African Reinsurance Company (Africa Re) and NEMA to host ground-breaking workshop on catastrophe danger financing and insurance coverage in Nigeria
The African Reinsurance Company (Africa Re), Africa’s premier reinsurance establishment, in strategic partnership with the Nationwide Emergency Administration Company (NEMA), will host a high-level nationwide workshop on Catastrophe Danger Financing and Insurance coverage in Nigeria on Thursday, April 10, 2025, on the Transcorp Hilton Lodge, Abuja.
This landmark occasion marks a major step towards revolutionizing Nigeria’s strategy to catastrophe administration by means of modern insurance coverage mechanisms and enhanced public-private collaboration.
The one-day intensive workshop goals to convene over 50 senior decision-makers from each the private and non-private sectors to catalyze transformative discussions on sustainable catastrophe danger financing methods for Nigeria.
Lately, Nigeria has grappled with devastating pure and human-induced disasters which have triggered unprecedented destruction. The catastrophic floods of 2022 alone affected over 30 states, resulted in additional than 600 fatalities, displaced roughly 1.3 million individuals, and generated {economic} losses estimated at USD 9.6 billion. Equally, the 2020 floods impacted 27 states and the Federal Capital Territory, displacing over 740,000 individuals and damaging an estimated 850,000 tons of crops.
These recurring disasters underscore the important must shift from reactive approaches to proactive catastrophe danger financing mechanisms that may guarantee swift restoration and enterprise continuity within the aftermath of disasters.
The workshop will characteristic a sequence of insightful classes on catastrophe danger financing and insurance coverage, delivered by main consultants within the discipline. The purpose of the workshop is to help Nigeria’s efforts in strengthening emergency preparedness by exploring sensible insurance coverage options and collaborative approaches. The classes of the workshop can even concentrate on understanding the nation’s catastrophe danger panorama and the way the personal sector can complement authorities efforts in constructing {financial} resilience.
Moreover, it’s the goal of the organizers that individuals will assist determine the required constructing blocks for insurance coverage to play a significant function in catastrophe preparedness corresponding to coverage and authorized frameworks, precedence funding areas, and the technical capability wanted by native insurance coverage business. Anticipated outcomes embody the event of a transparent roadmap to boost insurance coverage as a device in catastrophe danger administration in Nigeria. By the top of the workshop, individuals are anticipated to align on actionable subsequent steps that can information future catastrophe preparedness initiatives and financing methods.
This workshop displays Africa Re’s ongoing dedication to strengthening insurance coverage as a device for constructing resilience throughout the continent. NEMA’s function as Nigeria’s lead company for catastrophe administration ensures that the conversations stay grounded throughout a broad vary of partnerships from each private and non-private sectors. Collectively, each establishments are driving a shared agenda to place insurance coverage as core components of Nigeria’s catastrophe danger financing technique. This convening is partly supported by the Nigeria Local weather Insurance coverage Challenge, underneath which Africa Re and the Worldwide Finance Company (IFC) are collaborating to ship technical help for the event of inclusive insurance coverage within the nation. The challenge goals to supply technical help to native stakeholders to develop the capability to leverage insurance coverage options in fixing challenges that have an effect on society.
About Africa Re
The African Reinsurance Company (Africa Re) is the main pan-African reinsurance firm and the most important reinsurer in Africa by way of web reinsurance written premiums. Established in 1976 by 36 African states following a suggestion of the African Growth {Bank} (AfDB), Africa Reinsurance Company works to develop the insurance coverage and reinsurance business in Africa by means of elevated underwriting and retention capacities, supporting the continent’s {economic} growth.
Ranked among the many high international reinsurance {groups}, Africa Re has a various shareholding construction comprising 42 African member States (34.63%), the African Growth {Bank} (8.38%), 114 African insurance coverage and reinsurance corporations (34.94%), and three non-regional shareholders (23.05%), together with main international insurers and reinsurers from France (AXA), Canada (FAIRFAX), and Germany (ALLIANZ SE).
With headquarters in Lagos, Nigeria, Africa Re operates by means of six Regional Places of work throughout Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt), and Ebene (Mauritius). The Company additionally maintains one Native Workplace in Addis Ababa (Ethiopia), an Underwriting Consultant Workplace in Kampala (Uganda), and three Subsidiaries: Africa Re South Africa Restricted in Johannesburg (South Africa), Africa Retakaful in Cairo (Egypt), and Africa Re Underwriting Company Restricted in Dubai (United Arab Emirates).
About NEMA
The Nationwide Emergency Administration Company (NEMA) is the statutory physique mandated by the Federal Authorities of Nigeria to coordinate all catastrophe administration actions all through the nation. Since its institution, NEMA has been on the forefront of catastrophe prevention, preparedness, mitigation, response, and restoration efforts throughout Nigeria.
For extra details about Africa Re, go to our official web site (https://www.africa-re.com/)
Isaac Magina on e-mail: [email protected]
Alfred Adogbo on e-mail: [email protected]
Joseph Chege on e-mail: [email protected]