Afirca ReAfrica Re?”s Ordinary General Assembly was held on 26 June 2020. Gathered through an online meeting due to Covid-19, the shareholders approved the accounts of 2019. The previous year ended with a turnover of 845 million USD, up by 6% compared to 2018. The net result rose from 31.269 million USD in 2018 to […]
In an attempt to boost economic and financial development in West Africa, Waica Re is organizing the first edition of the annual Corporate Social Responsibility (CSR) competition entitled ?SPractical Solutions to Natural Disasters in West Africa??. The competition is an opportunity for insurance professionals to propose solutions to the natural disaster-related issues in their respective […]
Fitch Ratings believes that reinsurers have absorbed significant coronavirus-related losses. According to the rating agency, the overall combined ratio of the reinsurance market increased by 10.4 points during H1 2020 and was set at 101.8% compared to 91.4% in 2019. Such deterioration is closely linked to business interruptions and cancellation of events caused by Covid-19. […]
Under the new provisions, Nigerian insurers and reinsurers are required to hold respectively 50% and 60% of the minimum capital required by 31 December 2020. To date, only 20 companies out of more than 50 operating in the market have obtained the approval of their shareholders to recapitalize their business. It should be noted that […]
Akinsola Ale has been appointed Managing Director/CEO of Nigeria Reinsurance Corporation (Nigeria Re). Akinsola Ale This decision was endorsed by the National Insurance Commission (NAICOM) on 31st August 2020. A graduate of the University of Lagos and the Chartered Insurance Institute in London, Akinsola Ale bags over 30 years of professional experience in the insurance […]
The new strategic plan, which redefines the strategic objectives and specific actions to be taken is a blue print document that reviews the organisation?”s current performance status in comparison with its abilities, expectations from its members and stakeholders, requirements of African?”s insurance and reinsurance markets as well as comparison with peers with a similar mandate. […]
Bachir Baddou, General Manager of the Moroccan Federation of Insurance and Reinsurance Companies (FMSAR), Past President and current Executive Committee member of the African Insurance Organisation has been elected to the Executive Committee of the Global Federation of Insurance Associations (GFIA). B. Baddou will serve as Treasurer. Since November 2016, B. Baddou has been the […]
Karim Diarassouba has been appointed General Manager of the Reinsurance Company of the Member States of the Inter-African Conference of Insurance Markets (CICA-Re).Mr. Diarassouba of Ivorian nationality, served as his country?”s Director of insurance for eight years.The new General Manager who will be based in Lomé, Togo, will take office on 2 January 2021.He takes […]
According to the World Bank estimations, the losses caused by the Coronavirus pandemic in sub-Saharan Africa could range between 37 and 79 billion USD in 2020. The agricultural production could decrease by -2.6 to -7% which represents a real threat when it comes to food security. The disruptions in the supply chain may also shrink by […]
The African Insurance Organisation, has adopted some stiff measures aimed at protecting the AIO Secretariat staff and its members in a bid to prevent the spread of the pandemic A communique signed by the Secretary General of the AIO, Mr. Jean Baptiste Ntukamazina, outlines some of the measures put in place by the Organisation to […]
