As a specialised institution of COMESA, ZEP-RE puts into actual practice the aspirations of COMESA of promoting inter-regional trade in its own area of specialisation namely, the insurance and reinsurance industry.

ZEP-RE provides a forum for exchange of business. Presently, the national markets are far apart, relying largely on the traditional reinsurance markets elsewhere. ZEP-RE’s objective is to promote the development of a strong and reliable regional reinsurance market by facilitating exchange of reinsurance business within the Sub-Region and at the same time, offering reliable reinsurance security. Small companies, which have in the past experienced difficulties in finding reinsurance cover overseas stand to benefit most from the new capacity being made available locally.

The Sub-Region is currently wholly dependent on the foreign professional reinsurance companies to provide training for reinsurance personnel. ZEP-RE does co-operate with insurance and reinsurance institutions within the Region to organise training programmes for reinsurance personnel by way of seminars, courses, attachments and workshops. Over the last 6 years, the Company has organised training workshops aimed at not only developing the technical capacity of personnel within the region but also raise the level of service being offered to the level expected at the highest international standard.

Through the services offered, ZEP-RE is encouraging the emerging of indigenous confident insurance companies, which are capable of effectively participating in the business within their respective countries. The Company was recently instrumental in the creation of the Tanzania National Reinsurance Corporation and has made a strategic investment in the venture. It is the Company’s desire to replicate this undertaking all over the COMESA region.

As demonstrated by the trends already set by ZEP-RE over the last eleven (11) years of operation, the Company’s underwriting and business performance continues to grow steadily, pointing to success and profitability. By opening up share participation to companies and Governments within COMESA, ZEP-RE offers a perfect across-the-border investment opportunity.

Presently the insurance industry in the COMESA Member States relies heavily on the international markets for reinsurance of risks, which are beyond their capacity. Secondly, the insurance industry generates large funds, which, if retained within the Region, could enhance economic development in the Region as a whole. By accepting part of the reinsurance now being ceded outside the Region, ZEP-RE increases the sub-regional retention capacity with a consequent increase on the retained premium within the Region, which can be used to enhance economic development in the Region as a whole.

PTA Reinsurance Company (ZEP-RE) enjoys a unique advantage of being supported and operating in most of the COMESA Member States. The Company is therefore in a better position to compile sufficient information in the Sub-Region, which can strengthen the negotiating power of the companies within the Region.

ZEP-RE operates on convertible currency in the Region. The Company is therefore able to settle claims efficiently and quickly.

ZEP-RE recruits staff in the Professional Category from Member States, which are shareholders in the Company. As the Company grows, it will open up branch offices in Member States thus providing more employment opportunities.

Africa still holds great potential for the development of reinsurance business. It is well known that reinsurance is the second largest invisible export in the world and this potential remains largely unexploited within the continent. Whereas African Reinsurance Corporation (Africa Re) was formed by Member States of the Organisation of African Unity (OAU) to exploit this potential, nevertheless this is a task that this continental reinsurer could never manage to discharge on its own. Reinsurance is all about spreading risk. A single risk carrier does not fulfill this equation. In the vacuum, large international reinsurers are doing thriving business in Africa, continuing to export the premiums that otherwise ought to be retained within Africa. The joint effort of continental, regional and national reinsurers will eventually help break the undesirable position of extreme foreign control in this lucrative business. ZEP-RE in the COMESA Region and CICA Re in the Francophone countries have been formed to complement Africa Re’s efforts and accelerate the development of reinsurance in Africa.