Menu

The African Export-Import Bank (Afreximbank) last month announced it has launched its wholly owned insurance management services subsidiary, AFREXInsure.

Established in 2021, AFREXInsure is set up to offer specialty insurance solutions for trade and trade-related investments across 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,” Afreximbank said in a statement sent to Financial Nigeria.

Kanayo Awani, Executive Vice President, Intra-African Trade, Afreximbank, said the insurance business can help drive forward business strategy for those engaged in intra-African trade by reducing the risk of transactions or investments. It will also enable global partners to further their commercial interests and ambitions in Africa.

Insurance penetration is relatively low in Africa compared to other regions. Ms. Awani noted that 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.