80% of African Business Lost to Foreign Firms
Tuesday, 06 02 2015, Category: Insurance and Reinsurance, Country: Africa
Group Managing Director/CEO of Africa Reinsurance Corporation (Africa Re),Mr. Corneille Karekezi, has said that about 80 per cent of oil & gas and aviation, are lost to foreign insurance and reinsurance firms annually due to lack of capacity by African operators.
He disclosed this in a chat with Nigeria Insurance journalist at the just concluded 42nd African Insurance Organisation (AIO) Conference & General Assembly held in Tunis, Tunisia, that major insurance and reinsurance businesses in Africa are lost to foreign insurance and reinsurance firms.
He lamented that such lack of capacity by African insurance and reinsurance companies account for the huge premium flight out of Africa every year, to the obvious advantage of foreign operators.
According to him African solidarity has not gone very far to support its reinsurance business in Africa.