Africa Re grows but high claims hit profits
New business in West and Southern Africa as well relatively stable currencies against the US dollar drove growth at Africa Re for the first nine months of 2017. But the reinsurer made a loss due to higher claims.
The reinsurer posted premium income of $517.15 million, an increase of 12 percent compared with the same period a year earlier.
But cat losses in South Africa, the Middle East and Central Africa meant it posted an underwriting loss of $24.48 million in the period, compared with a small profit the year before.
This was somewhat offset by an improvement in its underwriting income which reached $41 million in the period, an improvement of 17 percent.
Cornelle Karekezi, CEO of Africa Re, said: “The catastrophe and large losses recorded during the first three quarters of 2017 have demonstrated the need for reinsurance to support rebuilding communities and business’s assets. Africa Re is proud of its timely support towards insurers and affected customers. Despite such significant losses, the corporation’s outlook for the year end remains positive. We foresee an overall reduced but still good underwriting profit and strong investment performance for 2017.”
Sign up to our free email newsletters
California wildfires costliest in history
Talanx reveals new CEO; reshuffles top leadership
Hurricane losses hit Q3 profits at Allianz
Peak Re gets green light to serve Singapore reinsurance market
Willis Towers Watson appoints head of global services and solutions
Verisk acquires Rebmark to extend claims offering in UK
McLarens eyes growth in Dublin market with new hires
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze