Mbaru-chaired insurer to enter mass market

Jimnah Mbaru-chaired Occidental Insurance is set to expand across the country seeking a larger market share after it unveiled a new corporate branding.

Occidental Insurance managing director Asok Ghosh on Thursday said there is an opportunity for growth if it reaches out to the mass market by targeting the growing number of middle class with various products.

“We have decided having launched our new look logo, we shall grow through all channels of distribution including sales agents. So far, we have grown through brokers channel but now we are expanding our services to other channels like retail agency model,” said Mr Ghosh.

The insurer’s presence in the country was only felt in Nairobi and Mombasa, but recently it has expanded to Kisumu, Nakuru and Thika.

Insurance Regulatory Authority (IRA) data shows that as at December 31, 2017, its market share of general insurance business was 2.07 per cent.

Occidental’s non-executive director Isaac Ng’aru said it is looking for new markets in both rural and peri-urban areas.

“We shall also be addressing the SMEs market and coming up with micro-insurance products to serve the bottom of the pyramid and be able to expand the insurance penetration ratio in the country,” said Mr Ng’aru.

Occidental Insurance was incorporated in 1984 and started transacting in 1987. In the first year of business it posted Sh11 million in gross written premiums.

As at end of 2017, the gross written premiums stood at Sh2.6 billion with a total asset base of Sh3.7 billion. The insurer has been transacting in general insurance business only.