Africa energy growth

Jonathan Rest

AFRICA’S oil and energy pool has generated premium income of $9.7m for the financial year ending December 31, 2007. An underwriting profit of $7.8m was recorded in the year under review, against $7.4m posted for the prior year. The pool’s underwriting profit stood at $471,838 in 2007, and recorded an operating profit of almost $550,000. Within the period under review, the Africa oil and energy pool grew in number to 42 insurance companies, with Mainstream Reinsurance Company, Ghana, and Nigeria’s Regency Alliance Insurance, joining the pool. Regency Alliance’s admission into the pool has increased the number of Nigerian companies in the pool to 26. Other African countries in the oil and energy pool include Algeria, Benin, Cameroon, Egypt, Ethiopia, Kenya, Madagascar, Senegal, Sudan, Tanzania, Togo, Tunisia, Zambia and Zimbabwe.