Finance ministers, insurance regulators and development finance leaders from across Africa have called for reforms to the continent’s insurance and reinsurance landscape, saying stronger regional cooperation and more effective regulatory frameworks are critical to managing Africa’s growing economic, financial and climate-related risks.
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‎The call came at a symposium organised by the African Reinsurance Corporation (Africa Re) in Abuja to commemorate its 50th anniversary. Held under the theme, “Reinsurance Excellence, Securing the Future,” the event brought together policymakers, regulators, shareholders and industry leaders to discuss Africa’s fragmented financial system, insurance regulatory reforms and the role of the sector in advancing the African Union’s Agenda 2063.
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‎Established in Yaoundé, Cameroon, on February 24, 1976, by 36 member states of what is now the African Union and the African Development Bank, Africa Re was created to retain reinsurance premiums within Africa and reduce the continent’s dependence on foreign reinsurance markets.
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‎Participants examined ways to strengthen Africa’s financial architecture through greater market integration, modernised insurance regulation and enhanced risk management to support sustainable economic growth.
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‎The symposium was chaired by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, while Chairman of Africa Re’s Board of Directors, Mr. Moustapha Coulibaly, hosted the event.
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‎Discussions featured Africa Re’s Group Managing Director and Chief Executive Officer, Dr. Corneille Karekezi; Executive Director at the International Monetary Fund, Dr. Mohamed Maait; chief executives of regional reinsurance firms and development finance institutions; and insurance regulators from across the continent.
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‎Congratulatory messages were delivered by Christopher Townsend of Allianz SE, Cameroon’s Minister of Finance, Louis-Paul Motazé, representing the corporation’s country of establishment and member states, and Olivier Buyoya, Regional Director for West Africa at the International Finance Corporation (IFC), on behalf of development finance institutions.
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‎As part of the anniversary activities, Africa Re inaugurated its new corporate headquarters and unveiled its inaugural Sustainability Report, a commemorative book marking its 50 years of operation and a special edition of The African Reinsurer.
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‎Speaking during the event, Karekezi said Africa Re had evolved into a globally respected institution driven by financial strength, technical expertise and a commitment to supporting Africa’s economic development.
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‎”Africa Re today has evolved into a globally respected institution, defined by its financial strength, technical excellence, and a deep commitment to the development of African economies,” he said.
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‎According to the corporation, it has grown from an authorised capital of $15 million at inception to shareholders’ equity of $1.37 billion. It is currently ranked among the world’s top 40 reinsurance groups and holds ‘A’ financial strength ratings with stable outlooks from AM Best and S&P Global.
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‎Headquartered in Lagos, Africa Re operates through regional offices in Casablanca, Abidjan, Nairobi, Ebène, Mauritius, and Cairo, with subsidiaries and representative offices across Africa and selected international markets. It is owned by 42 African member states, the African Development Bank, more than 110 African insurance and reinsurance companies, as well as global strategic investors.