African finance ministers, insurance regulators and development finance leaders have called for sweeping reforms in the continent’s insurance and reinsurance sectors, stressing that stronger regional cooperation and modern regulatory frameworks are essential for managing Africa’s growing economic, financial and climate-related risks. The call was made during a high-level symposium organised by the African Reinsurance Corporation (Africa Re) in Abuja as part of activities marking its 50th anniversary.
Held under the theme, “Reinsurance Excellence, Securing the Future,” the gathering brought together policymakers, industry executives, regulators and shareholders from across Africa to discuss ways of strengthening the continent’s financial architecture. Participants highlighted the need for greater market integration, improved risk management systems and regulatory reforms that can support sustainable economic growth while advancing the African Union’s Agenda 2063.
Established in Yaoundé, Cameroon, in 1976 by 36 African states and the African Development Bank, Africa Re was created to retain reinsurance premiums within the continent and reduce dependence on foreign markets. Over the past five decades, the corporation has grown into one of the world’s leading reinsurance institutions, playing a significant role in supporting Africa’s insurance sector and economic development.
Speaking at the event, Africa Re Group Managing Director and Chief Executive Officer, Dr. Corneille Karekezi, said the organisation has evolved into a globally respected institution built on financial strength, technical excellence and a commitment to Africa’s growth. According to the corporation, shareholders’ equity has risen from an initial authorised capital of $15 million to $1.37 billion, while the company now ranks among the world’s top 40 reinsurance groups with strong international credit ratings.
The symposium also celebrated key milestones in Africa Re’s journey, including the inauguration of its new corporate headquarters and the unveiling of its first Sustainability Report. With operations spanning major African cities and ownership shared by 42 member states, the African Development Bank and over 110 insurance and reinsurance companies, stakeholders expressed confidence that stronger insurance reforms and collaboration will help build a more resilient and prosperous African economy in the years ahead.
source: The Guardian
