Allianz Group has signed an agreement to acquire 8% in Africa's leading reinsurer Africa Re. Under the terms of the agreement, the total cash consideration payable at closing would amount to USD 81 million (or Euro 69 million).

Our Group Managing Director / Chief Executive Officer had an interview with Yvette Essen of AM Best TV on the Market Fragmentation Challenges of African Insurers.

Disruptive technology will lead to profound changes in the way companies carry out their activities in the years ahead. Indeed, proactive companies that react quickly and decisively to the new technology will derive immense benefits while the others struggle to adapt their business models.

The Insurance Supervisory Service is working with the Committee of Insurance Companies to review the insurance code, especially regulation relating to fronting, micro insurance, reinsurance and the institution of compulsory insurance such as domiciliation of transport insurance and the revision of taxes.

The pricing process is a complex exercise involving market analysis, past claims history, occupancy class assessments and a collaborative effort amongst underwriters, actuaries and marketers which ensure that rates are fairly fixed.

The fight against global warming is an opportunity for Africa to demonstrate that human development can be sustainable, and insurers - without whom most projects would fail - have the responsibility to facilitate the growth of renewable energies.