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The African reinsurance market remains highly concentrated, with the top ten players controlling 72.8% of underwritings in 2024.
Thanks to its strong performance in 2024, Africa Re maintains its dominance on the continent with a market share of 19.4%. The pan-African reinsurer is followed by Munich Re Africa (14%) and Atlantic Re (6.1%).
Figures in millions USD
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| Companies | Turnover | Shareholders' equity | Net result | ROE | Combined ratio | ||||
| 2024 | 2023 | Δ 2023-2024 | 2024% | ||||||
| 1 | Africa Re | 1 214 | 1 106 | 9.7% | 19.4% | 1 159 | 133 | 11.5% | 90.89% |
| 2 | Munich Reinsurance Co. of Africa (MRoA) | 875 | 903 | -3.1% | 14.0% | 238 | 50 | 21% | 81% |
| 3 | Atlantic Re (Ex. SCR Maroc) | 384 | 369 | 3.9% | 6.1% | 302 | 43 | 14.3% | 86% |
| 4 | Compagnie Centrale de Réassurance - CCR | 369 | 343 | 7.5% | 5.9% | 364 | 56 | 15.4% | 79.13% |
| 5 | Swiss Re Africa | 365 | 329 | 11.0% | 5.8% | 92 | 11 | 12% | - |
| 6 | Zep Re (PTA Reinsurance Co) | 348 | 301 | 15.6% | 5.6% | 359 | 21 | 5.9% | 91.3% |
| 7 | Hannover Re South Africa | 298 | 298 | 0.1% | 4.7% | 141 | 24 | 17.2% | 80% |
| 8 | WAICA Re | 246 | 256 | -3.9% | 3.9% | 189 | 35 | 18.3% | 85% |
| 9 | General Reinsurance Africa | 238 | 229 | 3.9% | 3.8% | 116 | 24 | 20.4% | - |
| 10 | CICA-RE | 230 | 198 | 16.1% | 3.6% | 190 | 19 | 10% | 84.66% |
| Total top 10 | 4 567 | 4 332 | 5.4% | 72.8% | 3 150 | 416 | 13.2% | - | |
| Rest of tde market | 1 702 | 1 431 | 19.0% | 27.2% | 1 276 | 154 | 12.1% | - | |
| Total market (1) | 6 269 | 5 763 | 8.8% | 100% | 4 426 | 570 | 12.9% | - | |
(1) 38 companies
Source: Atlas Reinsurance Reports 2026
