Continental Reinsurance, the largest private pan-African reinsurer, has selected the Agritask risk management platform to enhance its agricultural reinsurance operations. Agritask is a leading developer of an agronomic operations platform with clients in 5 continents ranging from food & beverage to financial services businesses. It will support Continental Re through its flexible data-driven system and modelling suite offering functionalities such as risk monitoring, portfolio exposure management, business intelligence and process optimization.
Dr Femi Oyetunji, Group Managing Director, Continental Re, commented: “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 of Agritask, commented: “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.”