APA – Accra (Ghana)
The African Export-Import Bank (Afreximbank) has inaugurated, AfrexInsure, a wholly-owned insurance management services subsidiary of the regional financial bank.
Speaking at the inauguration ceremony of on AfrexInsure, on Sunday in Accra, Ghana, 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.
“This is 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,” he said.
President Oramah, who was represented by Mr. Kanayo Awani, Executive Vice-President, Intra-African Trade Bank, said that reducing the risk of transactions or investments, insurance could help drive forward business strategy for those engaged in intra-African trade.
” It would also enable global partners to further their commercial interests and ambitions in Africa,” he said on the sidelines of Afreximbank’s 30th Anniversary Annual Meeting in Accra.
According to him, AfexInsure was set up 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.
“AfrexInsure was set up in 2021 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 its risk expertise by using its continent-wide presence and deep understanding of the African market.
“AfexInsure will provide solutions around cargo handling, construction, operations, and energy, which are sectors critical for the growth and establishment of trade and investment intercontinentally,” local media reports on Monday quoted Oramah as saying.
Oramah also stated that insurance penetration was relatively low in Africa compared to other regions.
“AfrexInsure will, therefore, strengthen efforts to address this need in Africa and in partner states in the Caribbean,” he said, adding that AfexInsure would 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.
GIK/APA
AfrexInsure inaugurated in Ghana to support intra-African trade
