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African Reinsurers Lose Billions Of Dollars To Foreigners

 

“Business will be smaller without reinsurance in Africa, because the perils preserved will only be roofed by the capital of the insurance companies, but reinsurance comes to supplement the capacity to undertake probability,” said the Group Managing Director and Chief Executive Officer of Africa Reinsurance Corporation (Africa Re), Mr. Corneille Karekezi, at the 42nd African Insurance Organisation (AIO) Conference and General Assembly, which held in Tunis in 2015.

This statement typifies exactly what the first reinsurance company on the continent bargained in 1957 when the Egyptian Reinsurance Company originated; and what the Continental Reinsurance had in mind for African reinsurers when it started business as a private reinsurance company in Nigeria in 1985.

Being a pan-African reinsurance company today and the largest private reinsurance player on the continent with a ‘Plc’ suffixed to its title, many of the ilk of the Continental Reinsurance Plc that geared on formation to provide the necessary mainstay capabilities to Africa’s insurance and reinsurance needs, have bitten the dust.

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