Insurers Move to Mobilise Funds for Africa’s Risk Management

• Insurers Move to Mobilise Funds for Africa’s Risk Management

Africa Reinsurance Corporation says it has established Africa Re Foundation for efficient and transparent management of corporate social responsibility in the communities of its stakeholders.

In a statement, it said the Africa RE Foundation would become operational in January 2019.

“Its mission is to mobilise funds for the development of insurance industry and risk management in Africa,” it stated.

According to the statement, the foundation has a governing council, which comprises reputable insurance professionals with decades of experience, chosen from all the regions of the continent to ensure fair representation.

As part of activities, Africa Re would provide grants for capacity development and risk management solutions to member countries; raise awareness on major risks; support innovation and research in insurance risk prevention and protection; partner with academic institutions in member countries to develop risk mapping and modelling; and support training and development of young insurance professionals in Africa.

It added that it would contribute to the research and development of risk management scheme and development; promote excellence among the African insurance industry players and stakeholders; and support any other initiative that contributes to the development of the African insurance industry.