Global Courant
The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) today launched its wholly owned insurance management services subsidiary, AFREXInsure, in Accra with a commitment to provide a single entry point for all specialized insurance needs to help optimally manage related risks for trade and commerce in Africa.
Established in 2021, AFREXInsure was established to provide specialist insurance solutions for trade and trade-related investments across Africa with access to high-quality, best-in-breed specialty insurance tailored for Africa.
With credible knowledge of Africa, AFREXInsure will leverage its risk expertise by leveraging its presence across the continent and its deep knowledge of the African market to provide solutions in the cargo handling, construction, operations and energy sectors that are crucial to the growth and establishment of trade and intercontinental investment.
Speaking at the launch, which took place on the sidelines of Afreximbank’s 30th Anniversary Annual Meetings, Kanayo Awani, Executive Vice President, Intra-African Trade Bank, spoke on behalf of Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said AFREXInsure was established to facilitate special risk underwriting to support Afreximbank member state companies in mitigating the problem of Africa having to rely on external partners to economic resilience and development of the continent.
“By reducing the risk of transactions or investments, insurance can help advance business strategy for those engaged in intra-African trade and enable global partners to advance their commercial interests and aspirations in Africa,” said Ms. Awani.
Insurance penetration is relatively low in Africa compared to other regions, she noted. AFREXInsure will therefore strengthen efforts to meet this need in Africa and in partner countries in the Caribbean. It will also help hold insurance premiums in Africa and help plow back African investment into the continent for the improvement 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 Optimized”.
Distributed by APO Group on behalf of Afreximbank.
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About Afrexim Bank:
African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution mandated to finance and promote trade within and outside Africa. For 30 years, the Bank has deployed innovative structures to provide financing solutions that support the transformation of the fabric of trade in Africa, accelerating industrialization and intra-regional trade, thereby fueling economic expansion in Africa. Afreximbank, a staunch supporter of the African Continental Free Trade Agreement (AfCFTA), has launched a Pan-African Payment and Settlement System (PAPSS) adopted by the African Union (AU) as the payment and settlement platform to support the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the bank is establishing a $10 billion adjustment fund to help countries participate effectively in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees exceeded US$31 billion, and its shareholder funds amounted to US$5.2 billion. The bank has paid out more than $86 billion between 2016 and 2022. Afreximbank has been awarded investment grade ratings by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity consisting of the Bank, its impact fund subsidiary called Fund for Export Development Africa (FEDA) and its insurance management subsidiary, AfrexInsure, (together “the Group”). For more information, visit: www.Afreximbank.com
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