African Export Import Bank (Afreximbank) at a curtain raiser event at its on-going 30th annual meetings in Accra, Ghana, launched its insurance subsidiary and specialty trade insurance firm, Afrexim Insurance Management Company (AfrexInure). The insurance firm which is incorporated in Mauritius and regulated by the Financial Services Commission under the Mauritius Insurance Act 2005, will provide vital insurance solutions for trade and trade-related investments across Africa.
Listing the insurance solutions that will be provided by AfrexInsure, CEO and Board Member of the company, Mr. Jonas Mushosho, said AfrexInsurewill provide cover for cargo risks, construction industry risks, property damage, energy and power risks, and other trade-related investments in Africa.
Giving details of the solutions that will be provided by AfrexInsure, Mushosho said the company will provide solutions for cargo risks which are inherent in most operations in marine cargo and land and air transits. In the area of construction, Mushosho said AfrexInsure will provide cover for damage to contractor property, contract works, weather and natural catastrophes and human error, including the associated delay in startup expenses.
Mushosho noted that energy and power companies face significant challenges and wide-ranging risks as the industry continues to transform at a rapid pace. In this regard, he said AfrexInsure will provide coverage for oil and gas infrastructure, as well as conventional and renewable energy assets.
Unveiling AfrexInsure, President and Chairman, Board of Directors, African Export Import Bank (Afreximbank), Professor Benedict Oramah, said the launch of AfrexInsure is a demonstration of Afreximbank Group’s unrelenting commitment to provide more financial and risk management solutions to address the persistent trade finance and trade-related investment gap on the continent.Oramah who spoke through the Executive Vice President, Afreximbank, Mrs.KanayoAwani, added that as a fully licensed and regulated entity, AfrexInsure will facilitate the development of specialty insurance in Africa. He promised that together with all the entities within the Afreximbank Group, “AfrexInsure is aligned with our corporate strategy to provide a comprehensive suite of trade solutions for our clients and partners”.