Jubilee Allianz General Insurance #ticket:JUB has rolled out discounted insurance policies for small enterprises that also allow for instalment premium payments.
The discounted covers will be available to small and medium sized enterprises (SMEs) who are members of the Kenya National Chamber of Commerce and Industry (KNCCI).
The discounted and instalment payments are meant to help small firms access covers such as property and stock insurance without much hit on their cash flows.
Jubilee Allianz General Insurance CEO Catherine Igathe said the range of discounts will depend on the risk profile of respective SMEs.
“We want to tailor it to the needs of each business. For instance, businesses that are burglar proof will see different discounts than those that aren’t,” said Ms Igathe.
She added that the solution is also designed to have the claims settled with speed, minimising disruptions on SMEs business.
Jubilee Allianz has partnered with several financial firms to provide premium financing, giving SMEs the room to pay in instalments.
Kenya’s insurance law requires upfront payment of premiums for any cover to be deemed effective, but flexible monthly instalment payments are being made possible through premium loans.
The covers will be provided under the SME and traders package. Other personal insurances like motor, home and personal accident will also be available.
KNCCI president Richard Ngatia said the cover is timely given the negative impact of Covid-19 that has seen many SMEs record sharp decline in revenue.
“Business insurance is therefore highly welcome to provide coverage for income in the case of future unforeseen interruption,” said Mr Ngatia.
SMEs will access the insurance solutions through an online portal, making it easier for over 45,000 KNCCI members to sign up.
Insurance is not popular with small businesses in Kenya owing to informal structures and perception that it is expensive.
However, many insurance companies have increasingly been tailoring their products to cater for small and medium enterprises.