Afreximbank sets up insurance subsidiary to support intra-African trade

The African Export-Import Bank (Afreximbank) on Sunday inaugurated its wholly-owned insurance management services subsidiary, AfrexInsure.

AfrexInsure was inaugurated on the sidelines of Afreximbank’s 30th Anniversary Annual Meeting in Accra, Ghana on Sunday, a statement released by BrandComms Agency said.

“AfexInsure was set up with a commitment to 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.

“AfrexInsure was set up in 2021 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.

“AfexInsure will provide solutions around cargo handling, construction, operations, and energy, which are sectors critical for the growth and establishment of trade and investment intercontinentally.”

The statement quoted Prof. Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, as saying “AfrexInsure was established to facilitate the insurance of specialty risks.

“This is 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.”

The statement said Oramah, represented by Kanayo Awani, Executive Vice-President, Intra-African Trade Bank, said reducing the risk of transactions or investments, insurance could help drive forward business strategy for those engaged in intra-African trade.

“It would also enable global partners to further their commercial interests and ambitions in Africa.”

Oramah said insurance penetration was relatively low in Africa compared to other regions.

“AfrexInsure will, therefore, strengthen efforts to address this need in Africa and in partner states in the Caribbean.”

He said AfexInsure would 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.

According to the statement, the launch also witnessed the unveiling of AfrexInsure’s logo and brand identity under the slogan “Insurance Optimised”.