurers pledge $14bn of cover to take up climate change fight
15th November 2022
A group of over 85 insurers in Africa have pledged to create a financing facility to provide $14 billion of cover to help protect 1.4 billion people within the continent against floods, droughts, and tropical cyclones. The commitment to create the African Climate Risk Facility (ACRF) was made during the ongoing ... Read the full article
More African countries need to come into the parametric fold: ARC CEO
3rd November 2022
The impacts of climate change see Africa lose up to 15% of its gross domestic product per capita, every year, suggesting there's an urgent need to expand the use of alternative risk solutions, such as parametrics, to help more countries effectively navigate the changing climate. This is according to the African ... Read the full article
Allianz completes acquisition of Jubilee businesses in East Africa
10th October 2022
Allianz has announced that it has completed its transaction to acquire a majority stake in Jubilee Holdings Limited’s general insurance business in East Africa, namely in Kenya, Uganda, Tanzania, Burundi and Mauritius. The two companies had originally announced the $100 million takeover back in September 2020, when Allianz agreed to ... Read the full article
AM Best flags uncertainties for Sub-Saharan reinsurance market
3rd October 2022
Analysts at AM Best have flagged a host of uncertainties that may impede the near-term prospects of the reinsurance market in Sub-Saharan Africa (SSA), despite its significant expansion over the past decade. The rating agency notes that gross written premium in the SSA reinsurance market has grown at a 10-year compound ... Read the full article
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