Afreximbank Launches AFREXInsure to Support Intra-African Trade

The African Export-Import Bank (Afreximbank) has launched AFREXInsure, its wholly owned insurance management services subsidiary, 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 is designed 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 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, Kanayo Awani, Executive Vice President, Intra-African Trade Bank, speaking on behalf of Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said 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.

“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,” said Ms. Awani.

She observed that as compared to other continents, insurance penetration is relatively low in Africa. Therefore, AFREXInsure will step up efforts to meet this requirement in partner countries in the Caribbean as well as in Africa. Additionally, it will aid in keeping insurance premiums in Africa and helping the continent reinvest its assets for the benefit of commerce and economic growth for the continent’s prosperity.

The launch also witnessed the unveiling of AFREXInsure’s logo and brand identity under the slogan “Insurance Optimised”.