The African Reinsurance Corporation’s vision is to be an excellent company that promptly meets its obligations to its partners. Hence, the Corporation developed strategy to implement its corporate social responsibility initiatives.
The Board of Directors of Africa Re 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 to contribute to the corporate social responsibilities.
Under this mandate, Africa Re carried out 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.
The African Reinsurance Corporation (Founder) registered Africa Re Foundation (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 Foundation which became operational in January 2019 is located on the 6th floor of Tower A, 1 Cybercity, Ebene, Mauritius. Since then, the Foundation has funded and implemented several projects and initiatives with great impact on the growth and development of the insurance market and industry in Africa.
The Africa Re 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.
The mission of the Foundation is to mobilise funds for the development of the insurance industry and risk management in Africa.
The Foundation will concentrate its efforts mainly towards activities where it can be meaningful, relevant and capable of delivering superior contribution to its stakeholders. The major stakeholders or beneficiaries of the Foundation are:
• Insurance companies,
• Development Finance Institutions,
• African insurance markets,
• Insurance professional bodies,
• Insurance regulatory bodies,
• Insurance young professionals,
• Risk prevention and management bodies, and
• Communities.
The ARF is established to facilitate the achievement of the objectives of the Africa Re Trust Fund which is designed to render corporate social responsibility services to the stakeholders of Africa Re. Generally, the Foundation will be:
a. providing grants and/or carrying out activities for the development of capacity in managing risks in member countries; and
b. providing grants and/or carrying out activities for the development of the insurance industry, risk management solutions and regional/continental industry partnerships.
Specific focus will also be placed on the key priority project/initiative areas like;
- Raising awareness of major risks which could impede the development of the economies in member countries;
- Supporting innovation and research to develop new risk awareness and prevention measures and mechanisms;
- Partnership with academic institutions in member countries to develop risk mapping and modelling to improve the risk underwriting capacity;
- Capacity Building including support for training and development of young insurance professionals and students in African insurance markets;
- Contribution to the research and development of risk management scheme and mechanism with high impact on low income population, such as micro-insurance initiatives;
- General charitable projects including support and emergency relief for non-insured populations impacted negatively by natural disasters;
- Promotion of excellence among the insurance industry players and stakeholders; and
- Support to any other initiative or activity which contributes to the development of the regional/continental insurance industry.
The ARF priority supports insurance development in Africa; improve the stakeholders’ management through engagement in initiatives and activities directly relevant to them; maximize the social/economic impacts of the Founder on all stakeholders; and carry out its social and developmental mission.
The Foundation achieves this by:
• Sourcing for honest and credible partners in funding CSR initiatives of the Foundation;
• Objective and unbiased review of request for funding in line with the Foundation Charter and the Funder’s core values;
• Strictly executing its duties and release funds to approved beneficiaries without delay, while observing the provisions of the Africa Re Foundation Charter and the guidelines;
• Conducting business in an ethical and safe manner, in compliance with its environmental, social and economic values;
• Contribute towards the awareness of risk management in member African countries through the corporate social responsibility activities; and
• Ensuring the even distribution of projects/initiatives across the African Regions.
The Foundation’s areas of focus will be in line with the objectives of the Africa Re Trust Fund as captured in the Foundation Charter. The areas of focus shall include:
I. Risk Awareness
• Provide training to the insurance industry on risk reduction initiatives
• Provide general awareness on pandemic, epidemic and other health trends
II. 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
III. Education
• Academic
o Support universities and colleges offering insurance courses via scholarship schemes for bachelors and advanced degrees
o Provide opportunities for paid internships for graduates
• Professional
o Provide or support training programmes/schools for (re)insurance professionals
o Develop actuarial capacity in Africa through support of local actuarial associations and sponsoring development of local education contents
IV. Disaster Recovery
• Provide relief funds for victims of disasters
• Contribute to the rebuilding of affected communities following disasters
V. Technology Development
• Sponsor insurtech start-ups through competitions and cash prizes
• Support new technology initiatives relevant to the insurance industry such as blockchain
VI. Research and 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.
VII. Community Development
• Sponsor projects targeted at basic infrastructures in the communities we operate. This may include:
o Providing selected facilities at hospitals
o Providing communities with water and alternative energy
o Adopt primary or secondary schools in different locations across Africa by providing or upgrading teaching facilities and providing books
o Environmental management support to local governments in the communities we are physically located such as support draining systems, roads etc.
• Sponsor government facilities and programmes to enhance visibility. This may include:
o Immigration conferences
o Rehabilitation of key facilities at airports
Prospective Beneficiaries
Prospective beneficiaries of the Africa Re Foundation need to understand the objectives, the relevant stakeholders, and the strategic focus areas of the Foundation in order to properly be guided while applying for funds.
Prospective beneficiaries should:
• understand the objectives of the Foundation;
• fall into the category of relevant stakeholders whose initiatives/projects may be funded by the Foundation;
• ensure that the initiative or project being proposed is within the strategic focus areas that the Foundation intends to support as part of its corporate social responsibility;
• complete the ARF application form and attach relevant documents (including request letter) as may be required; and
• submit the completed application to the Foundation either through the ARC or direct to the ARF
