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Finance ministers, insurance regulators, and development finance leaders from across Africa have called for sweeping reforms to the continent’s insurance and reinsurance sectors, emphasising that stronger regional collaboration and more effective regulatory frameworks are essential to enhancing Africa’s resilience against growing economic, financial, and climate-related risks.
The call was made during a symposium organised by the African Reinsurance Corporation (Africa Re) in Abuja to commemorate the corporation’s 50th anniversary. Held under the theme “Reinsurance Excellence, Securing the Future,” the event convened policymakers, regulators, shareholders, and industry executives to discuss insurance sector reforms, financial integration, and the role of reinsurance in advancing sustainable development across Africa.
Established on February 24, 1976, in Yaoundé, Cameroon, by 36 member states of what is now the African Union, alongside the African Development Bank (AfDB), Africa Re was created to retain reinsurance premiums within the continent and reduce Africa’s dependence on foreign reinsurance markets.
Strengthening Africa’s Insurance Ecosystem
Participants at the symposium explored strategies to modernise Africa’s insurance regulatory environment, improve risk management frameworks, and deepen market integration to support long-term economic growth and financial stability.
The discussions also highlighted the importance of building a more resilient financial architecture capable of supporting the African Union’s Agenda 2063 and addressing emerging risks facing businesses, governments, and communities across the continent.
The event was chaired by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, while the Chairman of Africa Re’s Board of Directors, Mr. Moustapha Coulibaly, served as host.
Key speakers included Africa Re’s Group Managing Director and Chief Executive Officer, Dr. Corneille Karekezi; International Monetary Fund (IMF) Executive Director, Dr. Mohamed Maait; chief executives of regional reinsurance companies; representatives of development finance institutions; and insurance regulators from across Africa.
Congratulatory remarks were delivered by Christopher Townsend of Allianz SE, Cameroon’s Minister of Finance, Louis-Paul Motazé, representing the corporation’s host country and member states, and Olivier Buyoya, Regional Director for West Africa at the International Finance Corporation (IFC), representing development finance institutions.
Africa Re Marks 50 Years of Growth
As part of its golden jubilee celebrations, Africa Re inaugurated its new corporate headquarters and unveiled several landmark publications, including its inaugural Sustainability Report, a commemorative book documenting five decades of operations, and a special edition of The African Reinsurer.
Speaking at the event, Dr. Karekezi reflected on the corporation’s transformation over the past five decades, describing Africa Re as a globally recognised institution built on financial strength, technical expertise, and a commitment to Africa’s economic development.
“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.
Strong Financial Position
According to the corporation, Africa Re has expanded significantly since its establishment, growing from an authorised capital of $15 million to shareholders’ equity of approximately $1.37 billion.
The organisation is currently ranked among the world’s top 40 reinsurance groups and maintains ‘A’ financial strength ratings with stable outlooks from AM Best and S&P Global, reflecting its strong financial performance and operational resilience.
Headquartered in Lagos, Nigeria, Africa Re operates regional offices in Casablanca, Abidjan, Nairobi, Ebène (Mauritius), and Cairo, alongside subsidiaries and representative offices across Africa and selected international markets.
Its shareholder base comprises 42 African member states, the African Development Bank (AfDB), more than 110 African insurance and reinsurance companies, and several international strategic investors.
Industry stakeholders concluded that strengthening regulatory frameworks, promoting regional cooperation, and enhancing the capacity of Africa’s insurance and reinsurance markets will be critical to mobilising investment, improving risk management, and supporting sustainable economic growth across the continent.
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