Africa Reinsurance Corporation (Africa Re), the leading African reinsurer, has reported a record profit for the second consecutive financial year in 2024 which amounted to $132.36m compared with $128.45m in 2023, translating into an increase of 3.05%, a demonstration of its resilience.
Côte d'Ivoire collected FCFA594.8bn ($1.03bn) in insurance premiums in 2023, compared to Cameroon's FCFA270.6bn and Senegal's FCFA268.6bn,according to the latest available figures from the Federation of African National Insurance Companies (FANAF).
Global broking business, Brokerslink, has added brokers from Mauritania and the Ivory Coast to its network. The two new additions bolster its network which has broking partners and affiliates in 41 countries across the African continent.
African Export-Import Bank (Afreximbank) and Nairobi-headquartered ZEP-RE (PTA Reinsurance Company) has launched the Trans-Africa Bond Alliance (TABA), a transformative initiative designed to bridge the insurance capacity gap and empower African contractors to secure more construction and procurement projects while boosting cross-border trade and enhancing the movement of goods and investment across Africa.
Tunisia has joined the African Trade & Investment Development Insurance (ATIDI) and will participate in its capital, under the terms of an agreement inked on 24 March 2025 between the Tunisian Economy and Planning Ministry and ATIDI.
ETG Insurance & Risk Solutions (EIRS), an international multi-specialist insurance and reinsurance broker, has teamed up with AU Group, the leading Paris-headquartered trade credit and political risk insurance broker, to introduce Africa's first dedicated broking platform for trade credit and political risk insurance.
The binding agreements will give Sava Re deeper access to risks originating from Africa, the Middle East and developing markets, allowing ASR to further its mission of enabling sustainable economic development by fulfilling unmet insurance needs.
Several major cities in East Africa are experiencing intensification of climatic extremes, requiring climate adaptation efforts to plan for both extreme wet and dry conditions, says a new report by WaterAid, an international non-governmental organisation focused on water, sanitation and hygiene.
The eastern DRC (Democratic Republic of the Congo) and Ivory Coast face a greater risk of political instability this year, according to Pangea-Risk, a specialist intelligence advisory firm.
The withdrawal of Niger, Mali and Burkina Faso from the Economic Community of West African States (ECOWAS) is the latest sign of political turmoil in the region, but the direct impact on (re)insurance markets will be limited in the short term, according to a new commentary from AM Best.