Continental Re seeks bigger capacity for life market in Africa

Believing that Africa would achieve higher insurance penetration by developing its life market, Continental Reinsurance plc (CRe) has begun capacity building for life insurance players in the continent.

Partnering with Swiss Re, the company said it occupies a strategic position to give Africa a prime of place in the global insurance market, so the reason for its continued efforts to build capacity among underwriting companies in the continent.

Both firms reiterated this commitment during a life assurance business seminar in Johannesburg, South Africa which drew participants across Africa including Nigeria, Rwanda, Kenya, Mauritius, Ghana, Namibia, Liberia, South Sudan and Tanzania.

Gbenga Falekulo, executive director (Life), Continental Re in his presentation observed that insurance penetration was very low in Africa despite the huge potential.

He explained that life assurance are of various products that may be used for the purposes of life protection, investment or a combination of both and in respect of which the subject matter of the contract relates to human duration of life or survival.

Falekulo said that the firm was committed to deepening insurance penetration in the country by making the populace become more aware of the relevance to the individuals and society at large.

He said, “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.”

The insurer said that the firm decide to provide this free training in the continent as part of effort to deepen insurance among member countries, while also improving their contribution to their Nation’s Gross Domestic Products.

Falekulo observed that the seminar gave room for cross-fertilisation of ideas among the different nationalities that were present at the seminar.

He assured that the Continental Re will continue to play a leading role in reinsurance business in Africa through the provision of proper reinsurance treaties and provision of capacity building through series of training.