The African Aviation and Oil and Energy pools have generated premium income of $750.98 million from January 1, 2017 to March 31, 2018. The pools are made up of 32 Nigerian insurance companies and 20 from 15 other African countries.
The other 15 countries are Algeria, Egypt, Ethiopia, Ghana, Kenya, Libya, Madagascar, Morocco, Senegal, Sudan, Tanzania, Tunisia, Zimbabwe, Togo and Eritrea.
According to their 2017 results, gross written premium for the Aviation pool for the period stood at $943,996, against $741,172 while claims paid was $730,648 against $1.48 million in 2016.
Profitability however dropped to $95,247 in 2017 as against $2.05 million in the previous year.
For the Oil and Energy pool, gross written premium stood at $27 million from $16.05 million in 2016, while profit stood at $722,183 in 2017 as against $47,882 in the previous year.
The African Insurance Organization (AIO) formed the African Oil and Energy as well as Aviation insurance pools to boost the capacity of the classes of business in order to deepen the African insurance market to take up large risks in the volatile business through capacity building.
The pools were incorporated on 20th June 1986 during the 13th General Assembly of the AIO held in Bujumbura, Burundi, for the purpose of sharing business and risks as well as creating capacity within Africa for insurance risks emanating from Africa.