Afreximbank picks Zim national Mushosho to head new insurance arm

NDAMU SANDU IN ACCRA, GHANA

The African Export-Import Bank (Afreximbank) has appointed Zimbabwean national and ex-Old Mutual CEO Jonas Mushosho to head its new insurance arm as the trade finance bank seeks to provide specialty insurance solutions on the continent.

AFREXInsure, Afreximbank’s insurance management company, was launched on the sidelines of Afreximbank’s annual meetings which opened in Accra, Ghana, on Sunday.

Mushosho said Sunday AFREXInsure would deal with people with local knowledge and able to price risk appropriately.

“When we have done this, there will be more players and the cost will come down,” said the veteran insurance executive who has been working to set up AFREXInsure for the past two years.

Mushosho said insurance was key in capital formation and premiums were invested outside Africa as there were no provider of specialty insurance.

“If we are shipping out premiums, those premiums are going to be invested in Europe and America,” he said.

“Our journey has started. The journey of a thousand mile starts with the first step.
We will travel this journey with clarity of purpose and vision.”

AFREXInsure completed its first insurance policy early this year after it facilitated the issuance of all-risk construction insurance cover to Oman Shapoorji Company for the construction of the US$80m Afreximbank Africa Trade Centre in Harare.

Mushosho served as CEO of Old Mutual Zimbabwe Limited between 2012 and 2019. He also doubled up as the MD for Old Mutual Rest of Africa, covering 12 countries.

The position placed Mushosho responsible for strategy implementation, stakeholder management, investment performance management, governance and compliance and functional effectiveness of the Old Mutual Business in 12 countries in Africa.

Related