The West African Insurance Companies Association (WAICA) Reinsurance Corporation Plc has expressed its readiness to expand its reach beyond Africa, providing reinsurance services towards becoming one of the largest indigenous reinsurers in the world
The group also revealed an increase in its Gross Written Premium (GWP) from $153.3 million in 2021 to $214.2 million in 2022, representing 40 per cent growth for the preceding year.
In the 2022 financial year, the corporation also incurred $55.6 million claims as against $69.9 million from what it incurred in 2021, translating to a 20 per cent drop.
WAICA Re with wider business interest across nine African countries, namely; Nigeria, Zimbabwe, Tunisia, Cote d’Ivoire, Sierra Leone, Liberia, The Gambia, Ghana, and Kenya.
Speaking at the company’s 2022 yearly general meeting (AGM) in Accra, Ghana, the Group Chairman, Kofi Duffuor, said that Facultative business amounted to $160.2 million representing 75 per cent of GWP, while Treaty brought in $54 million, which is 25 per cent of GWP.
On the breakdown of how the premiums were generated, Duffuor explained that property generated 50 per cent of the 2022 GWP followed by Casualty with 16 per cent and Engineering with 11 per cent even as Oil and Gas brought in 10 per cent, Marine and Aviation seven per cent, Motor three per cent, and Life three per cent.
In comparison to 2021 business, he said: “There was an increase from 2021 to 2022 for all classes of business except Motor. The property grew by 83 per cent, Life by 56 per cent, Engineering by 51 per cent Marine & Aviation by 28 per cent, Oil & Gas by 27 per cent, while Motor declined by 11 per cent.”
In relative terms, according to him, Liberia led GWP growth momentum by 229 per cent, followed by Kenya at 105 per cent, Zimbabwe at 94 per cent, Asia and the Middle East at 65 per cent, Gambia at 40 per cent, Tunisia at 36 per cent, Nigeria 35 per cent, Ghana two per cent and growth decelerate for the rest of Africa by 12 per cent and Sierra Leone by 81 per cent.
“Our dominant market Nigeria contributed 26 per cent of total GWP whilst Ghana brought in 10 per cent. Altogether, Anglophone West Africa, which is our home market, continues to be our backbone by contributing 37 per cent of our total GWP, with Francophone West Africa contributing eight per cent, Tunisia 11 per cent, whilst the Middle East, the rest of Africa and Asia brought in seven, six and five per cents respectively. Our subsidiaries in Zimbabwe and Kenya contributed 13 per cent each,” he stated.