Reinsurance broker Gallagher Re and pan-African reinsurer Africa Re have joined forces to strengthen the financial resilience of African countries against a broad range of climate, crisis and disaster risks.

Gallagher Re and Africa Re

Reinsurance broker Gallagher Re and pan-African reinsurer Africa Re have joined forces to strengthen the financial resilience of African countries against a broad range of climate, crisis and disaster risks. 

The initiative offers a robust and replicable framework to address a wide range of threats and to protect both assets and liabilities.

Gallagher Re said the initiative would also bring together the public and private sectors to deliver customised financial resilience solutions at scale across Africa.

A joint statement from the companies said the support is customised to countries’ needs and priorities. It will focus on existing resources and domestic capacity, complemented where most relevant with third-party capital.

Solutions developed will range from risk transfer solutions to financing emergency response costs in the aftermath of a crisis, national insurance schemes for agriculture and crop, as well as weather derivatives and parametric products for public infrastructure, energy or tourism sectors. 

These plans will be presented during a high-level event on 26 July 2022 in Cairo, Egypt on the sidelines of Africa Re’s general assembly. 

The conference will bring together Africa Re’s shareholders from 42 African member states and financial institutions, as well as representatives from Egypt’s Ministry of Finance and insurance regulator, to explore and discuss countries’ priorities and implementation options.

Antoine Bavandi, global head of public sector, parametric and climate resilience solutions at Gallagher Re, said: “We are thrilled to begin this journey with Africa Re and its partners. 

“We look forward to laying out together the various building blocks of societal and financial resilience against drought, food insecurity and emerging risks in Africa with a deep sense of urgency,” he said.

Corneille Karekezi, group managing director and CEO of Africa Re, said: “In line with our 2022-2025 strategy, this ambitious initiative aims to leverage private sector and governments’ expertise and capabilities for improved resilience and financial protection. It will also contribute to re-positioning Africa Re as the risk transformer of the African continent’s systemic risks.”