Last month, the African Reinsurance Corporation (Africa Re) officially launched its DIFC branch at a gala dinner during the Dubai World Insurance Congress.
Speaking at the event, Africa Re deputy managing director/COO Ken Aghoghovbia said, “Africa Re continues to show resilience despite the COVID-19 pandemic. We wish to reassure the African insurance industry that our continuant support during these unprecedented times remains undiminishing. Our $3.3m COVID-relief fund is still being used to assist communities in different ways,” he said.
Notwithstanding the damaging impacts of COVID-19, Africa Re achieved notable progress in 2020 as the shareholders’ fund surpassed $1bn with a profit of $56m despite the 4.7% drop in GWP and $23m related COVID-19 claims. Moreover, Africa Re’s rating was reaffirmed as ‘A’ rated by AM Best and ‘A-‘ by S&P.
Mr Aghoghovbia said that the company will also continue to develop the industry in Africa through various projects, including the development of mortality tables in one member country to improve underwriting in life insurance policies.
Africa Re DIFC senior executive officer Mohamed Saad noted that the office in the DIFC is the first subsidiary of Africa Re outside the African continent. Africa Re has another six regional offices, two subsidiaries and representative offices in the African continent. M