• Home
  • Business
  • Ghana: Afreximbank launches Insurance subsidiary to support intra-African trade
Image

Ghana: Afreximbank launches Insurance subsidiary to support intra-African trade

The African Export-Import Bank (Afreximbank) has launched its wholly owned insurance management services subsidiary, AFREXInsure in Accra, 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.

Established in 2021, AFREXInsure is set up to offer specialty insurance solutions for trade and trade-related investments across Africa with access to quality, best-in-breed specialty insurance that are tailor-made for Africa.

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.

“By reducing the risk of transactions or investments, insurance can help drive forward business strategy for those engaged in intra-African trade and enable global partners to further their commercial interests and ambitions in Africa,” said Ms. Awani.

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. It will also help retain insurance premiums in Africa and assist in ploughing back Africa’s investments into the continent for the enhancement of trade and economic development for the prosperity of the continent.

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

Related Posts

Ghana: GCX benefit 350,000 smallholder farmers

The Ghana Commodity Exchange (GCX) has ensured fair prices for more than 50,000 small-scale farmers who have participated…

Nigeria: SMEDAN, Sterling bank unveils N5 billion single interest loan for small businesses

The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), in collaboration with Sterling Bank Ltd., introduced a…

Ghana: KIC opens call for Business Booster Program

Kosmos Innovation Center (KIC) in partnership with the Mastercard Foundation has announced the opening of call for applications…

Nigeria: Diageo to divest majority stake in Guinness Nigeria

British multinational alcoholic beverage company Diageo has agreed to sell its 58 percent majority shareholding in Guinness Nigeria…