Africa & Middle East
|Date joined:||3 September, 2012|
|Initiatives:||Principles for Sustainable Insurance|
Incorporated in Nigeria in 1985, Continental Reinsurance started its business initially as a private reinsurance company. From January 1987, the company started operations as a general re-insurer and in January 1990, became a composite re-insurer, offering both treaty and facultative life and non-life reinsurance, with a well-diversified business mix and customer base.
As part of its overall goal to become a recognised leading reinsurance company in Africa, it converted to a public limited liability company in 2000. The company recapitalised to NGN 10 billion in 2007, with widespread ownership which includes international investors and was additionally listed on the Nigerian Stock Exchange in 2007. Furthermore, the company also offers Agricultural Insurance as part of its rendered services as of October 2019.
As a practical example, leading Continental Reinsurance agreed to engage with local government authorities in Lagos to explore the development of a “city sustainable insurance roadmap”—a strategy and an action plan to help Lagos become resilient and sustainable. With over 21 million inhabitants, the bustling megacity of Lagos is the economic, financial and cultural heart of Nigeria, Africa’s largest economy and most populous country. Lagos is vulnerable to sustainability risks such as flooding, sea-level rise, coastal erosion, disease outbreak, energy insecurity, and infrastructure failure. The idea to develop a Lagos sustainable insurance roadmap supports the aims of the Insurance Industry Development Goals for Cities developed by the PSI and ICLEI – Local Governments for Sustainability. The goals serve as a global action framework for the insurance industry to help make cities inclusive, safe, resilient and sustainable in line with UN Sustainable Development Goal 11.
More on Sustainble Development: https://www.unepfi.org/psi/wp-content/uploads/2019/05/2nd-PSI-African-market-event-outcome-document.pdf