Operations

The purpose of AFRICA RE, as defined in Article 3 of the Agreement Establishing the Corporation is "to foster the development of the insurance and reinsurance industry in Africa, to promote the growth of the national, regional and sub-regional underwriting and retention capacities and to support African economic development".

In accordance with the terms of the Agreement Establishing the Corporation, AFRICA RE receives a legal cession of 5% on all reinsurance treaties from insurance companies operating within its member States.

However, following a remarkable improvement in its marketing drive and supporting services, the Corporation has in the recent past, succeeded in writing a substantial proportion of additional business. On the average, about 81.34% of the total business is made up of voluntary cessions, although the actual proportion varies from one region to the other.

To implement its purpose, the Corporation carries out the following functions:

	Transacts reinsurance business through treaty and
	facultative cessions
	Creates and administers pools
	Assists in the establishment of national, regional and sub-regional insurance and reinsurance institutions
	Invests its funds in African countries in a manner that
	promotes the continent's development
	Provides technical assistance to African countries and
	promotes contacts and business co-operation among
	insurance and reinsurance institutions etc.