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Microinsurance figures demonstrate readiness for insurance in Kenya
Business Daily, 10 March 2010
Insurance companies are speeding up the search for new distribution channels to cover a bigger market. Conventional agents who are the face of the industry and limited direct sales by in-house contacts have failed to make meaningful impact on individual policy sales.
Revenue growth has been relatively slower yet evidence especially based on sale of microinsurance business shows more Kenyans are ready for the services. Although industry has consistently recorded growth in the last seven years, the gross premium volumes that topped Sh51.9 billion in 2008 are seen as too low for an industry with 43 players.
Growing new distribution channels for individual life products will be one of the key business growth plans for Pan Africa Insurance this year, said the company’s CEO, Tom Gitogo. “(We shall) focus on our relationship with banks to provide insurance solutions to their customers,” he said.
Life cover volumes remained at Sh1.5 billion in the year ended December 31, 2009 while corporate business grew by 50 per cent to Sh1.5 billion.
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