29th Edition – May 2023

Dear Readers,

The African continent is endowed with wealth and assets of all kinds, to the point that many

wonder why it does not take off, and does not become the true engine of global economic growth and the breadbasket of the world. With about 30% of the most important minerals

in the world, including the ones needed for the green economy and energy transition, the largest young population and the unexploited vastest arable and fertile lands, one would argue that the African economic integration and sustained wise investments in people quality, as well as political stability, the dreams can become reality.

Others, certainly more insightful, note that Africans need to have a new mindset to start the transformation journey and tackle the many challenges facing the continent, including food insecurity, despite the vast arable fertile lands, which became more apparent after the Ukraine-Russia war. Unfortunately, the ongoing conflict in Sudan, as many

in the past, will exacerbate the food insecurity on the continent. The UN has already warned that the ongoing conflict may increase hunger and malnutrition and could affect as many as 19 million people in the coming months. “The Contribution of Insurance to Food Security Challenges in Africa”, the theme of the 49th Annual Conference of the African Insurance Organization (AIO) is indeed timely as it will create a platform for reflection, at least from the insurance perspective, on how best we can as an industry contribute to food security in our continent

We in Africa Re, are already putting in some efforts, but also ready to join other industry players in bringing innovative solutions to tackle food insecurity on the continent. The options are many and multidimensional. The article “Leveraging Insurance in Dealing

with Food Security Situation in Africa” written by my colleague, Mr. Isaac Magina, will discuss the demographic pressure of the African populations, the fragile food production system largely based on small holder farmers, and the much needed active

collaboration between various actors, including the insurance industry, and investments ranging from research, technology, finance, access to markets, etc. Please read the insightful article on page 5. We insurers need to key into the bigger vision of economic freedom of our continent through premium retention, risk mitigation, assets and

income protection and replacement when for example excessive rain or tough drought strike. Before I conclude, I would like to thank Mr Sunday Thomas, the Nigerian Commissioner of Insurance, for his insightful interview in this edition of your

newsletter on page 8. This edition also brings few reports on the training

and industry engagement we recently conducted on the markets in our bid to build human capacity for the insurance industry in Africa.

Wishing you a pleasant reading.

Thank you

Dr. Corneille KAREKEZI

Group MD/CEO