Project: CICA-RE Building; Lome, Togo
Project Value: $31 Million
Scope of Work:
CICA-RE was created to control the foreign companies operating on their soil, by establishing the International Institute of Insurance in Yaoundé, because it quickly appeared that it was not possible to create insurance industries without the men to enliven them. These executives enabled every Member State to be endowed with an Insurance market. But, due to the tightness of these markets and the importance of insured risks, there was an outflow of a big part of acquired premiums to the developed countries through reinsurance.
With the intention of restraining this capital export, the African Development Bank (ADB) led the States of the continent to establish the African Corporation of Reinsurance (AFRICA RE) the headquarters of which is located in Lagos. AFRICA RE has reduced the capital outflow. However, the Member States of CICA considered it opportune to complete this action by establishing their reinsurance company: CICA- RE.