WAICA Reinsurance Corporation Plc’s gross written premium rose by 40 per cent from $153.3m in 2021 to $214.2m in 2022 financial period.

It also paid $55.6m claims in 2022 from $69.9m in 2021, a 20 per cent drop.

In a statement, WAICA Re disclosed that it had business interest in nine African countries namely Zimbabwe, Kenya, Tunisia, Cote D’Ivoire, Sierra Leone, Liberia, The Gambia, Ghana and Nigeria.

Speaking at its 2022 annual general meeting in Accra, Ghana, the Group Chairman, Kofi Duffuor, told shareholders that facultative business amounted to $160.2m, representing 75 per cent of GWP, while treaty brought in $54m, which was 25 per cent of GWP.

On the breakdown of how the premiums were generated, he said, property generated 50 per cent of the 2022 GWP, followed by casualty with 16 per cent, and engineering 11 per cent; this was as oil & gas brought in 10 per cent, marine & aviation seven per cent, motor three per cent, and life three per cent.

In comparison to 2021 business, he said, “There was a robust growth from 2021 to 2022 for all classes of business except motor. Property grew by 83 per cent, life by 56 per cent, engineering by 51 per cent, marine & aviation by 28 per cent, oil & gas by 27 per cent, but motor declined by11 per cent.”

In relative terms, he stated that, Liberia led Gross Written Premium growth momentum by 229 per cent, followed by Kenya 105 per cent, Zimbabwe 94 per cent, Asia and Middle east 65 per cent, Gambia 40 per cent, Tunisia 36 per cent, Nigeria 35 per cent, Ghana two per cent, and growth decelerate for the rest of Africa by 12 per cent and Sierra Leone by -5 per cent.

According to him, “Our dominant market Nigeria contributed 26 per cent of total GWP, while Ghana brought in 10 per cent. Altogether, Anglophone West Africa, which is our home market, continues to be our backbone by contributing 37 per cent of our total GWP, with Francophone West Africa contributing eight per cent, Tunisia 11 per cent, while Middle East, the rest of Africa and Asia brought in seven per cent, six per cent and five per cent respectively. Our subsidiaries in Zimbabwe and Kenya contributed 13 per cent each.”

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