The African Export-Import Bank (Afreximbank) has launched AfrexInsure, a wholly owned insurance subsidiary, to provide pan-African speciality insurance solutions for the trade and commerce sectors.

The business will aim to leverage Afreximbank’s presence across the continent and use its understanding of the African market to deliver “a single-entry point” for specialty insurance solutions that are “tailor-made for Africa”, the lender says.

Sectors targeted include cargo handling, construction, operations and energy.

AfrexInsure was established as a business in 2021, but was formally launched on June 18 during Afreximbank’s series of annual meetings, which are being held this week in Ghana. In the intervening time, the business was being developed and established, a spokesperson tells GTR.

Kanayo Awani, executive vice-president, Intra-African Trade Bank, said at the launch event that AfrexInsure was designed to help businesses in Afreximbank member countries “mitigate the problem of Africa having to rely on external partners” to build economic resilience and development.

Awani – speaking on behalf of Benedict Oramah, president and chairman of Afreximbank’s board of directors – added that the subsidiary will aim to increase insurance penetration across Africa, as well as in partner states in the Caribbean, and keep insurance premiums within the continent.

“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 Awani.