News Middle East31 Jul 2019

MENA:Africa Re eyes 9% growth in region this year

| 31 Jul 2019

Africa Re is targeting premiums totalling $140m from the markets of Egypt, Sudan, and the Middle East and North Africa (MENA) for the year, according to Mr Omar Gouda, Regional Director, Cairo Office of the reinsurer. This would amount to 9% growth in premiums for this year.

Total premiums collected from MENA markets amounted to about $128m last year, reported Al Masdar quoting Mr Gouda. This represented 16% of the corporation’s gross written premium of $797m last year.

He also said that Africa Re, in accordance with its 2019-2022 strategy, aims to achieve average annual growth rates ranging between 7.5 – 12%. GWP grew by 6.8% in 2018.

Africa Re maintains six regional offices are as follows:

  • Lagos, Nigeria: Anglophone West Africa and African Pools; • Abidjan, Côte d’Ivoire: Francophone West and Central Africa;
  • Casablanca, Morocco: Maghreb;
  • Cairo, Egypt: North East Africa and the Middle East;
  • Nairobi, Kenya: East Africa and parts of Southern Africa; and
  • Ebene, Mauritius: African Indian Ocean Islands, Portuguese speaking African market, Asia and Brazil.


 

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