The African Reinsurance Corporation (Africa Re) is marking its 50th anniversary this year, a milestone that underscores the transformation of Africa reinsurance from a virtually nonexistent industry into a market now worth over $6 billion.
The pan-African reinsurer, created in 1976 with just $15 million in authorized capital, has set the theme of its jubilee celebrations as "Reinsurance Excellence, Securing the Future."
Africa Re was established in Yaoundé, Cameroon, by 36 member states of the Organization of African Unity – now the African Union – and the African Development Bank. At the time, as group managing director and CEO Dr. Corneille Karekezi has noted, there were "almost zero insurance professionals and virtually non-existent reinsurance industry in Africa."
The entity was created to curb the outflow of foreign exchange by retaining a greater share of reinsurance premiums on the continent.
Five decades on, Africa Re ranks 38th in S&P Global's 2024 list of top 40 global reinsurance groups and underwrites roughly a fifth of total written reinsurance premiums across the continent. As of December 2024, the corporation reported premium income exceeding $1.2 billion, net profit of $132.9 million, shareholders' equity of $1.15 billion, and total assets of $1.8 billion.
In November 2025, S&P Global Ratings raised Africa Re's long-term issuer credit and insurer financial strength ratings to "A" with a stable outlook — its first upgrade from the agency in 16 years. The corporation also holds an "A (Excellent/Stable)" rating from AM Best, maintained since 2016.
The broader Africa reinsurance market generated $6.269 billion in premiums in 2024, representing 1.6% of global reinsurance underwriting. Yet insurance penetration across most of the continent remains thin.
A report from the African Insurance Organization found that only South Africa (11.54%) and Namibia (7.41%) exceeded the global average of 6.8% in 2024. The OECD has noted that penetration is "generally low in African countries" beyond those two markets.
That protection gap carries real consequences. OECD research estimates about 80% of economic losses from natural catastrophes in Africa were uninsured in 2022, with the continent needing to set aside $10.2 billion to $11.4 billion annually to recover from climate-related asset damage.
A two-day anniversary event is scheduled for June 24–25 in Abuja, Nigeria. Karekezi credited successive generations of leadership and staff for staying true to the corporation's founding vision and invited member states, clients, and partners to attend.
He also acknowledged the support of Nigerian President Bola Ahmed Tinubu and the federal government for hosting Africa Re's headquarters and partnering in the celebrations.
