1. To create capacity within Africa for aviation insurance risks emanating from Africa, thus minimizing the foreign exchange outgo on aviation reinsurance of African Airlines.
2. To accept non-African aviation business to have a spread of risks and to benefit from the experience of the international market.
3. Avail to the African Aviation insurance/reinsurance underwriters training and manpower development facilities to enable them have technically competent aviation underwriters.
4. Providing technical/professional services to the members of the Pool on matters relating to aviation insurance/reinsurance.
5. Making available to the African Airlines coverage and premium rates which are competitive and thus eliminate the possibility of some airlines being forced to pay unnecessarily very high rates.
6. To give the necessary technical support and advice to African airlines and AFRAA in matters relating to insurance and risk management and to give them all necessary cooperation in this regard.
The 11th General Assembly of the African Insurance Oganisation held in libreville, Gabon on 19th July 1983 resolved to establish the African Aviation Pool(AAP) to achieve the objectives described above.
The Pool started operation on 1st December 1983 and its first financial year extended to 31st December 1984. Since inception, the African Reinsurance Corporation has acted as the Manager of the Pool, providing proven quality leadership through the years. This attestation is evidenced in the growth of the Pool’s premium income from a modest US$0.36 million in its first financial year up to US$1.21 million at the end of financial year 2014.
He is a Member of the Federal Republic of Nigeria. He is currently serving on the Executive Committee of the African Insurance Organization and is the immediate past Chairman of the Nigerian Insurers Association. He is a graduate of the University of Houston, Texas, USA from where he obtained Bachelor and Master Degrees in Business Administration, specializing in Finance. He started his career in insurance with SCIB & Company Insurance Brokers (then an affiliate of Sedgwicks Insurance Brokers) in 1980 and joined Leadway Assurance Company Limited in 1981.
He became the Managing Director and Chief Executive Officer of the company in 1994. He is a Munich Re scholar, being the First West African recipient of the Munich Re Insurance Fellowship at Georgia State University. He has done extensive research on Computerization of Insurance Business. Mr. Oye Hassan-Odukale is on the board of a number of reputable companies. He also served on the Federal Government of Nigeria’s Committee for the review of Insurance Laws.
Mr. Salah Eldin is a highly qualified insurance professional. He started his insurance career in Sudan in 1983 and occupied senior managerial posts in a number of reputable insurance and reinsurance companies in Sudan, Yemen, Sultanate of Oman and Qatar. He has gained a wealth of experience in insurance and reinsurance and is devoted to the promotion of Takaful Industry, contributing to the establishment of Takaful companies in a number of countries.
More recently, Mr. Salah Eldin has been elected as the Vice- President of the FOIITC. Mr Salah is also the Chair of the International Cooperative and Mutual Insurance Federation (ICMIF) Takaful Network; the role also includes representation on the ICMIF Board of Directors, the highest level of ICMIF’s governance.
He is a professional qualified insurer with a B.Sc. (Honours) degree from the Faculty of Economic and Social Studies, University of Khartoum and Diploma in Insurance Studies and Insurance Management from University of Nottingham and The City University, United Kingdom.
He sits on the board of quite a number of companies and currently the Manging Director/Chief Executive of Shiekan Insurance & Reinsurance Company, Sudan.
Mr. Adel Ahmed Mousa is the Chairman & Chief Executive officer of MISR Insurance, Egypt. He is the representative of Misr Insurance at Societe Arabe Internationale de Banque as Board Member since December 2013.
Mr. Seba has been the Managing Director/ Chief Executive officer of Central Reinsurance Company Algeria (CCR Algeria) from 2007 till date. Prior to his appointment, he was Director of Insurance at the Ministry of Finance, Algeria between 1999 and 2007 and was Sub-Director of Insurance Supervision between 1995 and 1999.
Mr. Seba holds a Degree in Financial Economics from University of Alger and a Diploma in Finance with specialization in Insurance from IFID, Tunisia.
Mr. Eteffa is the Managing Director/Chief Executive Officer of Ethiopian Insurance Corporation, Ethiopian.
Mr. Fassi Fihri is an Engineering graduated from the prestigious school of ENSAM Paris (Ecole Nationale Supérieure d’Arts & Métiers) the 1st Ranked French Graduate School in Mechanical Engineering. He also received an Executive MBA from Ecole Supérieure de Commerce de Paris-ESCP.
Prior to joining SCR Morocco in February 2014 Mr. Youssef FASSI FIHRI spent over twenty(20) years in various industrial activities, occupying top management positions .
During most part of this period, he has successfully managed to restructure and rescue 3 medium size companies with more than 300 employees.
