Paris-based global reinsurance company SCOR Global P&C has opened an office in Nairobi as it seeks a share of the region’s fast-growing insurance sector.
“SCOR already enjoys strong support in Southern, Western and Northern Africa, and intends to expand further its African footprint into Eastern and Central Africa,” said Mr Hedi Hachicha, chief underwriting officer, Treaty P&C Head of Africa, Near and Middle East.
F.T.com reports that Kenya’s insurance sector has recently registered mouth-watering growth, catching the eyes of major insurance firms across the globe.
The latest data from the Association of Kenya Insurers indicate that total reinsurance premium for 2014 was Sh21.7 billion, an increase of 23 per cent compared with the previous year, and accounted for 26.6 per cent of the total gross premium for the entire insurance industry.
Total reinsurance premium ceded by life insurers was Sh3.8 billion compared with Sh2.7 billion in 2013, an increase of 41.4 per cent.
The company has appointed Christian Ramamonjiarisoa as its representative for East Africa and the office now awaits regulatory approval from the Insurance Regulatory Authority.
With more than Sh1.2 trillion in revenues, SCOR Global P&C’s entry is expected to increase activity in the regional reinsurance market whose growth is being driven by an expanding insurance industry, emerging insurance opportunities in oil and gas, mega infrastructure projects and information technology.
Mr Ramamonjiarisoa has been the regional representative of the Afro-Asian Insurance Services, a reinsurance broker for Lloyds of London.
As part of its entry into the local market, the company, in association with the Insurance Regulatory Authority, will hold a campus seminar on risk management in Nairobi from September 22.
The group is organised around two main businesses, SCOR Global P&C that deals with property and casualty reinsurance, and SCOR Global Life for life reinsurance. It has an asset management arm, SCOR Global Investments.