No Result
View All Result
Friday, February 3, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

  • TECHNOLOGY

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Togolese reinsurer CICA-RE makes Kenyan market debut

bycitibusinessnews
March 11, 2016
in Africa, Top Stories, West Africa
Share on FacebookShare on TwitterShare on Whatsapp

CICA-RE, a Togo-based reinsurer, has entered the Kenyan market hoping to replicate its success in Francophone Africa countries by using Nairobi as a launch pad into the east African region.

The Nairobi office will act as a liaison under the guidelines of the Insurance Regulatory Authority (IRA) and will be required to become a subsidiary company within the next three years with a capital injection of Sh1.5 billion.

“Kenya is one of the largest economies in eastern and southern Africa and also has one of the highest insurance penetration rates in the region. It is also east Africa’s financial hub and this is the ultimate driver for insurance growth,” said CICA-RE Managing Director Jean Baptiste N Kouame.

Mr Kouame believes that emerging sectors are key to the growth of his company’s business as underwriters take on more risk. He also highlighted Kenya’s strong middle class which will drive up insurance sales.

“We have expertise in different areas such as property underwriting, Marine Hull and cargo, Engineering, Liability covers and oil and gas,” said Mr Kouame.

“Our expansion positions us to be the reinsurer of choice in Africa and beyond by creating specialist technical capabilities to handle the new emerging risks especially in the energy sector,” he added.

The MD believes that his company’s experience in Ghana and Nigeria will benefit regional companies involved in the oil industry following recent deposits findings in Kenya, Uganda, Tanzania and Mozambique.

CICA-RE, which is based in Togo, has a vast West African footprint that includes Cameroon, Cote d’ivoire, Benin, Senegal, Gabon, Mali, Niger, Burkina Faso, Central Africa Republic, Congo Brazzaville, and Chad.

The company has witnessed steady growth over the last three decades since its inception in 1981. Its turnover in 2014 was $60.5 Million up from $15 Million in 2008.

“We have been in operation for over 30 years and we would like to share this experience with the Kenyan market. We will bring in technical capacity through our training program thus help the industry underwrite bigger business and help fulfill its potential,” said Mr Kouame.

The company’s geographical scope of operation is Africa, Asia, Middle East and Latin America. It has paid claims running into billions of shillings including the fire destruction at Jomo Kenyatta International Airport where CICA-RE paid in excess of Sh35 million and last year’s Nepal earthquake.

CICA-RE is owned by the 12 Francophone states from west and central Africa who hold 65 per cent of the capital while 35 per cent equity is held by financial institutions including the West African Development Bank and 59 Insurance Companies.

The insurer is headquartered in Lome, Togo, with two regional offices in Douala, Cameroon and Abidjan, Ivory Coast.

Nairobi becomes the firm’s fourth office and the first outside the CIMA zone. The company is in the process of opening another office in Tunisia.

–

Source: Business Daily

ADVERTISEMENT

Related Posts

Local Economy

Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

bycitibusinessnews

The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, is charging government to spell out the...

Read more

Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

Deadline for debt exchange program moved to February 7 with new terms

Government finally makes progress on Debt Exchange Program

Policy Rate increased by 100 basis points; now at 28%

Africa loses $88bn annually through illicit financial flows – Akufo-Addo

AMA to roll out digital revenue collection system in March 2023

Next Post

Stop illegal rice importation; Rice importers to Trade Ministry

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.