He was for nine (9) years General Manager of TEXA Maroc, a subsidiary of TEXA France, the largest Non-Life Loss adjusting Network in France.
Mr. Bayo Folayan is a seasoned insurance practitioner with over three decades experience in the insurance industry. He is a graduate of Insurance from the University of Lagos, Nigeria and a Master’s Degree holder in Business Administration from the University of Ilorin, Kwara State, Nigeria.
A Fellow of the Chartered Insurance Institute, London (since 1993) and also of the Chartered Insurance Institute of Nigeria (since 2002), Folayan started his work experience in 1983 with Sakina Insurance Brokerage Limited, Bauchi, Nigeria. He rose in the insurance profession to become Acting Managing Director of Elmac Assurance (Nigeria) Limited, a composite insurance company in 2001. He was appointed the substantive Managing Director of the organisation in July 2002 until December 2007 when he moved to Resources Leasing Nigeria Limited as Managing Director.
Folayan joined Industrial and General Insurance Plc (IGI) in May 2011 as Deputy Director (Special Risks) and later became Deputy Director (Private Sector Marketing). In November 2011, he was appointed Managing Director of IGI’s offshore subsidiary in Uganda, National Insurance Corporation Limited (now NIC Holdings Limited).
As Managing Director, Folayan supervised the restructuring of NIC, which was formerly a composite company, into a virile insurance group, comprising two insurance subsidiaries (Life and Non-Life companies) and a holding company listed on the Uganda Security Exchange. His experience cuts across all aspects of Life Insurance and Non-Life insurance practice including, underwriting, claims, life operations, special risks underwriting (oil and gas), marketing, reinsurance, motor insurance, agricultural insurance etc.
He is the Chairman of the Technical Management Board of the African Aviation Pool. He is the Managing Director/Chief Executive Officer of Société Sénégalaise de Réassurances (SEN-RE), Senegal.
Mr. Efekoha is the Managing Director/Chief Executive Officer of Consolidated Hallmark Insurance Plc. He studied Insurance and graduated with Second Class Upper Degree from the prestigious University of Lagos and also obtained a Master’s Degree in Business Administration from the same school in 1985 and 1994 respectively.
Mr Efekoha is an Associate of the Chartered Insurance Institute London, Fellow of the Chartered Insurance Institute of Nigeria and a Member of the Institute of Directors. His work experience spans over 30 years. Having acquired the knowledge needed for him to practice his profession, and being an Insurance graduate started his professional career as a Corper in Everyman Insurance Brokers Ltd, Ilorin. He worked briefly with Hogg Robinson Nigeria, and left for Glanvil Enthoven & Co (Nig) in 1988 as an Assistant Manager. Due to his versatility, Mr Efekoha consistently demonstrated extra-ordinary capacity and capabilities in successfully taking on higher responsibilities; he rose to the position of Executive Director (Technical) over the years, he left Glanvill Enthoven & Co in 1997 and was appointed the Managing Director/Chief Executive Officer of Fountain Insurance Brokers Ltd, an outstanding turnaround and transformation was recorded during the period he headed the organisation. In 2003 he became the Vice Chairman/CEO of Consolidated Risk Insurers Plc before the current appointment in 2007. Efekoha is result driven, self-motivated and resourceful managing director with a proven ability to develop and strengthen management team, in order to maximise company profitability and efficiency, and this translated into growing the company’s gross premium of N1.506bn in 2007 to N6.039bn in 2015.
Mr Efekoha has attended several local and foreign organised Professional Courses, seminars and conferences at the Lagos Business School and Harvard Business school, Boston USA.
He is the current Chairman of Nigerians Insurers Association (NIA), Vice President of Chartered Insurance Institute of Nigeria (CIIN) and Chairman, Board of College of Insurance & Financial Management, Nigeria.
