Reinsurance is About Understanding Risk, and Managing It Strategically”: A Conversation with Bernard Pogoson, Principal Underwriter at Africa Re 

ThisDay recently sat down with Bernard Pogoson, Principal Underwriter at the African Reinsurance Corporation (Africa Re), to discuss his remarkable career in risk management, the challenges facing the reinsurance industry in Africa, and his approach to driving growth and innovation at one of the continent’s leading reinsurance firms. 

ThisDay: Bernard, thank you for joining us. Your career in reinsurance has spanned over two decades. How did you first get involved in risk management, and what drew you to this field? 

Bernard Pogoson: Thank you for having me. My interest in risk management stemmed from a strong foundation in mathematics and economics. From a young age, I was fascinated by how data could be used to predict outcomes and manage uncertainty. I started my career at First Bank of Nigeria, where I worked in various roles that deepened my financial understanding. However, it was when I joined Africa Re that I truly found my niche. Reinsurance offered the perfect combination of analytical thinking and strategic foresight — it wasn’t just about managing current risks, but also anticipating and preparing for future ones. 

ThisDay: You’ve played a critical role in managing large-scale risk portfolios across several industries, including Energy, Aviation, and Property & Casualty. What sets your approach to risk management apart from others? 

Bernard Pogoson: At Africa Re, our approach to risk management is built on foresight and precision. We believe in being proactive, not reactive. My team and I utilize comprehensive data analysis and forecast models to predict potential risks and adjust our pricing and strategies accordingly. The key is to stay ahead of emerging risks rather than merely 

responding to them when they occur. We’ve also integrated a five-year risk analysis framework, which allows us to assess long-term trends and better prepare for future challenges. It’s about creating a resilient system that can handle volatility while ensuring that our clients are adequately protected. 

ThisDay: Over the years, you’ve overseen some high-profile claims, including the KS-Endeavour Rig Fire in 2012, which resulted in a $60 million loss. Can you walk us through how you managed that particular situation? 

Bernard Pogoson: The KS-Endeavour Rig Fire was a major event in the reinsurance industry, involving over 20 reinsured clients. It required a high level of coordination, precision, and clear communication with all parties involved. I immediately implemented a tracking system to monitor each claim from the moment it was filed to the final settlement. Given the complexity of the case, it was crucial to ensure that all affected clients were supported and their claims were processed swiftly. In the end, we managed to settle the claims efficiently, which reinforced Africa Re’s reputation for reliability in times of crisis. The experience taught

me the importance of transparency and timeliness when dealing with large-scale claims. 

ThisDay: Your role also involves building and maintaining long-term relationships with clients. How do you approach this aspect of your work, and what has been the key to your success in cultivating these relationships? 

Bernard Pogoson: Building strong client relationships is essential, especially in an industry like ours, where trust is critical. At Africa Re, we don’t just offer policies, we become partners with our clients. I make it a priority to engage with our clients regularly, providing them with insights, technical assistance, and training to improve their own risk management processes. The key to maintaining these relationships is constant communication and ensuring that we are always adding value. When clients see us not just as underwriters but as trusted advisors, they are more likely to return to us for their future needs. 

ThisDay: The reinsurance landscape in Africa is rapidly evolving, and companies are facing new risks and challenges. What do you see as the biggest challenges facing the industry, and how is Africa Re positioning itself to tackle them? 

Bernard Pogoson: One of the biggest challenges is the evolving nature of global risk. Issues like climate change, geopolitical instability, and technological disruption are creating new, unforeseen risks. As a continent, Africa is also facing specific challenges such as low insurance penetration and inadequate risk management frameworks in some sectors. At Africa Re, we are focusing on educating businesses across the continent about the importance of risk management and providing tailored reinsurance products that address their unique needs. We’re also investing in advanced risk forecasting technologies to ensure that we can keep up with the changing landscape. Our goal is to be not just a reinsurance provider but a trusted partner in driving long-term stability for businesses across Africa. 

ThisDay: You’ve had a profound impact on the reinsurance industry. What motivates you to continue pushing the boundaries of risk management, and what drives your passion for this field? 

Bernard Pogoson: What motivates me is the ability to make a tangible difference. In reinsurance, we’re not just dealing with numbers and policies, we’re helping businesses safeguard their futures and contribute to the economic growth of Africa. When we manage risk effectively, we enable companies to grow, innovate, and thrive, even in uncertain conditions. That’s incredibly fulfilling. The constant evolution of the industry also keeps me engaged. There’s always something new to learn, and the challenge of finding innovative solutions to emerging risks is what keeps me passionate about the work I do.