Lagos, Nigeria – [15th July 2024]
African Reinsurance Corporation (African Re) convened a three-day workshop on Agriculture and Climate Insurance in Accra, bringing together insurance professionals from across Africa to address the critical issue of agricultural risk. The gathering, held at the prestigious Labadi Beach Hotel, aimed to foster collaboration and capacity building among insurers in developing innovative agricultural insurance products and services.
Participants from 14 African nations, including Ghana, Côte d’Ivoire, Ethiopia, Kenya, Nigeria, Rwanda, South Africa, Tanzania, Uganda, Zambia, Zimbabwe, Liberia, Egypt, and Sudan, convened to explore strategies for mitigating the significant risks faced by the continent’s agricultural sector.
Ken Aghoghovbia, Africa Re’s Deputy Managing Director and Chief Operating Officer, emphasized the pivotal role of agriculture in Africa’s economic prosperity. He highlighted the sector’s substantial contribution to GDP and employment while acknowledging the challenges posed by climate change, conflicts, and limited access to financing.
“Agriculture is the backbone of Africa’s economy,” stated Aghoghovbia. “However, its potential remains untapped due to various factors hindering productivity and food security. By bolstering agricultural insurance, we can create a more resilient and sustainable sector.”
Echoing these sentiments, Kofi Andoh, Acting Commissioner of Insurance for Ghana, underscored the compounding impact of climate change and biodiversity loss on traditional agricultural challenges. He emphasized the critical role of insurance in attracting essential credit and investment to the sector.
“Agricultural insurance is a vital tool for mitigating risks and unlocking the sector’s full potential,” said Andoh. “Ghana is committed to creating an enabling environment for the development and delivery of affordable agricultural insurance products.”
Despite the growing recognition of agricultural insurance’s importance, Africa’s market remains relatively underdeveloped. Aghoghovbia attributed this to factors such as limited expertise, low adoption of digital solutions, and inadequate investment in product development.
The workshop provided a platform for knowledge sharing and capacity building, equipping participants with the skills needed to develop and implement robust agricultural insurance programs. Experts from around the world shared insights on product design, underwriting, claims management, and digital solutions.
As a tangible outcome of the workshop, participants gained a deeper understanding of the opportunities and challenges associated with agricultural insurance in Africa. By fostering collaboration and knowledge exchange, the event aims to accelerate the development of innovative insurance solutions that empower farmers and contribute to the continent’s agricultural growth.
About Africa Re
The African Reinsurance Corporation (Africa Re) is the leading pan-African reinsurance company and the largest reinsurer in Africa in terms of net reinsurance written premiums.
Africa Re was set up by 36 African states in 1976, following a recommendation of the African Development Bank (AfDB), to develop the insurance and reinsurance industry in Africa through increased underwriting and retention capacities, and to support the economic development of the continent.
Ranked 36th in the 2019 Standard & Poor’s Global Reinsurance Groups and 41st in the Top 50 Global Reinsurance Groups by AM Best in 2019, Africa Re has a broad-based shareholding comprising: 42 African member States (34.63%); the African Development Bank (8.38%); 114 African insurance and reinsurance companies (34.94%); and 3 non regional shareholders (23.05%), including leading global insurers and reinsurers from France (AXA), Canada (FAIRFAX) and Germany (ALLIANZ SE).
With headquarters in Lagos (Nigeria), Africa Re operates through six (6) Regional Offices across Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius). Africa Re equally has one (1) Local Office in Addis Ababa (Ethiopia), one Underwriting Representative Office in Kampala, Uganda and three (3) Subsidiaries (Africa Re South Africa Limited in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt) and Africa Re Underwriting Agency Limited in Dubai (The United Arab Emirates)..
For more information, please visit https://www.africa-re.com/
Contact:
Isaac Magina: [email protected]
Alfred Adogbo: [email protected]’
Joseph Chege: [email protected]
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