|Nigeria||MUTUAL BENEFIT ASSURANCE PLC||150,000||1.88|
|Nigeria||INTERCONTINENTAL WAPIC INSURANCE PLC||150,000||1.88|
|Algeria||COMPAGNIE CENTRALE DE REASSURANCE||100,000||1.26|
|Egypt||MISR INSURANCE COMPANY||300,000||3.77|
|Ethiopia||ETHIOPIAN INSURANCE CORPORATION||150,000||1.88|
|Ghana||GHANA REINSURANCE CORPORATION||50,000||0.63|
|Ghana||MAINSTREAM REINSURANCE COMPANY LIMITED||100,000||1.26|
|Kenya||KENYA REINSURANCE CORPORATION||50,000||0.63|
|Kenya||P.T.A REASSURANCE (ZEP RE)||150,000||1.88|
|Libya||LIBYA INSURANCE COMPANY||75,000||0.94|
|Madagascar||ASSURANCE REASSURANCE OMNIBRANCHES (A.R.O)||50,000||0.63|
|Morocco||SOCIETE CENTRALE DE REASSURANCE||100,000||1.26|
|Nigeria||CONSOLIDATED HALLMARK INSURANCE PLC||150,000||1.88|
|Nigeria||GREAT NIGERIA INSURANCE COMPANY||200,000||2.51|
|Nigeria||NICON INSURANCE CORPORATION OF NIGERIA||250,000||3.14|
|Nigeria||NIGERIA REINSURANCE CORPORATION||250,000||3.14|
|Nigeria||LEADWAY ASSURANCE COMPANY LTD||200,000||2.51|
|Nigeria||CONTINENTAL REINSURANCE COMPANY LTD||200,000||2.51|
|Nigeria||NIGER INSURANCE PLC||200,000||2.51|
|Nigeria||PRESTIGE ASSURANCE COMPANY||200,000||2.51|
|Nigeria||CRUSADER INSURANCE COMPANY||200,000||2.51|
|Nigeria||ALLIANCE & GENERAL INSURANCE CO. LTD.||100,000||1.26|
|Nigeria||STANDARD ALLIANCE INSURANCE CO.LTD||200,000||2.51|
|Nigeria||LINKAGE ASSURANCE CO LTD||200,000||2.51|
|Nigeria||LASACO ASSURANCE PLC.||200,000||2.51|
|Nigeria||SOVEREIGN TRUST INSURANCE COMPANY LTD.||200,000||2.51|
|Nigeria||AFRICAN DEVELOPMENT INSURANCE COMPANY LTD||200,000||2.51|
|Nigeria||CORNERSTONE INSURANCE PLC||200,000||2.51|
|Nigeria||YANKARI INSURANCE COMPANY LTD||200,000||2.51|
|Nigeria||INDUSTRIAL & GENERAL INSURANCE COMPANY LTD||200,000||2.51|
|Nigeria||NEM INSURANCE PLC||200,000||2.51|
|Nigeria||ZENITH GENERAL INSURANCE COMPANY LTD||150,000||1.88|
|Nigeria||CUSTODIAN AND ALLIED INSURANCE COMPANY LTD||150,000||1.88|
|Nigeria||INTERNATIONAL ENERGY INSURANCE CO. LTD.||150,000||1.88|
|Nigeria||LAW UNION & ROCK INSURANCE PLC||150,000||1.88|
|Nigeria||REGENCY ALLIANCE INSURANCE PLC||150,000||1.88|
|AFRICAN REINSURANCE CORPORATION||350,000||4.4|
|Kenya||KENINDIA ASSURANCE COMPANY||50,000||0.63|
|Eritrea||NATIONAL INS. CORPORATION OF ERITREA (NICE)||50,000||0.63|
|Zimbabwe||ZIMBABWE REINSURANCE CORPORATION (ZIM RE)||150,000||1.88|
|Tunisia||GROUPE DES ASSURANCES DE TUNISIA||50,000||0.63|
|Tunisia||SOCIETE TUNISIENNE DE REASSURANCE||200,000||2.51|
|Tanzania||NATIONAL INSURANCE CORPORATION OF TANZANIA||50,000||0.63|
|Sudan||SHEIKAN INSURANCE & REINSURANCE COMPANY LTD||50,000||0.63|
|Senegal||SOCIETE SENEGALAISE DE REASSURANCE (SEN-RE)||50,000||0.63|
Membership of the AIO is a prerequisite to membership of the Pool. Other African Insurance companies which qualify for membership of AIO or having majority indigenous shareholding and which write oil and related risks shall also qualify for membership on condition that they offer a share to the Pool.
The minimum subscription for membership is a pledge against company’s capital of US$50,000 and such subscription must not exceed 2% - 4% of paid up capital and free reserves or 1% - 3% of gross premium written.
As at 31st December 2015, the Pool had a membership of 52 African insurance/reinsurance companies with a total subscribed capacity of $7,960,000. Members’ capacity is limited to the subscribed capacity only.
The Pool currently has a capacity of USD17.5 million.
The General Assembly is the highest organ and is composed of all the Members of the Pool, including the Manager. The Technical Management board elected every three (3) years are responsible for general operational policies. The Manager is elected by the general assembly every five (5) years on recommendation of the Technical Management Board.
The African Reinsurance Corporation is the Manager of the Pool. For information on membership, cession to the pool, technical assistance etc., you may wish to contact us directly via 23414616820 or firstname.lastname@example.org