Ekundayo
Reinsurance in Africa is on a steady growth path despite the turbulence created by the COVID-19 pandemic, says Mr Abiola Ekundayo, group managing director/CEO of WAICA Reinsurance Corporation.
He adds that the reinsurance sector has continued to build capacity as major players hold conferences, training and competitions tailored towards skill enhancement.Africa: Re Insurance Business On Steady Growth PathReinsurance in Africa is on a steady growth path despite the turbulence created by the COVID-19 pandemic, says Mr Abiola Ekundayo, group managing director/CEO of WAICA Reinsurance Corporation.He adds that the reinsurance sector has continued to build capacity as major players hold conferences, training and competitions tailored towards skill enhancement.According to a report by The Nation, Mr Ekundayo also said, “There have been improvements in local content; however, significant large risk exposures in engineering, oil and gas are still ferried to non-domestic reinsurers.”The top 10 reinsurance players in Africa still control a significant share of the reinsurance market, he says.He advised, “Reinsurance companies should focus more on emerging risks, such as political risks, terrorism, cyber security, artificial intelligence, among others. Finally, African reinsurers need to invest and leverage technology in driving their businesses. Support for InsurTech is the way to go.”WAICA ReHighlighting the performance of WAICA Re, he says that the reinsurer has grown its gross premium to $103m in 2020 from $35,000 in 2011 when the reinsurer was founded. The company’s annual financial report shows that its GWP increased by 46% last year. Net profit before tax rose by 39% to $13.6m last year (2019: $9.7m) despite COVID–19 challenges.Describing WAICA Re as one of the fastest-growing reinsurance companies in Africa, he said, “Today, it has grown into a group. We have continued to expand throughout Africa and beyond, with four regional offices located in Nigeria, Ghana, Tunisia, and Ivory Coast.“Also, we have four subsidiaries: WAICA Re (UK), WAICA Re Zimbabwe, WAICA Re Capital (Ghana) and WAICA Re (Kenya).”WAICA Re, headquartered in Freetown in Sierra Leone, was incorporated in March 2011.
According to a report by The Nation, Mr Ekundayo also said, “There have been improvements in local content; however, significant large risk exposures in engineering, oil and gas are still ferried to non-domestic reinsurers.”
The top 10 reinsurance players in Africa still control a significant share of the reinsurance market, he says.
He advised, “Reinsurance companies should focus more on emerging risks, such as political risks, terrorism, cyber security, artificial intelligence, among others. Finally, African reinsurers need to invest and leverage technology in driving their businesses. Support for InsurTech is the way to go.”
WAICA Re
Highlighting the performance of WAICA Re, he says that the reinsurer has grown its gross premium to $103m in 2020 from $35,000 in 2011 when the reinsurer was founded. The company’s annual financial report shows that its GWP increased by 46% last year. Net profit before tax rose by 39% to $13.6m last year (2019: $9.7m) despite COVID–19 challenges.
Describing WAICA Re as one of the fastest-growing reinsurance companies in Africa, he said, “Today, it has grown into a group. We have continued to expand throughout Africa and beyond, with four regional offices located in Nigeria, Ghana, Tunisia, and Ivory Coast.
“Also, we have four subsidiaries: WAICA Re (UK), WAICA Re Zimbabwe, WAICA Re Capital (Ghana) and WAICA Re (Kenya).”
WAICA Re, headquartered in Freetown in Sierra Leone, was incorporated in March 2011.
