The African Export-Import Bank (Afreximbank) marked a significant milestone on Sunday as it inaugurated its fully-owned subsidiary, AfrexInsure, during the 30th Anniversary Annual Meeting held in Accra. The newly established insurance management services company aims to provide comprehensive specialty insurance solutions tailored to the needs of the trade and commerce sector in Africa.
AfrexInsure, established in 2021, aims to offer high-quality specialty insurance options for trade and trade-related investments across the African continent. By leveraging its extensive knowledge and understanding of the African market, AfrexInsure aims to serve as a single-entry point for all specialty insurance requirements, helping to effectively manage associated risks.
The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, emphasized the importance of AfrexInsure in facilitating the insurance of specialty risks. He highlighted the significance of reducing the reliance on external partners for insuring Africa’s economic resilience and development, stressing the need for Africa to take control of its insurance needs.
AfrexInsure will focus on sectors crucial for trade and investment growth, including cargo handling, construction, operations, and energy. By providing tailor-made solutions in these sectors, AfrexInsure aims to support the establishment and expansion of intercontinental trade and investments.
Prof. Benedict Oramah, represented by Kanayo Awani, Executive Vice-President of Intra-African Trade Bank, highlighted the potential of insurance in mitigating risks and driving business strategies, especially for those engaged in intra-African trade. He also emphasized the importance of insurance penetration, which is relatively low in Africa compared to other regions. AfrexInsure aims to address this gap and strengthen insurance efforts in Africa and partner states in the Caribbean.
The launch event witnessed the unveiling of AfrexInsure’s logo and brand identity, showcasing the company’s commitment to optimizing insurance solutions. By retaining insurance premiums within Africa and reinvesting them into the continent, AfrexInsure aims to contribute to trade enhancement, economic development, and overall prosperity in Africa.
With its extensive risk expertise, deep understanding of the African market, and continent-wide presence, AfrexInsure is poised to play a pivotal role in supporting businesses, driving economic resilience, and fostering a conducive environment for trade and investment in Africa.