Afreximbank, the African Export-Import Bank, has announced the launch of its new insurance management services company called AfrexInsure.
The company aims to provide specialty insurance solutions for trade and trade-related investments across Africa. AfrexInsure, a member of the Afreximbank Group, was established in late 2021 to serve as a single-entry point for all specialty insurance needs and to help effectively manage risks.
The official launch of AfrexInsure took place on Sunday at the 30th Afreximbank annual meetings in Accra, Ghana.
Kanayo Awani, Executive Vice President of Intra-African Trade Bank at Afreximbank, stated that the services offered by AfrexInsure, in collaboration with its partners, will contribute to the prosperity of the continent and future generations.
She emphasized that tailored insurance and reinsurance products for Africa will play a significant role in boosting African trade by reducing risks and enabling businesses to pursue ambitious strategies.
Awani stressed the importance of insurance in trade, stating that it can facilitate business strategies in intra-African trade and support global partners in pursuing their commercial interests and ambitions in Africa.
She highlighted that innovative insurance solutions will help address trade and infrastructure deficits and increase insurance penetration on the continent.
AfrexInsure will be headquartered in Mauritius and will work alongside Afreximbank’s existing payment gateway and equity investment services.
Jonas Mushosho, Chief Executive and Board Member of AfrexInsure, emphasized that the company’s solutions cater to the needs of those funding trade in Africa and those borrowing from them.
He also mentioned that the launch of AfrexInsure is a significant milestone in increasing insurance penetration in Africa.
K.C Li, Chairman of AfrexInsure, described the company as “the latest financial weapon of Africa.”
He expressed confidence that AfrexInsure, together with its partners, will contribute to Africa’s prosperity and trade.
The introduction of AfrexInsure’s insurance offerings will complement the bank’s other initiatives and support the implementation of the African Continental Free Trade Area (AfCFTA).
It will provide a comprehensive range of trade solutions that align with African development ambitions and ensure that insurance premiums and African capital remain on the continent.
By Vincent Kubi