Britam Insurance #ticker:BRIT appears to be building a strong general insurance franchise outside Kenya. The company’s own disclosure shows that in 2020, its general insurance businesses in Tanzania, Uganda, Malawi, Mozambique, South Sudan and Rwanda contributed to half of the group’s general insurance gross premiums, which is quite commendable.
For starters, Britam operates 12 business classes under its general insurance offering. In Kenya, the general insurance business held a six percent market share in 2020, being the fifth largest. In terms of business classes, it had the largest personal accident book. But the business has struggled to return underwriting capital to shareholders.
