By Cynthia Ezekwe
The African Export-Import Bank (Afreximbank), has launched AFREXInsure, its wholly owned insurance management services subsidiary, 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.
The pan-African multilateral financial institution, in a statement, said AFREXInsure was established 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.
It further noted that AFREXInsure will leverage on 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.
Speaking during the launch, which took place on the sidelines of Afreximbank’s 30th anniversary annual meetings, Kanayo Awani, executive vice president, intra-African trade bank, on behalf of Benedict Oramah, president and chairman of the board of directors of Afreximbank, noted that AFREXInsure was established to facilitate the insurance of specialty risks in order 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.
According to Awani, insurance penetration is relatively low in Africa compared to other regions, adding that 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.
“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,’’ she added.
