Afreximbank launches Insurance subsidiary to support intra-African trade

Nairobi, Monday June 19, 2023

KNA by Joseph Ng’ang’a

The African Export-Import Bank (Afreximbank) has launched its wholly owned insurance management services subsidiary, AfrexInsure, 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.

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 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, 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 who was speaking on behalf of Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank.

She noted that insurance penetration is 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. 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 noted.

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

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.

For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.

Being a stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA.

Courtesy ; K. N. A