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Africa Re is responsible for the management of the two reinsurance pools covering the African continent. The two reinsurance pools are as follows:
As we celebrate our Sapphire Anniversary, we express sincere gratitude to all stakeholders. Their continuous trust is the driving force that has led us to accomplish our noble mission to foster the development of the #insurance and #reinsurance industry in #Africa for the past 45 years.
We will always do our best to continue to deserve this trust.
The African Reinsurance Corporation (Africa Re) posted a premium income of US$583.68 million at the end of the third quarter of 2020, a decline of 5.41%. The decline was largely driven by the weakening of some of the major underlying currencies (Nigeria Naira and South Africa Rand) as well as declines occasioned by deliberate portfolio actions to improve underwriting performance.
Over the years, the insurance industry has been one of the late adopters of technology across its value chain. However, this has improved in the recent past with the proliferation of insurtech initiatives in different parts of the world including Africa. There is a growing consensus among industry stakeholders that technology is one of the dominant forces that will shape the future of the industry considering the myriad of challenges begging for answers particularly high expense ratios and operational costs which have led to increasing pressure on profit margins. Today, the adoption of technology is no longer a luxury but a necessary business enabler across different industries and the insurance industry is not an exception. One of the technologies expected to bring significant value proposition to the insurance industry is blockchain/Distributed Ledger Technology (DLT).
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