Economy & Politics

Nigeria: Africa Re to conquer the Gulf reinsurance market

Nigerian insurance company Africa Reinsurance Corporation (Africa Re) has just signed its first office outside Africa.

With its membership in the Dubai International Financial Center (DIFC), the financial center of the Middle East, Africa and South Asia (MEASA) region, the Nigerian company is expanding internationally.

This office will act as Africa Re-IPO Limited (Africa Re), while its office in Dubai International Financial is its first office outside of Africa. Africa Re will provide conventional and Sharia-compliant reinsurance services in the Middle Eastern region.

Africa Re was closely observing the withdrawal of Reinsurance / Retakaful capacities from the Middle East, which is why a decision was made to join DIFC in order to be close to our clients and to fill this capacity gap by providing opportunities. leading company to support all of our long-standing customers in the Middle East “Said Corneille Karekezi, Group CEO.

An enthusiasm shared by the CEO of DIFC Authority, Arif Amiri, for whom “ offering conventional and Takaful products provides additional choice and we hope Africa Re will work with DIFC and other companies in our ecosystem to develop the future of the region’s reinsurance industry “.

Africa Re intends to bet on a GCC Takaful market which has improved significantly in 2019 up to 74.3% year-on-year to reach $ 414 million in 2019, according to the results announced by the 47 Takaful insurance companies. listed on the stock exchange throughout the region.

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