By David Akinmola
In a continent where economic growth is often threatened by climate volatility, political instability, infrastructure gaps, and underdeveloped financial systems, the ability to manage risk is not just a business function; it is an economic imperative.
At the centre of Africa’s evolving approach to risk lies Continental Reinsurance, an organisation that has quietly become one of the most influential players in Africa’s financial ecosystem. From underwriting billion-naira energy projects to equipping local insurers with the tools to respond to natural disasters and emerging threats, Continental Re is not just reinsuring risk; it is reinforcing the foundation of African economies.
Established in 1985 in Lagos, Nigeria, Continental Re was born out of a critical need to reduce Africa’s overdependence on foreign reinsurance providers. At that time, much of the continent’s risk capital was flowing outwards, with little capacity to retain premiums or build local underwriting expertise. What began as a national solution has since grown into a Pan-African powerhouse, operating in over 50 African countries with regional offices in strategic economic hubs such as Nairobi, Abidjan, Tunis, Douala, Gaborone, and Lagos.
Over the years, the reinsurer’s role has evolved from a traditional reinsurer to a key architect of Africa’s risk architecture. By providing both life and non-life reinsurance solutions ranging from fire, engineering, marine, and aviation, to agriculture, energy, political violence, and group life, Continental Re has filled a critical void in the continent’s insurance value chain. Its services don’t stop at underwriting; the company invests heavily in technological advisory, claims management, capacity building, and market development.
This model has had direct economic benefits. For one, it has enabled African insurers to underwrite more complex risks locally, keeping more premiums within the continent and driving the growth of domestic capital markets. In sectors like energy, where major infrastructure projects are increasingly financed through public-private partnerships, having a trusted African reinsurance partner is crucial for risk transfer and investor confidence. As African economies industrialise and urbanise, the role of insurance and, by extension, reinsurance in sustaining long-term development becomes even more vital.
Continental Re’s growth is a testament to this rising demand. Between 2011 and 2020, the company’s gross written premium grew from N11.6 billion to N53.6 billion, an almost fivefold increase. During the same period, its profits tripled, reflecting not only scale but operational efficiency. By 2023, that reajectory had accelerated even further, with revenues surpassing N112 billion and underwriting profits nearly doubling in just one year.
These figures are not simply financial milestones: they are indicators of deeper market shifts of a continent slowly but steadily building its risk infrastructure from within.
Beyond the numbers, Continental Re’s value lies in its Pan-African identity coupled with local depth. Each of its regional offices operates not just as a branch, but as a centre of excellence fully equipped to handle underwriting, claims, and technical support in ways that are tailored to local economic, environmental, and regulatory realities. This regional presence has allowed the company to respond quickly to emerging risks, whether it is a drought affecting farmers in East Africa or political violence disrupting commerce in parts of Central Africa.
The reinsurer’s commitment to sustainability and resilience is also notable. In 2012, Continental Re became one of the first African reinsurers to sign the UN Principles for Sustainable Insurance, formally integrating environmental, social, and governance (ESG) considerations into its operations. This has reshaped how the company evaluates long-term risks, particularly those related to climate change and social instability, two issues that disproportionately affect African markets.
In 2019, Continental Re took a significant step to strengthen its continental positioning by reorganizing under a Mauritius based holding company, CRe African Investment Limited. This move attracted new strategic investors and marked a shift from a nationally listed entity to a more flexible, continent-focused corporate structure. The delisting from the Nigerian Stock Exchange was not a retreat, but a recalibration signaling its broader ambition to serve Africa more holistically.
People remain at the heart of its growth. Through its CRe Academy, the company has trained hundreds of professionals across the continent, many of whom now lead underwriting and risk management teams in both the public and private sectors. Around 65 per cent of its workforce today is early career professionals, a deliberate strategy to ensure long-term talent development and succession planning. The company’s leadership, led by Group Chief Executive Officer Lawrence Nazare, reflects a careful balance of experience and renewal, with seasoned professionals anchoring strategy while empowering younger teams to drive innovation. Continental Re has also been a vocal advocate for knowledge sharing and thought leadership in the industry. Initiatives like the Pan-African Re/Insurance Journalism Awards and the Continental Re Chief Executive Officer Summit have elevated public understanding of insurance while encouraging transparency and excellence within the sector.
These forums have helped reposition insurance not as a backroom financial product but as a frontline tool for resilience, investment, and development.
In an era where Africa’s risk landscape is growing more complex from cyber threats and pandemics to extreme weather and infrastructure risk, Continental Reinsurance stands as a stabilizing force. Its presence ensures that insurers, governments, and investors alike have a trusted partner to help absorb shocks and keep progress moving forward. It’s not just about protecting against loss, it’s about enabling the continent to grow with confidence.
As the next chapter unfolds, Continental Reinsurance continues to embody the belief that Africa’s future must be insured by those who understand its nuances, speak its languages, and share its aspirations. Through expertise, innovation, and local strength, the company is not just responding to risk; it is actively shaping the economic destiny of the continent.
