Business Hub – Cairo:
Cairo hosts, the day after tomorrow, The meetings of the General Assembly and the board committees of the African Reinsurance Company “Africa Re”, which is co-organized by the Egyptian Ministry of Finance, the Egyptian Insurance Federation and the Misr Insurance Company, The meetings are actually being held for the first time after an absence of 3 years, as the last actual meetings were in Morocco in 2019 due to the repercussions of the Corona virus pandemic.
Finance Minister: Supporting African issues and enhancing cooperation in development fields
Dr. Mohamed Maait, Minister of Finance, confirmed, Choosing Cairo to hold these meetings, in which representatives of 42 African countries participate, is a reflection of Egypt’s position among African countries and its role in supporting African economic, political and cultural issues, as well as the Egyptian government’s endeavor to promote and strengthen Egyptian-African relations. Intensifying and consolidating means of cooperation in various fields of development, In order to consolidate the pioneering and pivotal role that Egypt plays in the brown continent, Its importance is now increasing in light of the economic crises that the world is facing.
Minister added, These global crises and challenges require more coordination between Egypt, African and Arab countries, and even all friendly countries, while making more efforts to deepen economic cooperation at the regional level, especially in the Arab and African circles, so that we can all overcome these current global crises and challenges.
Examine the repercussions of the global economic crisis on the reinsurance industry in Africa
The minister explained, The current global crisis, besides the challenges it has resulted in, has also created opportunities to deepen African cooperation in many fields, especially the economic ones, as most African countries suffer from low levels of savings and domestic investment. Therefore, it needs more direct and indirect foreign investments in order to achieve the economic development that the African people aspire to, This is what the African Reinsurance Company can play an important role in achieving through its direct investments and also its services in the field of reinsurance, especially as it spreads in all African countries and provides a protection umbrella for all insurance companies operating in the African market. Pointing out that the African Reinsurance Company is the largest in Africa and the Middle East, as it occupies the 39th place among the largest reinsurance companies in the world according to the classification of “Standard & Poor’s” and 42nd in the list of the 50 best global reinsurance groups by AM Best.
Regional Director of the African Insurance Company: Representatives of 42 countries discuss the financial results of the African Reinsurance Company in 2021
Gamal Sakr, Regional Director of the African Reinsurance Company, said, Cairo’s initiative to host the company’s general assembly meetings confirms the great importance of the Egyptian state at the African and global levels in all political and economic aspects, in addition to Cairo’s attractiveness to host the meetings of many general assemblies of many regional financial entities. He pointed to the Ministry of Finance’s sponsorship of the meetings and its keenness to provide all support to ensure that they were held successfully.
He pointed out that the meetings of the General Assembly were not the first time that Egypt hosted this event, as it had succeeded in organizing it twice before. This event is held annually and periodically in one of the member states.
On the issues expected to be discussed in the African Reinsurance Company’s meetings, Saqr indicated that the 42 delegations will discuss the financial results of the African Reinsurance Company in 2021. The company’s performance in various African markets, in addition to many important issues and files related to the African insurance and reinsurance industry, especially the impact of the current global economic crisis, in which the repercussions of the “Corona” pandemic and the effects of the war in Europe are intertwined.
He explained that Africa Re is one of the first companies specialized in reinsurance in Africa. It was established on an initiative adopted by 36 African countries in 1976. Based on the recommendation of the African Development Bank “AfDB” to develop the insurance and reinsurance industry in Africa and support the economic development of the continent, The head office of the company is located in Lagos, Nigeria. Africa Re also operates through six regional offices distributed in Casablanca (Morocco), Abidjan (Cote d’Ivoire), Nairobi (Kenya), Lagos (Nigeria) and Cairo. and Ebini (Mauritius), Africa Re also has a local office in Addis Ababa, Ethiopia. A representative office for the subscription in Kampala, Uganda, and three subsidiaries: “Africa Re South Africa Limited” in Johannesburg “South Africa” “Africa Retakaful” in Cairo and “Africa Re Underwriting Agency Limited” in Dubai “United Arab Emirates” Africa Re has an extensive shareholding of 42 African member countries including leading global insurers and reinsurers from France (AXA), Canada (FAIRFAX) and Germany (ALLIANZ SE).
He said that the African Company besides its dedication to building professional capacities in the field of insurance and technical assistance to African insurance companies, Africa Re shares the equity of key regional development institutions: African Export-Import Bank «AFREXIMBANK», and “Shelter Africa”، and the African Commercial Insurance Agency (ATI), The African Trade Insurance Agency (ATI) and the Preferential Trade Area (PTA Bank) are investing heavily in African financial markets.
President of the Egyptian Insurance Federation: We believe in the importance of African cooperation in the insurance industry
Alaa Al-Zuhairi, head of the Egyptian Insurance Federation, confirmed, The participation of the Egyptian Insurance Federation in organizing this important event comes from the belief in the importance of African cooperation, especially in the insurance industry, and the leading role played by the African Reinsurance Company in supporting and developing African markets, including: Egyptian market.
He added that the Federation is working with the Ministry of Finance and the rest of the concerned parties to bring out this important event in a manner befitting the status of the Egyptian insurance market, As one of the largest insurance markets in Africa and the Arab world, In addition to its long history that exceeded 120 years, where the first Egyptian insurance company was established in 1900, “Al Ahlia Insurance”, Which puts Egypt in a club with limited members who have such an extended history.
CEO of “Misr Insurance”: A vital role for the African Reinsurance Company at the continental level
Omar Gouda, Managing Director of the Board of Directors, emphasized CEO of Misr Insurance Company, The active and vital role played by the African Reinsurance Company in the insurance and reinsurance industry in the African continent and the Middle East since its establishment in 1976 through its contribution to the preparation of underwriting programs for pricing risks; Which helps customers in pricing appropriately and correctly and provides full support for the development of this important industry through training programs and seminars through which it seeks to prepare generations of efficiency and experience that advance the industry in the African continent.
He expressed his happiness for Egypt’s hosting of the General Assembly of the African Reinsurance Company, as Egypt is one of the shareholders in the company represented by the Ministry of Finance and some companies, including: Misr Insurance Company.
He said that the participation of “Misr Insurance”, one of the companies of the “Misr Insurance Holding Company” affiliated to the Ministry of Public Business Sector, as a sponsor of this important event comes from the keenness of the company, which is a shareholder and one of the largest clients of the African Reinsurance Company, to participate in the success of this important event.