African Reinsurance Corporation (AFRICA Re) has announced its investment of $90 million to boost the activities of insurance firms in Nigerian.
Hassan Boubrik, chairman, Africa Re, speaking at the ground breaking event for the construction of the corporation’s headquarters in Abuja, said that Africa Re was established with the aim of curbing the losses recorded in the African continent due to poor capacity of insurance firms, adding that within the last 43 years, the corporation has retained cumulatively over $5bn which has been invested in Africa, thereby contributing to the economic development of the continent. .
“The Corporation has been consistently profitable since inception, accumulating a total profit of $971.62 million and would continue to provide the needed support to the development of the insurance industry,” he said.
He said over the years, the corporation had assisted Nigerian insurers in mitigating foreign exchange risk by accepting payment of premiums in Nigerian bank accounts and in the national currency, adding that Nigeria remains a strategic partner in the operations of the corporation.
He said, “In Nigeria, where the Corporation employs 30 per cent of its total staff strength, Africa Re provides continuous support to the development of the insurance industry. Unlike foreign re-insurers, Africa Re assists Nigerian insurers in mitigating forex risk by accepting payment of premiums in Nigerian bank accounts and in the national currency (naira)”.
“We have initiated various partnerships in agricultural insurance to cover Nigerian farmers, create awareness and enhance public knowledge and understanding of insurance. Over $90m has been invested in various Nigerian companies, indirectly creating jobs.”
“The $35m edifice which would be equipped with state of the art facilities is expected to be completed by 2022”.
Mohammed Bello, Minister, FCT speaking on the approved location said “The approval for the plot of land where the ARC headquarters would be located was approved by President Muhammadu Buhari”.
Bello said the approval was in line with the objectives of the Federal Government to attract investments into the country through private sector participation.
“We will take this project serious and give the adequate support because what you have here is in line with government objective to encourage private sector investment.”
Cynthia Egboboh, Abuja.
