The African Export-Import Bank (Afreximbank), yesterday, launched its wholly owned insurance management services subsidiary, AFREXInsure.
The firm will provide a single-entry point for all specialty insurance needs to assist in optimally managing related risks for the trade and commerce sector in Africa, the bank said in a statement.
Established in 2021, AFREXInsure is set up to offer specialty insurance solutions for trade and trade-related investments across Africa with access to quality, best-in-breed specialty insurance that are tailor-made for Africa.
“With credible knowledge of Africa, AFREXInsure will leverage its risk expertise by using its continent-wide presence and deep understanding of the African market to provide solutions around cargo handling, construction, operations and energy – sectors critical for the growth and establishment of trade and investment intercontinentally,” it said.
By reducing the risk of transactions or investments, insurance can help drive forward business strategy for those engaged in intra-African trade and enable global partners to further their commercial interests and ambitions in Africa.
Speaking during the launch, which took place in Accra, Ghana, on the sidelines of Afreximbank’s 30th Anniversary Annual Meetings, the President and Chairman of the Board of Directors, Prof. Benedict Oramah, said AFREXInsure was established to facilitate the insurance of specialty risks.
This aims to support businesses in Afreximbank member countries to mitigate the problem of Africa having to rely on external partners to architect the continent’s economic resilience and development.
Oramah, represented by the Executive Vice President, Intra-African Trade Bank, Kanayo Awani, was quoted as saying: “By reducing the risk of transactions or investments, insurance can help drive forward business strategy for those engaged in intra-African trade and enable global partners to further their commercial interests and ambitions in Africa.”
Afreximbank also noted that Insurance penetration is relatively low in Africa compared to other regions, she noted. AFREXInsure will, therefore, strengthen efforts to address this need in Africa and in partner states in the Caribbean.
It will also help retain insurance premiums in Africa and assist in ploughing back Africa’s investments into the continent for the enhancement of trade and economic development for the prosperity of the continent.
The launch also witnessed the unveiling of AFREXInsure’s logo and brand identity under the slogan “Insurance Optimised”.
