(Ecofin Agency) – Created at the end of 2021, AfrexInsure started its activities by granting a specialized insurance policy to the Shapoorji Company.
Afreximbank Insurance Management Company (AfrexInsure), an insurance subsidiary 100% controlled by the African Export-Import Bank (Afreximbank), announced on Monday, March 27, the completion of its first transaction. The transaction involved the issuance of all-risk construction insurance cover to Oman Shapoorji Company, a Shapoorji Pallonji Group company.
This first transaction marks the start of AfrexInsure’s activities, two years after its creation, at the end of 2021.
« Afreximbank established AfrexInsure to facilitate specialist risk insurance to support businesses in our member countries. This transaction not only primes the pump, it also gives AfrexInsure momentum, while sending a strong signal of its commitment to supporting African businesses in their insurance needs and requirements. said Benedict Oramah (pictured), Chairman of the Board of Afreximbank.
AfrexInsure, which offers specialized trade insurance solutions as well as policies related to trade investments in Africa, will cover cargo, construction, operations and energy risks.
In Africa, insurance penetration is relatively low compared to other continents such as Europe, America or Asia. AfrexInsure will intensify its efforts to meet this need by providing insurance to Afreximbank member countries in their trade and trade-related investments.
Chamberlain Moko
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