About Us
Learn about Africa Re Foundation’s journey, mission, and commitment to transforming Africa’s insurance and risk management landscape.
Africa Re Foundation – Overview
Africa Re’s vision is to be an excellent company that promptly meets its obligations to its partners. Strategies were formulated to meet the expectations of its partners, including member states in the execution of the many social and environmental activities carried out by Africa Re.
Corporate Social Responsibility
In keeping with its mission, Africa Re has from inception taken up the responsibility of organizing various training sessions for its clients in the regions in which it operates. In addition, an annual training calendar is published on its website for the benefit of insurance practitioners in the entire continent. A further training development initiative by Africa Re is the launching of an online training programme for young insurance professionals.
Consequently, driven by its unique local expertise in offering security dedicated to the African continent and its commitment to supporting skills acquisition in the African insurance industry Africa Re has taken another giant step in the continuation of the fulfilment of its missions with a foresight of achieving a far reaching effect by clearly defining the activity as a Corporate Social Responsibility in order to establish the framework and accord to it the important attention that it deserves.
The Board of Directors of Africa Re therefore took a historical decision in November 2013, to henceforth allocate a maximum of 2% of the Corporation’s annual net profit after tax to a special fund to finance corporate social responsibility projects and initiatives in member countries with a focus on risk management for development. Accordingly, in 2014, The General Assembly of Africa Re set up a Trust Fund.
Under this mandate, Africa Re carried on various corporate social responsibility activities. However, to maintain its reputation of good governance, high ethical standards and to align with international standards, Africa Re took a decision to set up a Foundation to assume the management of its Trust Fund and its corporate social responsibility activities.
Establishment of the Africa Re Foundation
In keeping with its mission, Africa Re has, from inception taken up the responsibility of organizing various training sessions for its clients in the region for which it operates. In addition, an annual training calendar is published on its website for the benefit of insurance practitioners in the entire continent.
The African Reinsurance Corporation (the Founder) registered Africa Re Foundation (The Foundation) in Mauritius on 19 January 2018, as a special purpose vehicle to manage its Trust fund through which it contributes its corporate social responsibility to Africa but with focus on the insurance industry.
The mission and values of the Foundation remain the same as those of the Founder, which are stated above.
Our Mission
Our mission is to foster the development of the insurance and reinsurance industry in Africa; to promote the growth of national, regional and sub-regional underwriting and retention capacities and to support the African economic development.
Efficient Management
To ensure efficient and transparent management of the assets of Africa Re CSR fund
IFRS Compliance
To comply with IFRS standards and maintain the highest level of financial accountability
Sustainable Fund
To build a fund which will later attract further financial support from institutions of the same purpose
Our Mandate
Africa Re Foundation’s focus encompasses a comprehensive range of initiatives
designed to strengthen Africa’s insurance and risk management landscape.
Risk Awareness
Provide training to the insurance industry on risk reduction initiatives
Provide general awareness on pandemic, epidemic and other health trends
Insurance Industry Development
Provide trainings on technical risk management
Provide trainings on other regulatory and risk trends that may affect the entire industry.
African Insurance Awards
Education
Academic:
Support universities and colleges offering insurance courses via scholarship schemes for bachelors and advanced degrees
Provide opportunities for paid internships for graduates
Professional:
Provide or support training programmes/schools for (re)insurance professionals
Develop actuarial capacity in Africa through support of local actuarial associations and sponsoring development of local education contents
Technology Development
Sponsor insurtech start-ups through competitions and cash prizes
Support new technology initiatives relevant to the insurance industry such as blockchain
Research & Development
Sponsor academic or professional research into key current and emerging risk issues affecting the insurance industry and communities we operate. These may include mortality, longevity, cyber risk, climate change etc.
Disaster Management and Recovery
Provide relief funds for victims of disasters
Contribute to the rebuilding of affected communities following disasters
