African Reinsurance distributes $3.3mn to fight against coronavirus in Africa

African Reinsurance Corporation (Africa Re) has decided to distribute $3.3. million to support the fight against coronavirus (Covid-19) pandemic in Africa.

The company decided on the disbursement after its annual meeting on 30 June that will be spent on information campaigns, prevention, medical supplies, and personal protective equipment (PPE).

Africa Re’s shareholders are made up of 41 African Union member countries as well as 112 African insurance and reinsurance companies, besides the African Development Bank (AfDB) and international insurers Axa Africa Holding, Fairfax Financial Holding, and Allianz which acquired .

Corneille Karekezi, Africa Re’s group managing director and chief executive, described the activity as a duty, as well as a matter of pride, to contribute to the risk mitigation of the health crisis and its socio-economic fallout.

AfDB has been providing support to the response to the coronavirus across Africa with $426 million to healthcare and small businesses . AfDB had earlier committed $10 billion to fight against the pandemic.

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.