Africa Re Eyes US$770 mln Premiums by 2014-end

African Reinsurance Corporation (Africa Re) is planning to attain total premiums of US$ 730 million by the end of 2014, said the Deputy Chairman of the Egyptian Financial Supervisory Authority (EFSA) and Board Member in Africa Re Dr. Mohamed Maait on Tuesday.

Dr. Maait further pointed out that Africa Re is likely to achieve total premiums of US$ 680 million by the end of the current year. This comes as Africa Re managed to collect premiums worth US$ 472.2 million by the end of last September.

Africa Re is determined to achieve high growth rates, he added. The firm had posted total premiums of around US$ 648 million by the end of 2012.

By the virtue of its high credit rating and financial solvency, Dr. Maait said Africa Re has become one the key leaders in terms of providing reinsurance services in the continent. He stressed the importance of establishing a national reinsurance firm in Egypt.

EFSA is very keen on giving a support to the building up of an Egyptian reinsurance firm in cooperation with Insurance Federation of Egypt (IFE).

It is worth mentioning that about 40 African countries are co-founders of Africa Re. Egypt’s representatives in the company are the Egyptian Financial Supervisory Authority (EFSA), Misr Insurance Company, Al Mohandes Insurance Company and Misr Life Insurance Company.