Africa’s reinsurance market wrote $6.27bn in premiums in 2024, just 1.6% of global reinsurance underwriting. Sub-Saharan reinsurers grew their capital to $3bn in 2025, yet their retention ratios fell to 78.6% from 87.5% in 2016. Complex property and energy risks still flow offshore, and climate losses keep climbing. Africa recorded $9bn in economic losses in 2024, against a 10-year average of $6bn. Atlantic Re, Morocco’s national reinsurer with offices in Abidjan, Cairo and Kigali, sets out how African carriers can retain more risk and keep the value it generates on the continent.
Key Points
- Building the capital, underwriting and actuarial depth to take on complex property, energy and climate risks
- Pooling capacity across borders and aligning regulation so premiums stay in African markets
- Channelling retained premiums into long-term investment and easing pressure on foreign-exchange reserves