Mr Charles Etemesi CEO, WAICA Re Kenya ltd. FILE PHOTO | POOL

Reinsurance agency WAICA Re Kenya says it has signed up 18 major underwriters with whom it shares dangers because it opened store in October 2018.

The corporate is a subsidiary of the WAICA Reinsurance Company, a West African agency with headquarters in Sierra Leone however current in different African nations together with Ghana, Tanzania, Uganda, Ethiopia, South Africa, Burundi and Zambia.

WAICA Re Kenya is the fourth largest of 5 reinsurance gamers within the native market with a share of 9.7 per cent.

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“Out of a complete of 37 basic Insurance coverage firms in Kenya, we’re presently on 18 firms’ treaty retrocession applications whereas within the area we’re doing enterprise with 45 firms,” mentioned Charles Etemesi, chief govt of WAICA Re Kenya and East Africa.

“We nonetheless see a number of potential in our partnership with you and we hope to develop the quantity going ahead.”

A retrocession settlement is a contract between two insurance coverage firms the place one firm agrees to imagine accountability for one more’s future claims.

Major insurers pay premiums to reinsurers which decide to sharing among the losses arising from claims filed with the businesses serving policyholders instantly.

Kenya Re is the most important reinsurer controlling 45.1 per cent of the reinsurance enterprise, adopted by Continental Re at 28.8 per cent, East African Re at 11.4 per cent and Ghana at 4.8 per cent.

Learn: Kenya Re attracts 32 % of premiums from India market

Kenya Re has each treaty and obligatory concessions implying that every one insurers in Kenya should reinsure some a part of their enterprise with Kenya Re.

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