Joy Agwunobi
The African Reinsurance Corporation (Africa Re) has reiterated the vital role of insurance in driving Africa’s socio-economic transformation, urging policymakers, regulators, and private sector leaders to embed insurance at the heart of development strategies across the continent.
This was delivered during a high-level side-event hosted by Africa Re at the Africa CEO Forum 2025 in Abidjan, Côte d’Ivoire. Held under the theme, “Insurance: Africa’s Hidden Engine for Growth and Resilience,” the session served as a rallying call for stakeholders to shift from mere advocacy to meaningful action by building robust institutions, implementing forward-looking policies, and nurturing strategic partnerships that will shape Africa’s economic future.
“Insurance is more than just a mechanism for risk transfer. It is a powerful enabler of sustainable development and long-term resilience. Without a solid insurance framework, efforts to build a prosperous Africa will remain incomplete,”Africa Re emphasised at the event.
Beyond its thought leadership at the forum, Africa Re also emerged as one of the most celebrated institutions at the event, receiving the coveted “PanAfrican Champion” Award. This prestigious accolade recognises African companies that have significantly expanded their footprint across the continent through a coherent and impactful regional growth strategy.
In a statement on its website, Africa Re noted that the award is a recognition of its 49-year commitment to deepening insurance and reinsurance coverage across all 54 African countries, through its network of nine regional offices strategically located across the continent. The corporation highlighted its contribution to the continent’s economic stability by paying billions of dollars in claims over the years, helping communities and businesses recover from loss, while also investing in the future by training thousands of young insurance professionals annually.
“For us at Africa Re, this award is not just an honour. It is a call to stay the course. We remain committed to investing in Africa, doing business in Africa, training Africans, promoting and protecting the continent, and leading by example. It reinforces our unwavering belief in the potential of Africa and the transformative power of insurance,” the corporation stated.
The statement further dedicated the award to all African professionals striving to uplift the continent, noting that true progress lies in collective effort. “In the end, we are all winners, united by a shared vision of advancing Africa, the cradle of humanity, rich in resources, yet still in search of committed development partners.”
Speaking on the corporation’s latest achievement, Corneille Karekezi, group managing director and CEO of Africa Re, expressed deep appreciation for the recognition. “I am truly honoured by this continental award from such a reputable platform. The ‘PanAfrican Champion’ title is a reflection of nearly five decades of dedicated service and the outstanding financial performance we recorded in 2024,” he said.
According to Karekezi, Africa Re has cemented its leadership as the largest reinsurance company in Africa and the Middle East by business volume, and also one of the strongest by financial ratings, holding top scores from both AM Best and Standard & Poor’s. The company closed the 2024 financial year with revenues surpassing $1.2 billion and a net income of over $132 million, reinforcing its resilience and operational excellence.
Beyond the numbers, Karekezi emphasised the corporation’s broader impact on Africa’s insurance ecosystem, citing its consistent focus on capacity building, innovation, and cross-border collaboration as pillars of its success.
He also extended his gratitude to the Jeune Afrique Media Group and the International Finance Corporation (IFC), co-conveners of the Africa CEO Forum, for providing a premier platform where the continent’s top minds and institutions come together to shape the future of Africa.
“It was both humbling and gratifying to be recognised in the presence of over 2,800 influential figures including heads of state, ministers, CEOs, and senior executives gathered under one roof to discuss Africa’s growth trajectory,” Karekezi added.
As Africa continues to navigate an increasingly complex global environment, Africa Re stressed that the time has come for insurance to be fully embraced not just as a financial tool, but as a cornerstone for inclusive growth, resilience, and long-term prosperity across the continent.
