Markets & Finance

UAP Old Mutual bets on holiday fever to drive up home insurance cover sales

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UAP Old Mutual General Insurance managing director James Wambugu. PHOTO | MARTIN MUKANGU

Underwriter UAP Old Mutual Group is banking on home insurance covers during the festive travel rush to drive up premium sales.

UAP Old Mutual General Insurance managing director James Wambugu says his firm will target homeowners keen on preventing holiday-related disasters by protecting their homes from losses linked to break-ins, burst piping and overflowing water among other perils.

“Most people go on holiday around this period, leaving their houses vacant, which increases the likelihood of burglaries.

“Additionally homeowners face potential losses from leaked pipes and other accidents since they are not present to take immediate action when such disasters occur,” said Mr Wambugu.

“The covers are also meant to offer protection against fires, riots, injuries and illness to domestic staff.”

The yearly Christmas rush is marked by mass travel upcountry or to holiday destinations. Most Kenyans leave their homes unattended, exposing them to risk of burglary and theft.

Mr Wambugu also expects interest in the travel insurance products to peak around this period.

“This cover is ideal for those who plan to travel upcountry or abroad and protects them from losses associated with misplaced luggage, cancelled trips and medical expenses in the unfortunate event of an accident,” he said.