Africa Re pushes insurance-led growth at AAMFI dialogue during 39th AU Summit
Nike Popoola
Africa Re participated in a high-level panel session at the 3rd Presidential Breakfast Dialogue organised by the Alliance of African Multilateral Financial Institutions (AAMFI) during the 39th African Union Summit.
The event commenced with opening remarks by the outgoing Chairperson of AAMFI, Mr. Samaila Zubairu, President and Chief Executive Officer of Africa Finance Corporation (AFC). The Patron of AAMFI, His Excellency Mr. John Dramani Mahama, President of the Republic of Ghana, also delivered remarks reaffirming his commitment to championing the ideals and vision of AAMFI.
A statement from the organisation said key highlight of the event was the signing ceremony of the African Infrastructure Financing Facility (AIFF).
The high-level panel session, themed “Strengthening Africa’s Financial Architecture to Finance Agenda 2063,” examined major constraints affecting Africa’s development agenda. These include high risk perception, limited risk mitigation mechanisms, and underutilised opportunities for domestic resource mobilisation.
The session positioned AAMFI members as critical stakeholders capable of addressing these challenges through enhanced collaboration, advocacy, and strategic partnerships. It also underscored the transformative role of technology in overcoming structural and financial barriers.
During the discussion, Dr. Corneille Karekezi emphasised the importance of institutional collaboration, stating:
“Africa’s development finance must be anchored in collaboration and innovation. By strategically sharing risk, strengthening our institutions, and mobilising both domestic and private capital, we can build a resilient financial ecosystem capable of delivering transformative infrastructure and industrial growth across the continent.”
Speaking on domestic capital mobilisation, Dr. Karekezi highlighted the untapped potential of Africa’s insurance industry. He compared African economies with emerging and advanced markets using insurance penetration (insurance premium income as a percentage of GDP) and insurance asset size (insurance assets as a percentage of GDP) as key indicators.
He described insurance as a “goldmine” for Africa’s economic transformation and advocated policy reforms that prioritise risk-sharing through local content policies and African preference at regional and continental levels before engaging international markets.
