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The African Reinsurance Corporation (Africa Re), the largest African reinsurance company, has announced that a total of 3.3 million US dollars will be paid to help stakeholders battle the continent’s COVID 19 pandemic. After the approval by the General Assembly on 26 June 2020 of the 2019 Africa Re Final Statements, the announcement was made. The Africa Re Foundation, an autonomous body, will provide this assistance in managing Africa Re group’s corporate social responsibility initiatives. This funding will be given to the various government and private bodies leading the pandemic campaign against prevention, preventive measures, procurement of medical equipment and personal protective facilities. The bill is split accordingly:

  • The organization hosting Cities: USD 2 million is allocated to eight African cities, including the city of Lagos, Johannesburg, Nairobi, Cairo, Abidjan, Casablanca, Mauritius and Addis Ababa; (Africa hosting cities Re Offices)
  • African Insurance Associations: US$ 820,000 will be allocated to the 41 associations of insurers in the 41 member States of Africa Re; 
  • Africa CDC: USD 500,000 will be allocated to Africa’s African Union Public Health Agency, African Disease Control and Prevention Center.

Africa Re wishes to improve the capacities and resources of the African public health insurance firms in order to ensure a rapid recovery from the current health crisis, given the apparent negative prospects in the African insurance and reinsurance sector for 2020.

Data Source: African Reinsurance Corporation (Africa Re)

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