The African Export-Import Bank (Afreximbank) has made a significant move towards enhancing trade and commerce in Africa with the launch of its wholly owned insurance management services subsidiary, AFREXInsure, in Ghana.
This strategic initiative aims to provide a comprehensive solution for specialty insurance needs in the trade sector, assisting businesses in optimally managing related risks.
Established in 2021, AFREXInsure is committed to delivering specialty insurance solutions tailored specifically for trade and trade-related investments across Africa. With its deep understanding of the African market and extensive continent-wide presence, AFREXInsure aims to offer quality, best-in-breed specialty insurance products to support the growth and establishment of trade and investment within the region.
During the launch event, held on the sidelines of Afreximbank’s 30th Anniversary Annual Meetings, Kanayo Awani, Executive Vice President of the Intra-African Trade Bank, spoke on behalf of Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank.
Awani emphasized that AFREXInsure was established to facilitate the insurance of specialty risks, enabling businesses in Afreximbank member countries to mitigate economic challenges and reduce dependence on external partners for Africa’s economic resilience and development.
“Insurance plays a critical role in reducing transaction and investment risks, driving business strategies for intra-African trade, and fostering commercial interests and ambitions in Africa,” stated Ms. Awani.
She also highlighted that insurance penetration in Africa remains relatively low compared to other regions, making AFREXInsure’s presence all the more important. The subsidiary will work towards addressing this gap not only in Africa but also in partner states in the Caribbean, ensuring that insurance premiums stay within Africa and contribute to the continent’s trade and economic development.
The launch of AFREXInsure was accompanied by the unveiling of its logo and brand identity, represented by the slogan “Insurance Optimised.” This distinctive branding reflects the company’s commitment to providing specialized insurance solutions that optimize risk management for businesses across the continent.
AFREXInsure’s entry into the insurance market is poised to make a significant impact by facilitating trade and investment growth, bolstering Africa’s economic resilience, and fostering intra-African trade.
As Afreximbank continues to drive forward its vision of promoting sustainable development and economic integration in Africa, the launch of AFREXInsure marks another milestone in the bank’s efforts to support businesses and enhance the continent’s trade landscape.
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