The purpose of AFRICA RE is to foster the development of the insurance and reinsurance industry in Africa, to promote the growth of the national, regional and sub-regional underwriting and retention capacities and to support African economic development.

To implement its purpose, the Corporation carries out the following functions:

* Transacts reinsurance business through treaty and facultative sessions
* Creates and administers pools
* Assists in the establishment of national, regional and sub-regional insurance and reinsurance institutions
* Invests its funds in African countries in a manner that promotes the continent's development
* Provides technical assistance to African countries and promotes contacts and business co-operation among insurance and reinsurance institutions etc.