Jubilee Insurance CEO Patrick Tumbo (right) with Al-Futtaim executives Steve Faulker (left) and Mark Kass last week. PHOTO | FILE
What you need to know:
Jubilee Insurance has partnered with State-owned insurance company Sonas to offer medical and life cover products.
Jubilee Insurance has entered the Democratic Republic of Congo where it plans to tap high demand for cover in the country.
The insurer has partnered with State-owned insurance company Sonas to offer medical and life cover products.
The Kenyan insurer has made a request to invest in that country pending grant of a licence to operate independently. DRC had for decades locked out foreign insurance companies until recently when it amended its insurance laws opening its market to foreign companies.
Foreign companies are required to have a minimum capital base of $10m (about Sh1 billion) to operate in the country.
The lack of competition by insurance firms in the country has exposed its citizens to expensive policies. Sonas is owned and controlled by the government.
“We have already started our operations in the Democratic Republic of Congo in partnership with government-owned Sonas Insurance Company and the business prospects are favourable,” said Jubilee Insurance chief executive officer Patrick Tumbo in an interview.
He spoke in Nairobi when he signed a partnership between Jubilee and auto firm Al Futtaim that will see Jubilee provide comprehensive Motor Insurance policies to customers buying vehicles at the Nairobi-based car dealer.
“We’re happy that we can now offer this tailor-made solution right from our showrooms. This convenience will mean an improvement in our service offering that is unmatched,” said Steve Faulkner, regional director Al Futtaim Group.
Mr Tumbo said Jubilee’s expansion will also focus on the counties given the emerging opportunities that have been brought by the devolved system of government.
Jubilee Insurance said it will be eyeing acquisitions both in Kenya and in the region to expand its presence. The buyouts will be mainly funded through internally generated cash.
“All our expansion will be funded through internally generated cash and external borrowing,” he said.
Jubilee Insurance currently has operations in Kenya, Uganda, Tanzania, Burundi and Mauritius, with the firm being the market leader in some of these markets, including Kenya.
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