Egypt to host African Reinsurance Corporation meetings; 1st since COVID outbreak

Egypt will host the representatives of 42 African countries at the General Assembly and the Board of Directors’ committee meetings of the African Reinsurance Corporation (Africa Re) on Wednesday after a three years hiatus due to the COVID-19 pandemic.

Africa Re, a reinsurance company based in Lagos, Nigeria, is Africa’s first continental reinsurer.

The meetings are organised in partnership with the Ministry of Finance and the Insurance Federation of Egypt (IFE).

“Choosing Egypt for hosting these meetings reflects the country’s position in Africa and its supportive role to economic, political, and cultural African issues. It also mirrors Egypt’s endeavour to enhance and support the leading role Egypt plays in the continent, which is increasingly important amid the current challenging times,” said Minister of Finance Mohamed Maait.

Maait also noted that the ongoing global crisis has created numerous challenges, but also has presented a bunch of opportunities for greater African cooperation in several sectors — especially in economic areas — as the majority of African economies are offset by the vulnerability of local savings and investment levels that require attracting more direct and indirect foreign investment in order to achieve their economic growth.

“In this regard, African Re can play an important role through its direct investments and its services in the field of reinsurance, as it provides a protection umbrella for African companies that are operating in this field. Also, the company is the largest in Africa and the Middle East, as it ranks the 39th among grand reinsurance companies globally and places 42nd in the 50 best global groups in the reinsurance industry,” Maait expounded.

For his part, CEO of African Re Gamal Sakr noted that Egypt’s hosting of the company’s meetings asserted the great importance of the state on the global and African levels and the country’s attractiveness for hosting the meetings of regional financial institutions.

Sakr also explained that the meetings are expected to discuss the company’s financial results in 2021, its performance in African markets, and other topics that relate to the insurance and reinsurance industries in light of the challenges imposed by the ongoing global crisis.

African Re was established in 1976 as part of an initiative that was adopted by 36 African countries. The company operates through six regional offices in Côte d’Ivoire, Egypt, Kenya, Mauritius, Morocco, and Nigeria.

For the first time in the local market, the Financial Regulatory Authority (FRA) is considering okaying the creation of a reinsurance company with a minimum capital of EGP 1 billion with insurance companies operating in MENA as shareholders.