Expanding Africa’s insurance solutions for increased trade

AFREXInsure, the leading insurance provider in Africa, is on a mission to expand its coverage and enhance trade opportunities across the continent. The CEO of AFREXInsure, Jonas Mushosho, emphasized the company's commitment to leveraging its risk expertise and deep understanding of African markets to provide innovative solutions in critical sectors such as cargo handling, construction, operations, and energy. In an exclusive interview with CNBC Africa, Mushosho highlighted AFREXInsure's expansive reach, covering five countries currently and aiming to serve all 52 member countries of Afreximbank. The company's strategic focus on promoting intra and extra Africa trade is seen as a pivotal step towards fostering economic growth and strengthening business relationships on the continent. The role of insurance in facilitating trade cannot be overstated, as it provides the necessary security and support for both borrowers and lenders involved in trade transactions. AFREXInsure plays a crucial part in ensuring the availability of bankable insurance policies that underpin trade and related investments. By offering comprehensive solutions in areas like marine cargo insurance, construction risk coverage, and business interruption insurance, the company addresses the diverse needs of businesses across various stages of the trade value chain. These tailored insurance products mitigate risks and safeguard assets, ultimately promoting smooth trade operations and business continuity. One of the notable initiatives spearheaded by AFREXInsure is the transit guarantee scheme, designed to minimize risks associated with cross-border trade in Africa. With 16 land-linked countries on the continent, the current practice of requiring bonds at each border crossing not only ties up capital but also leads to significant delays and increased costs for businesses. The introduction of the Afrixin Bank collaborative trade bond scheme streamlines the transit process by enabling seamless movement of goods through multiple countries under a single bond. This innovative approach reduces border friction, minimizes expenses, and enhances the competitiveness of African products in the global market. AFREXInsure's active participation in high-profile events like the Intra-African Trade Fair (IATF) further underscores its commitment to expanding its footprint and fostering strategic partnerships across the continent. Following a successful launch in Accra, the company is focused on engaging with a diverse range of stakeholders, including potential partners and clients seeking tailored insurance solutions. By scaling up its operations and forging new alliances, AFREXInsure aims to establish itself as a premier pan-African insurance entity, serving the unique needs of businesses in different sectors and regions. With a growing presence in five countries since June, AFREXInsure is poised for further expansion, with plans to extend its services to all Afreximbank member countries. The company has also diversified its partnership base, collaborating with key industry players to ensure comprehensive coverage and support for small to medium enterprises driving economic development in Africa. As AFREXInsure continues to chart its course towards enhanced trade facilitation and risk management, its unwavering commitment to innovation and sustainability remains at the forefront of its strategic vision.