Stanbic IBTC Insurance emerges Africa’s Momentum Leader at CRe Awards
L-R: Group CEO of Continental Reinsurance Holdings, Lawrence Nazare and Chief Executive, Stanbic IBTC Insurance Limited, Mr Jide Orimolade
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Stanbic IBTC Insurance Limited has been named the overall winner of the CRe Momentum Award at the inaugural CRe Insurance Awards for Africa 2026, announced during the Continental Reinsurance (CRe) CEO Summit held in Kigali, Rwanda on Friday.
The awards recognised outstanding organisations across Africa for excellence in innovation, financial inclusion, commercial performance, and ecosystem impact, with entries assessed by an independent judging panel comprising Chakib Abouzaid, Lorraine Njue, Alex Aquereburu, Tosin Runsewe, and Steve Oluoch. A total of 11 entries were received in the Emerging Champions category and 17 in the Momentum category, with three finalists selected in each.
The Momentum Award category, which honours established insurance companies demonstrating sustained performance, strategic clarity, innovation, and meaningful contribution to the broader insurance ecosystem, saw Stanbic IBTC Insurance emerge top after a rigorous evaluation process.
Stanbic IBTC Insurance was recognised for its consistent commercial performance, disciplined execution, and a highly effective bancassurance model, which the judges described as among the most effective on the African continent, with a clear strategic focus on life insurance growth.
The company also recorded significant financial and social impact, generating approximately $2 million in assets under management within a single year, while directly contributing to the creation of over 1,000 jobs across its operations and value chain.
In addition, the insurer was commended for its strong alignment with innovation, governance, environmental, social and governance (ESG) principles, and active corporate social responsibility (CSR) engagement, which collectively reinforced its leadership position within the sector.
In the same category, Cornerstone Insurance (Nigeria) came second, recognised for its strategic repositioning and digital transformation drive, including the deployment of AI-powered tools in underwriting and customer engagement. The company is also transitioning towards a retail-focused model with an 80/20 retail-to-corporate business mix, while expanding its agency network from approximately 1,000 to 2,000 agents. Its broader group structure, including subsidiaries Fin and Hilal, was also noted for diversification and future growth potential.
La Générale des Assurances (Benin) placed third, earning recognition for its investment in digital infrastructure aimed at improving operational efficiency and claims processing. The company’s digital platforms were highlighted for streamlining internal operations and enhancing claims handling, a key driver of customer trust in its market.
The Momentum Award winners were selected from a highly competitive pool, alongside the CRe Emerging Champions Award, which recognises InsurTechs and microinsurance providers advancing financial inclusion and innovation across Africa.
In the Emerging Champions category, Agrails Ltd (Kenya) won top honours for its advanced agricultural insurance innovation, which reduced basis risk from as high as 60% to below 5%, using approximately 5.2 million data points per insurance unit compared to an industry baseline of around 30. The company scaled rapidly from 40,000 to 4.5 million insured farmers across nine countries, including over 1.2 million first-time insured individuals, while cutting administrative costs by more than 70% and reducing claims processing time from months to days.
Britam Connect (Kenya) came second, recognised for its parametric flood insurance solutions targeting underserved communities, achieving about 40% market share in the microinsurance segment. It was also noted for integrating health and gender-focused insurance products to serve vulnerable populations.
Alpha Direct Insurance (Botswana) placed third for its innovative retail-based distribution model, which embeds insurance products in supermarkets and partner outlets, supported by AI-enabled systems. The approach enabled growth from zero to 88,000 customers, with more than 69% being first-time insurance buyers, while also creating approximately 300 agent roles, reflecting market expansion rather than share capture.
The organisers noted that the awards were designed to spotlight organisations driving innovation, inclusion, and measurable impact across Africa’s insurance landscape, with Stanbic IBTC Insurance ultimately standing out in the Momentum category for its performance, governance strength, and sustained industry leadership.
