AFREXInsure launched to provide specialty insurance for trade and commerce sector in Africa
In order to help the trade and commerce sector in Africa manage related risks as effectively as possible, the African Export-Import Bank (Afreximbank) (www.Afreximbank.com) today in Accra launched its wholly owned insurance management services subsidiary, AFREXInsure.
By providing access to high-quality, best-in-class speciality insurance that is specifically designed for Africa, AFREXInsure was established in 2021 to provide specialty insurance solutions for trade and trade-related investments across Africa.
With solid knowledge of the continent, AFREXInsure will use its presence across the continent and in-depth understanding of the African market to provide solutions in the areas of energy, operations, and cargo handling, which are crucial for the development of international trade and investment.
Speaking at the launch, which coincided with Afreximbank’s 30th Anniversary Annual Meetings, Kanayo Awani, Executive Vice President, Intra-African Trade Bank, spoke on behalf of Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, stating that AFREXInsure was created to make it easier for businesses in Afreximbank member countries to insure specialty risks in order to support businesses and help mitigate the problem of Africa having to rely on external partners to design the continent’s economic resilience and development.
Insurance can aid in the advancement of business strategy for individuals involved in intra-African commerce by lowering transaction or investment risk and enabling international partners to advance their commercial interests and objectives in Africa, according to 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.
Along with the introduction, AFREXInsure unveiled its brand identity and logo with the tagline “Insurance Optimised”.
