RFP – REMUNERATION SURVEY FOR LOCAL AND INTERNATIONAL STAFF
LAGOS, NIGERIA
CLOSING DATE FOR APPLICATIONS: 2026-01-31
1. OUR STRUCTURE
The AFRICAN REINSURANCE CORPORATION (AFRICA RE) is the leading pan-African reinsurance company and the largest re-insurer in Africa with the strongest Financial Strength and Credit Ratings at “A / Stable Outlook” by A.M. Best and “A– / Positive Outlook “by Standard & Poor’s
Headquartered in Lagos (Nigeria) since its inception in 1976, Africa Re operates through:
a. Six (6) Regional Offices across Africa: Casablanca (Morocco), Abidjan (Côte d’Ivoire), Nairobi (Kenya), Lagos (Nigeria), Cairo (Egypt) and Ebene (Mauritius),
b. Two (2) Contact Offices in Addis Ababa (Ethiopia), and Khartoum (Sudan); Two (2) Underwriting Offices in Kampala (Uganda) and Kinshasa (DRC)
c. Three (3) Subsidiary Companies (Africa Re South Africa Limited in Johannesburg, South Africa), Africa Retakaful Company Limited in Cairo (Egypt) and Africa Re Underwriting Agency in Dubai (UAE).
Africa Re has a broad-based shareholding of:
• 42 African Member States,
• the African Development Bank (AfDB),
• 112 African Insurance and Reinsurance companies,
• three (3) non-regional insurance groups, and
• Employee Share Ownership Plan
2. OUR LOCATIONS
Africa Re is Headquartered in Lagos (Nigeria}, with Regional Offices/ Contact Offices/ Subsidiaries in the following cities:
1. Abidjan (Cote d’Ivoire},
2. Casablanca (Morocco},
3. Cairo (Egypt)
4. Ebene (Mauritius)
5. Lagos (Nigeria)
6. Nairobi (Kenya)
7. Johannesburg (South Africa)
8. Addis Ababa (Ethiopia)
9. Khartoum (Sudan)
10. Dubai (UAE)
11. Kampala (Uganda)
12. Kinshasa (DRC)
3. OUR REQUIREMENT
1. Africa-Re would like to engage the services of a reputable and technically qualified Consultancy Firm with extensive expertise in labour market analysis, management and organizational development to undertake a SALARY SURVEY AND BENCHMARKING PROCESS for the Corporation’s local and international staff. Amongst others, the Consultant will:
2. Propose a detailed methodology and work plan acceptable to Africa Re on how they will approach and conduct the work considering the peculiar nature of the Corporation.
3. Compile and suggest to Africa Re a list of employers which may be considered as competitors/ comparators for the purpose of establishing a competitive/ comparable salary scale remuneration. The list shall be subjected to final approval by Africa Re.
4. Analyzing salary/benefit structures across different levels (e.g., executive, Professional, Local Professional, Support and Manual staff categories);
5. Conduct a salary survey and give support in establishing a revised and reasonable salary scale, allowances and other incentives for all staff based on the latest prevailing market rates for similar work of comparable quality and complexity.
6. Conduct a survey, targeting a minimum of five (5) comparators for each role with Pan-African Multilateral Financial Institutions (quantum) and African, South African & World reinsurance peers (structure), Pan-African Multilateral Financial Institutions & Regional / South African Reinsurers, South African & World reinsurance peers (structure) and with Regional Insurers & Reinsurers.
7. Produce an internal report for Africa Re consisting of data on best comparator employers.
8. Present a draft analysis report to Africa Re and make recommendations on the proposed salary scale, taking into consideration other Comparator’s scales for similar positions.
9. Prepare a separate pull-out report on cost-of-living indices in each of Africa Re’s operating locations or contact offices.
10. Prepare a Final Report, incorporating comments from Africa Re.
4. REQUIRED CRITICAL COMPETENCIES
These competences are critical for the success of the consultancy:
a. International experience in conducting salary surveys, particularly in the finance or development finance sector in Africa, is highly desirable.
b. Possession of a ready-to-use database on relevant remuneration statistics.
c. Knowledge of both local and international markets, and the ability to identify and reach out to appropriate comparator employers in each market, preferably from the insurance and reinsurance industry and other financial services.
d. Strong knowledge of compensation and benefits trends.
Although we shall be willing to establish contacts with some of our comparators, by way of written letters, the responsibility of finding accurate and relevant information and data remains with the Consultant.
5. BENCHMARK POSITIONS TO BE COVERED
Prospective Consultants are expected to have already established contacts with some of our comparators, and preferably have data and information about them, like:
a. International Organizations (UN Agencies, ILO, etc.)
b. Pan-African Multilateral Financial Institutions: AfDB, AFC, ATIDI, TDB, Afreximbank, Islamic Development Bank, Shelter Afrique Development Bank etc.
c. Regional Organizations (AU, Ecowas, BEAC, BCEAO etc.)
d. Major International Insurance/Reinsurance companies who have subsidiaries on African Continent (Munich Re, Swiss Re, Hannover Re, SCOR, Allianz, AXA, Santam South Africa, Sanlam Africa etc.)
e. Major Local/African Reinsurance Companies (ZEP Re, Kenya Re, Atlantic Re CCR, MISR, Continental Re, etc.)
f. Major Insurance companies (Top 3 in their markets)
g. Local Reinsurance Companies
h. Local companies in Bank, Telecoms, Oil & Gas Sectors with better paid jobs
The prospective Consultant should disclose in their tender documents which of the comparators listed above for which they have accurate and current remuneration data/statistics.
The Consultant should also disclose the most recent reports, researches and publications on national, regional and continental remuneration trends.
NB: Comparison with Nos f), g) and h) above should be done with their local positions only.
6. INFORMATION ON REMUNERATION/COMPENSATION REQUIRED
This information will be reviewed to recommend competitive remuneration levels to be adopted by the Africa Re for each category of staff for the next three years and provide the cost implication:
• Basic Salary and Cash Allowances (i.e. guaranteed pay);
• Short Term incentives e.g. profit sharing, bonus and other variable pay;
• Long term incentives and other non-equity-based schemes by peer organizations;
• Cost of Living Allowance / Duty Post Differential
• Inflation Adjustment
• Benefits-in-kind e.g. official vehicle, car grant, maintenance and insurance
• Transport Allowance
• Vehicle benefits
• Official accommodation and utilities (water, electricity telephone expenses, maintenance and insurance);
• Housing allowances
• Maternity/Paternity Allowances & leave
• Domestic staff Allowance
• Education assistance (children school fees subsidy)
• Dependent allowance;
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