African Reinsurance targets $38 million Egypt premiums this year

African Reinsurance Corporation (Africa Re) plans to raise $38 million or 632.6 Egyptian pounds in premiums from the Egyptian market this year, said senior official on Sunday.

“We had raised premiums up to around $36 million or 599 million Egyptian pounds from Egyptian (insurance) companies during last year,” Africa Re’s regional director Omar Gouda told Amwal Al Ghad.

“Having a regional headquarters in Egypt since 2004 demonstrates a significant development in Africa Re’s activity in the country,” Gouda said.

Africa Re was established in 1976 by the member states of the African Union and African Development Bank (ADB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.

Africa Re is a growing company with gross written premiums of €622 million and net income of €73 million in 2017. The Lagos-headquartered company has a strong share of the reinsurance market across the African continent.