Insurance

Africa Re gears up to boost insurance awareness

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Africa Reinsurance Corporation, Africa Re, is set to embark on a Corporate Social Responsibility, CSR, initiative to boost insurance awareness and knowledge in Nigeria.

Addressing journalists at the company’s head office in Lagos, Deputy Managing Director/Chief Operating Officer of Africa Re, Mr. Ken Aghoghovbia said that the initiative is tagged, ‘The Insurance Awareness Campaign.’

While decrying the low insurance penetration rate of 0.3 per cent in Nigeria, Aghoghovbia said that the development is not healthy for the growth of the Nigerian economy, hence the campaign aims at developing an integrated behavioural change to enhance the effort made by the National Insurance Commission, NAICOM, and the Nigerian Insurers Association, NIA, to bridge the knowledge, experience and perception gaps in the Nigerian insurance market.

Aghoghovbia said, “The campaign is set to correct the negative and prevalent perceptions plaguing the industry; drive penetration and density as well as grow insurance culture across the country; and also enlighten the public on credible insurance partners, that is, how to get and enjoy the benefits of insurance in Nigeria.

“Africa Re has decided to invest in creating awareness about the insurance industry because we realise that there is a dearth of knowledge among the general populace. This is in spite of the fact that as a reinsurance company, we only deal with insurers/reinsurers and not with the individual beneficiaries of insurance policies. Our ultimate aim is to deepen the knowledge about insurance and the advantage therein.”

Africa Re is a leading reinsurance company in Africa established in 1976 by member states of the African Union at the initiative of the African Development Bank Group, AFDB. The company is a Pan-African financial institution with predominantly African shareholders. Its shareholding includes 41 African states, the AFDB and 111 African insurance and reinsurance companies from the 41 member countries. The Corporation is headquartered in Lagos with a network of eight regional offices across Africa, including two subsidiaries in Johannesburg and Cairo.

Aghoghovbia said, “Africa Re brand pillars include financial strength; technical expertise, customer centric attitude and a strong credit rating. Africa Re is currently rated A- by Standard & Poor’s, and A by A.M Best, making it the only African reinsurer to be so rated.”

Vanguard

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