The African Reinsurance Corporation has established Africa Re Trust Fund to contribute to the corporate social responsibility of the Corporation to its major stakeholders namely, ceding companies, African insurance markets and member countries. The corporate social responsibility of Africa Re is in line with both the purpose and functions of the Corporation. The purpose of the Corporation is to:
• Foster the development of the insurance and reinsurance industry in Africa;
• Promote the growth of underwriting and retention capacities;
• Support African economic development.
An aspect of Africa Re’s vision is to be an excellent company that promptly meets its obligations to its partners. Africa Re therefore formulated strategies to meet the expectations of its partners, including member states. In addition to the many social and environmental activities carried out so far, the Board of Directors of Africa Re decided, in November 2013, to henceforth allocate a maximum of 2% of the Corporation’s yearly net profit after tax to a special fund to finance corporate social responsibility projects.
To implement this resolution, the Board of Directors approved two projects, as part of the Corporation’s 5th Strategic Plan 2014 – 2018, namely, the African Insurance Awards and Training of Young Insurance Professionals.
These projects were selected to fulfil Africa Re’s mission to foster the development of the insurance and reinsurance industry in Africa. The expectation is that the projects would have an immediate positive impact on the insurance industry in the continent.