Africa Re to convene next June to set its 2016 budget

African Reinsurance Corporation (Africa Re), Africa’s sole reinsurer, has paid compensation worth $346.18 million in 2015, 0.47 percent y-o-y higher, its Egyptian regional representative, Mohammed Maait told Amwal Al Ghad on Tuesday.

In 2014, the insurer paid $344.56 million worth of compensations.

Africa Re plans to hold its general assembly next June to set its budget for 2016.

Written premiums in Africa Re’s markets recorded $689.3 million in 2015, versus $7171.5 million in 2014.

Net profit reached $103 million in 2015, compared to $118 million a year earlier.

The African Reinsurance Corporation (Africa Re) was established on 24 February, 1976 in Yaounde, Cameroon following a recommendation of the African Development Bank (AfDB), with the aim of reducing the outflow of foreign exchange from the continent by retaining a substantial proportion of the reinsurance premiums generated therein.