Africa Re ranks 55th, Continental Re 91st, WAICA 97th among Top 100 World Reinsurance

By Favour Nnabugwu

Reinsurance in Africa are making a headway in their operations as the African reinsurance were ranked among the top 100 world reinsurance.

The three reinsurers from Africa ranked Africa Re 55th position  Continental Re  91st and WAICA Re 97th among top reinsurers.
African Reinsurance, Nigéria’ turnover for 2021 in local currency 0.845, in USD 0.845 and 2020 in local currency 0.805, in USD 0.805 and 020 – 2021 evolution 4.97 percent.
Continental Reinsurance, Nigéria’s  turnover for 2021 in local currency 70.385, in USD 0.171 and 2020 in local currency 53.637, in USD 0.14 and 2020 – 2021 evolution 0.221percent.
WAICA Reinsurance, Sierra Leone’s  turnover for 2021 in local currency 0.153 in USD 0.153 and 2020 in local currency 0.103, in USD 0.103 and 2020 – 2021 evolution 0.485 percent.
The ranking was carried by evolution in USD, earned premium, net premium and sourced by Company report, Atlas Magazine and A.M. Best
The Deputy Managing Director of Africa Re, Mr. Ken Aghoghovbia, made this known at 26th AIO African Reinsurance Forum in Lomé, Togo.
The Deputy Managing Director of Africa Re, Mr. Ken Aghoghovbia at the 26th AIO African Reinsurance Forum in Lomé, Togo, outlining the journey and outlook for the reinsurance sector, he said the challenging environment remained mixed, due to a high level of uncertainty.
Aghoghovbia, in a Keynote address theme, “Sustainable Growth: The Role of African Reinsurers in Economic Growth & Development”, stated that the drop in capital with the natural catastrophes and COVID-19 losses, has, however, created favourable reinsurance pricing in the global market.
However, the extent to which inflation is factored into the reinsurance pricing would determine their sustainability over the coming renewal cycles, he said.
He noted that with most reinsurers struggling to earn their cost of capital, the financial rating and outlook of market players would be ever more important in the next renewal cycles.
Also, the Group Managing Director of WAICA Re Mr. Abiola Ekundayo, had said WAICA Reinsurance Corporation Plc has grown its gross premium from S35,000 in 2011 to S103 million in 2020.
Ekundayo maintained that the performance made WAICA Re one of the fastest-growing reinsurance companies in African.
He said: “Today, it has grown into a group. We have continued to expand throughout Africa and beyond, with four regional offices located in Nigeria, Ghana, Tunisia, and Ivory Coast.
“Also, we have four subsidiaries: WAICA Re (UK) Limited, WAICA Re Zimbabwe (Private) Ltd, WAICA Re Capital Limited (Ghana) and WAICA Re (Kenya) Limited.”
Assessing reinsurance business on the African continent, he said: “Reinsurance in Africa is on a steady growth path despite the turbulence created by the COVID-19 pandemic.
“The top 10 reinsurance players still control a significant share of the market.
There have been improvements in local content; however, significant large risk exposures in engineering, oil and gas are still ferried to non-domestic reinsurers.”
He said there had been a continued shift in building capacity as major players have conferences, academies, training and competitions were tailored to skill enhancement.
“Reinsurance companies should focus more on emerging risks such as: political risks, terrorism, cyber security, artificial intelligence, among others.
On it’s part, Continental Re has six offices in Anglophone West Africa, Eastern, Southern, CIMA, and Northern regions grew gross premium income by 12 per cent overall despite significant competitor activity. Lagos accounted for 42 per cent of our volumes, while collectively, Nairobi, Gaborone, Douala, Abidjan and Tunis now account for 58 per cent of our total gross premium income ratio (2019: 46 per cent; 54 per cent).
The company said the expansion was a deliberate strategy for greater diversification of our portfolio across Africa
IiCC craves Nigerians to preserve desired lifestyles with insurance

By Favour Nnabugwu

The Insurance Industry Consultative Council (IICC) has beseeched Nigerians to take insurance to preserved the desired lifestyles

The Chairman of IICC, Edwin Igbiti, stated this at the 2022 Training on Compulsory Insurance, held in Benin City, Edo State to use insurance to maximise the enormous benefits offered by insurance to accumulate income and improve their lifestyles.

Igbiti said that insurance offers income, life and property protection to the insured and their needs, as well as income accumulation that can be used at retirement to help preserve the desired lifestyle of anyone.

He maintained that insurance is a global entity and its values and benefits are numerous to the existence of mankind.

Igbiti submitted that insurance stimulates business activities to operate in a cost-effective manner, by managing risks associated with business operations.

“The insurance sector safeguards the assets of its policyholders by transferring risks from an individual or business to an insurance company.

He said a major risk that is bedeviling the country among others presently is the flooding menace, adding that the current flooding has caused major havocs and death of lives.

“The IICC seize this opportunity to sympathize with all the victims across the country and believe that insurance companies will play their expected roles in ameliorating the effect of the losses and damages done promptly, as I know they are currently warming up to process huge claims from recent floods that ravaged some states.

“This again, avails us the opportunity to resonate the benefits of insurance to Nigerians. It is for times like these that we embrace insurance so as to have adequate compensation of losses incurred.”

He said the training was organised; to educate insurance practitioners on the mandatory insurance policies, the benefits therein.

He noted that the training is an annual event and the Corporate Social Responsibility of the IICC where government and other stakeholders gather to learn and share ideas for successful implementation of compulsory insurance of lives and properties in their respective States and Ministries.

The chairman said IICC was inaugurated in 2013 to act as the unifying voice of the insurance industry, representing it on national issues affecting the insurance industry, taking up and assuming other roles that would serve the best interest of the industry in Nigeria and providing lasting solutions to challenging issues within the insurance sector.