Afreximbank launches insurance management services subsidiary

Addis Ababa, June 19, 2023 (FBC) – 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.

It is stated that 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, 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.

Insurance penetration is relatively low in Africa compared to other regions, she noted. AFREXInsure will, therefore, strengthen efforts to address this need in Africa and in partner states in the Caribbean.

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

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