The African reinsurance market

AfricaIn 2021, African reinsurance accounted for 6.2% of the total African market, all activities combined (insurance and reinsurance), posting an increase of 21.3% during the period 2017-2021.

The top ten companies account for 75.86% of reinsurance sales.

Figures in million USD
 Direct insurancepremiums (1)Accepted reinurance premiums 2021Reinsurance %
Africa74 1904 896 (2)6.19%
Middle East61 7151 758 (2)2.77%
World6 860 598374 000 (3)5.16%

(1) Direct insurance premiums, Swiss Re estimate
(2) Reinsurance premiums accepted by reinsurers based in Africa and the Middle East
(3) Source: 2022 annual report of the Association of Reinsurance Professionals in France (APREF)

African reinsurance market: premium-related analysis

The 2021 ranking of reinsurers confirms the leading position of Africa Re. The Nigerian company alone underwrites 17.27% of the total reinsurance premiums of the continent. The South African subsidiaries of Munich Re and Hannover Re trail in second and third positions.

Two reinsurers from North Africa rank in the top five, namely CCR (Algeria) and SCR (Morocco). It is worth noting that in Zimbabwe, twelve reinsurers share a premium of 106.575 million USD, that is, a share of 2.17%.

African reinsurance market: growth-related analysis

A statistical analysis of the figures for the last five years has revealed the following:

  • African reinsurance has reported its highest growth rate (54.44%) in the CIMA zone. CICA-Re alone has more than doubled its turnover in five years.
  • With a 48% growth rate, East and Central Africa, with companies domiciled in Kenya in particular, is the second fastest growing area.
  • English-speaking West Africa (Nigeria, Ghana, Sierra Leone) ranks third in terms of growth rate (31.83%). In this zone, Waica Re has proved to be the most dynamic with an increase of 183% while Africa Re reported only 13.19% growth over five years.

African reinsurance market: return-on-equity-related growth

The top rankings are monopolized by the Zimbabwean reinsurers, with the exception of SCOR SE-Africa Branch.

CCR Algeria is the top 10 reinsurer in terms of ROE with a ratio of 13.06%, followed by Continental Re with 12.6% and SCR with 11.66%.

It is worth noting that in 2021, Africa Re has only managed to achieve 3.88% in ROE while during the same period the South African leaders, Munich Re and Hannover Re, have posted negative results.

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