African Partners Directory

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Thematics

African Reinsurance Corporation (AFRICA RE)

est. 1976

OVERVIEW

The African Reinsurance Corporation (Africa Re) was established on February 24th 1976 in Yaounde, Cameroon, following a recommendation of the African Development Bank (AfDB). The international agreement signed by the 36 member States of the Organization of African Unity (OAU) and the AfDB gives Africa Re its current status and the legal authority to operate. Africa Re aims to reduce the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.

Africa Re has four types of members: member countries, the African development bank, development finance institutions, insurance and re-insurance companies.

OBJECTIVES

Africa Re aims to foster the development of the insurance and reinsurance industry in Africa, promote the growth of national, regional and sub-regional underwriting, and retain a substantial amount of re-insurance premiums generated on continent to support African economic development.

Africa Re’s activities include:

  • Transacting reinsurance business through treaties
  • Creates and administers insurance pools for aviation and oil businesses
  • Assisting with the establishment of national, regional and sub-regional insurance and reinsurance institutions
  • Investing its funds in African countries in a manner that:
  • Promotes the continent’s development,
  • Provides technical assistance to African countries and
  • Promotes contacts and business co-operation among insurance and reinsurance institutions.