WAICA RE Posts $62.1m premium
WAICA Reinsurance Corporation has posted a 26 per cent growth in gross premium income from $49.2 million in 2016 financial year end to $62.1 million in 2017. WAICA Re is owned by West African Insurance Companies Association (WAICA).
ln its member countries, The Gambia recorded the highest level of growth of 30 per cent, followed by Nigeria 19 per cent and Ghana 15 per cent. Sadly, however, the Corporation recorded negative growth of 36 per cent and 8 per cent in Sierra Leone and Liberia respectively.
Its Chairman, Kofi Duffuor while speaking at the 5th Annual General Meeting (AGM), which held in Nigeria for the first time since its existence, said they are working hard to improve on the performance in the coming years.
He said in line with their strategic objective of growing the business beyond the Anglophone West Africa region, they attained a remarkable growth level in the Francophone Africa region in 2017.
He stated that the French region grew by an impressive 34 per cent while earnings from other overseas countries also grew by 33 per cent.
“Our Tunisia office, which started operations in June 2017, raked in $104 million premium income,” he added.
Speaking on countries’ premium income, he noted that whereas the Anglophone West-African region, “which is our home market, contributed 47 of the 2017 premium income, while the rest of Africa, parts of Middle East and Asian markets, generated 53 of their premium income”.
He said: “The Corporation embarked on a significant market expansion programme over the years and the above is thus an indication of our improved market position in terms of coverage and footprint across sub-Saharan Africa and beyond.
“Retrocession premium remained relatively unchanged due to increased retention arising from the additional capital raised in December 2016.”