Continental Re enhances agricultural reinsurance capabilities through Agritask
By Luke Gallin
Pan-African reinsurance company, Continental Reinsurance plc, is looking to enhance its agricultural reinsurance operations via the utilisation of Agritask’s risk management platform.
Agritask, the developer of an agronomic operations platform with clients across five continents, will support Continental Re through its flexible, data-driven system and modelling suite.
Continental Re stands to benefit from the platform’s functionalities, including risk monitoring, portfolio exposure management, business intelligence, and process optimisation.
Dr. Femi Oyetunji, Group Managing Director, Continental Re, said: “The African continent offers infinite growth opportunities for (re)insurers interested in supporting smallholder farmers in the era of climate change. The commercial opportunity combined with our social aspirations are key motivation for us to significantly expand our agricultural insurance franchise.
“Given the low penetration levels of agricultural (re)insurance in Africa, we believe that technology is a key enabler of profitable growth, to enter underserved areas while maintaining attractive margins. We are excited to commence collaboration with Agritask to deploy cutting-edge technology and tailored solutions for our operations.”
Dr. Rom Aviv, Managing Director, Head of Insurance at Agritask, added: “Agricultural (re)insurance is the most suitable financial instrument to support food security and economic sustainability in Africa. As a pioneer in agricultural technology and insurance innovation, we are thrilled to support Continental Re, a leading risk carrier in the continent, in its ambition to utilize technology to grow their agricultural risk transfer franchise. Through this, Continental Re will be able to better support the livelihood of hundreds of millions smallholder farmers.”
For countries across Africa, the agriculture sector is critically important and supports the livelihoods of millions of individuals. By combining advanced technology with the risk transfer experience and knowledge of a leading African player like Continental Re, it’s hoped that an increasing number of people will be able to access affordable and effective risk transfer solutions.