Afreximbank has launched an insurance management services company called AfrexInsure, which will offer specialty insurance solutions for trade and trade-related investments across Africa.
AfrexInsure is a single-entry point for all specialty insurance needs and to assist in optimally managing risks. Forming part of the Afreximbank Group, the Afreximbank Insurance Management Company (AfrexInsure) was established in late 2021.
Launching the insurance outfit on Sunday (18 June) at the 30th Afreximbank annual meetings in Accra, Kanayo Awani, Afreximbank’s executive vice president, Intra-African Trade Bank, said: “Our services delivered through co-creation with our partners will ensure that the impact we desire is achieved for the prosperity of the continent and the generations to come.”
“As a key management tool for trade, enabling businesses to pursue ambitious business strategies by lowering risk, tailored insurance and reinsurance products for Africa will have a significant influence on boosting African trade,” Awani said.
“By reducing the risk of transactions or investments, insurance can help drive forward business strategy for those engaged in intra-Africa trade as well as enable global partners to further their commercial interest and ambitions in Africa.
“The introduction of more innovative solutions by adding insurance to our portfolio of banking products will therefore help to reduce the generational trade and infrastructure deficits and bring new impetus to the issue of low insurance penetration in Africa, particularly where it is fundamental to the trade development mandate of the bank.
“The introduction of insurance offerings will complement other initiatives of the bank and advance the implementation of the AfCFTA. It will ensure a comprehensive offering of trade solutions that is fully aligned to African development ambitions and ensure that insurance premiums and African capital is retained on the continent,” she added.
AfrexInsure will be based in Mauritius and will operate alongside Afreximbank’s existing payment gateway and equity investment services.
For his part, Jonas Mushosho, the chief executive and board member of AfrexInsure, said: “The solutions we offer to our clients and Africa meet the needs of those who are funding trade on the continent and those who borrow from them. These solutions we provide are not designed only for the Afreximbank customers. They are for whatever entity that faces these issues in these areas.”
He said the launch of AfrexInsure is a significant milestone in the history of the bank to increase insurance penetration in Africa.
K.C Li, the chairman of AfrexInsure, described the company as “the latest financial weapon of Africa.”
“Together, we will be able to build Africa’s prosperity and trade,’’ he said.
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