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Africa Re reveals plan to fund COVID-19 response in Africa with $3.3 million

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Africa Re reveals plan to fund COVID-19 response in Africa with $3.3 million

MON, JULY 27 2020-theG&BJournal– The African Reinsurance Corporation (Africa Re), will be channelling $3.3 million to cities hosting Africa Re offices, African Insurance Associations and Africa CDC to support their effort in the ongoing fight against the Covid-19 pandemic in the continent.

The plan was revealed after the approval of the 2019 final accounts of Africa Re by the General Assembly on 26 June 2020.

This assistance will be managed by the Africa Re Foundation, an independent institution, set up to handle the corporate social responsibility projects of the Africa Re Group.

According to Africa Re, the support will be channeled to various government and private institutions at the forefront of the fight against the pandemic for awareness campaigns, preventive measures, acquisition of medical equipment and personal protective equipment.

The disbursement is broken down as follows:

Cities Hosting Africa Re Offices: US$ 2,000,000 will be allocated to the 8 African cities hosting Africa Re Offices namely, Lagos, Johannesburg, Nairobi, Cairo, Abidjan, Casablanca, Mauritius and Addis Ababa;

African Insurance Associations: US$ 820,000 will be allocated to the 41 associations of insurers in the 41 member States of Africa Re;

Africa CDC: US$ 500,000 will be granted to the Africa Centre for Disease Control and Prevention, a public health agency of the African Union.

“Staying together with our communities in the fight against the Covid-19 pandemic is in line with Africa Re’s mission. This is a duty, as well as a matter of pride, to contribute to the risk mitigation of the health crisis and its socio-economic fallout”, said Dr. Corneille Karekezi, the Group Managing Director and Chief Executive Officer of the pan-African institution, while commenting on the initiative.

‘’Despite the obvious negative outlook for the African insurance and reinsurance industry for 2020, Africa Re wishes to strengthen the capacity and capability of Africa’s public health institutions to ensure a quick recovery from the ongoing health crisis,’’ Africa Re said.

Headquartered in Lagos, the share capital of Africa Re as of 2019 comprised of the 41 African States-34%,  the African Development Bank-8%, 117 African insurance and reinsurance companies-35% and 3 Non-Regional Global Leading (Re) Insurance Groups-23%.

Ranked 37th in the Top 40 Global Reinsurance Groups by Standard & Poor’s in 2019, it enjoys the highest international financial rating at Full A / Stable Outlook by A.M. Best and an A – / Stable Outlook by Standard & Poor’s.

In all, it has US$ 845 million of Premium Income written and US$ 975 million of Shareholders’ Funds at the end of 2019, and remains the leading provider of underwriting reinsurance capacity in Africa, allowing the financial protection of up to US$ 40 billion of insurance risk exposure on the continent.

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