The African Export-Import Bank (Afreximbank) has unveiled its owned insurance management services subsidiary, AfrexInsure, which will provide specialty insurance solutions for trade and trade-related investments across African countries.

The new entity will be headquartered in Mauritius and operate alongside Afreximbank's existing payment gateway and equity investment services.

The unveiling was held on Sunday in Accra, during the 30th Annual Meetings of the African Export-Import Bank (Afreximbank).

The Executive Vice President of Intra-African Trade Bank, Mrs Kanayo Awani, speaking on behalf of the President and Chairman of the Board of Directors of Afreximbank, said AfrexInsure was established to facilitate the insurance of specialty risks to support businesses in Afreximbank member countries to mitigate the problem of Africa having to rely on external partners to plan the continent's economic resilience and development.

"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," she added.

She pointed out that insurance penetration was relatively low in Africa compared to other regions.

She said AfrexInsure would strengthen efforts to address this need in Africa and partner states in the Caribbean.

"It will 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," she added.

The launch also witnessed the unveiling of AfrexInsure's logo and brand identity under the slogan "Insurance Optimised".