The African Export-Import Bank (Afreximbank) has introduced a new subsidiary called AfrexInsure, aimed at providing insurance management services to support intra-African trade. AfrexInsure will serve as a dedicated platform for meeting the diverse insurance needs of the trade and commerce sector in Africa, effectively managing associated risks.
Established in 2021, AfrexInsure is focused on offering specialized insurance solutions tailored to trade and trade-related investments across the continent. The subsidiary aims to provide quality, best-in-class specialty insurance products specifically designed for Africa. Leveraging its in-depth knowledge of the African market and continent-wide presence, AfrexInsure will focus on sectors critical to trade and investment, including cargo handling, construction, operations, and energy.
Benedict Oramah, the President and Chairman of the Board of Directors at Afreximbank, highlighted that AfrexInsure would play a crucial role in facilitating the insurance of specialty risks. By reducing transaction and investment risks, insurance can effectively support business strategies for entities engaged in intra-African trade. Oramah emphasized the importance of AfrexInsure in enabling African businesses to address economic resilience and development challenges without relying solely on external partners. Additionally, the subsidiary will assist global partners in advancing their commercial interests and ambitions in Africa.
AfrexInsure’s establishment aligns with Afreximbank’s commitment to promoting trade and economic development within the continent. The subsidiary’s presence will help retain insurance premiums within Africa and reinvest them in the continent, fostering trade enhancement and overall economic prosperity. With its specialized insurance solutions, AfrexInsure aims to provide a reliable and comprehensive platform for managing risks associated with intra-African trade and contribute to the continent’s growth and resilience.
