Africa

Continental-Re Partners Swiss-Re to Develop Life Assurance in Africa

Continental Reinsurance Plc (Continental-Re), one of the two reinsurance companies licensed by the National Insurance Commission (NAICOM), has taken a bold step towards developing life assurance business across the continent.

To actualise this dream, the company has entered into partnership with one of the leading reinsurance companies in the world, Swiss Reinsurance Company (Swiss-Re). The two companies reaffirmed their commitment to this course during the Life Business Strategy seminar they jointly hosted in Johannesburg, South Africa, recently.

The programme drew its participants from Nigeria, Rwanda, South Africa, Mauritius, Kenya, Sudan, Tanzania as well as Liberia and Ghana.

The Executive Director of Continental-Re, Mr. Gbenga Falekulo, in his presentation during the programme, observed that insurance penetration was very low in Africa. He explained that life assurance refers to various products that may be used to protect life, investments or a combination of both where the subject matter of the contract has to do with the duration of the life or survival of the policy holder.

He said his organisation is committed to deepening insurance penetration in the continent by making the populace to be more aware of the relevance of insurance to individuals and the society at large.

“With the seminar, we are trying to create more insurance awareness on the continent and improve human capacity available to develop the life business in insurance firms,” he said.

Continental-Re, according to him, decided to provide free insurance training across the continent as part of its effort to deepen insurance penetration among Africans and improve their participants’ contributions to their nation’s Gross Domestic Products (GDP).

Falekulo also observed that the seminar was meant to provide room for cross fertilisation of ideas among the different nationalities who participated in the programme.

The executive director also reassured participants that his organisation would continue to play a leading role in reinsurance business on the continent through the provision of proper reinsurance treaties and capacity building through series of training.

Falekulo also reassured stakeholders in the insurance market the Continental-Re would sponsor the programme biennially and would continue to help insurance firms develop capacities across the continent.

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