Browsing: insurance

• Britam Holdings Board of Directors has appointed Lofti Baccouche of Capgemini Invent in the UK as an Independent Non- executive Director. 
• The appointment is subject to the Insurance Regulatory Authority’s approval amidst a low insurance penetration in the country. 
• Lotfi is a financial services executive with solid experience in both developed and emerging markets with over 35 years of experience in finance, insurance and risk management.  

Britam Holdings Board of Directors has appointed United Kingdom’s Lofti Baccouche the Vice President – Insurance practice lead in Capgemini Invent in the UK as an Independent Non- executive Director. 

The appointment is subject to the Insurance Regulatory Authority’s approval amidst a low insurance penetration in the country. 

Lotfi is a financial services executive with solid experience in both developed and emerging markets with over 35 years of experience in finance, insurance and risk management. He has wide experience in multiple countries across Africa, …

In November 2012, Nduati sold 27 percent of his stake in the insurance company to private equity firms in a deal estimated at Sh300 million.

According to the Business Daily, the African Development Corporation (ADC), which previously held 25.1 percent in Resolution Health, was one of the companies that bought the new shares.…

South Africa has a market-oriented agricultural economy that is highly diversified and includes the production of all the major grains (except rice), The agricultural sector contributed around 10 percent to South Africa’s total export earnings in FY 2019 at a value of $10.7 billion. The grain industry (barley, maize, oats, sorghum and wheat) is one of the largest agricultural industries in South Africa, contributing more than 30% to the total gross value of agricultural production. The industry is comprised of a number of key stakeholders including input suppliers, farmers, silo owners, traders, millers, bakers, research organizations, financiers, etc but with increasingly severe weather, growing political volatility, cyber concerns and other threats, farmers need to continue to invest in their risk preparedness.

As the farming industry is disrupted by digital, insurers and intermediaries must anticipate emerging risks to remain relevant and be the partner that farmers need. Now’s the time for …

An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates or denies the claim. If it is approved, the insurance company will issue payment to the insured or an approved interested party on behalf of the insured. That’s the definition according to Investopedia. 

According to the Insurance Act Cap 487 of the Laws of Kenya, Section 203 talks about settlement of claims. Subsection (1) talks about the process of claims payment once it is established that the claim is payable and also the time limit within which it should be settled. Section 203 Subsection (1)(d) says that a claim is payable within ninety days of the date of the reporting of the claim or where the determination of liability is by a court, within ninety days of such determination, provided that …

British insurance company Prudential plc has submitted a letter of Intent to apply to join the newly established Nairobi International Financial Centre (NIFC).

In a statement, the company says the application will position it as one of the NIFC’s anchor clients and support the deepening of Kenya’s financial services landscape.

The letter was submitted at a high-level roundtable at The Mansion House in the City of London, attended by President Uhuru Kenyatta, UK Foreign Secretary Dominic Raab, Kenyan Treasury Cabinet Secretary Ukur Yatani Kanacho, UK Minister of State for Africa James Duddridge, the UK Economic Secretary to the Treasury John Glen, the Lord Mayor of the City of London William Russell and Chairs and CEOs of leading UK financial institutions.

Ukur Yatani, Cabinet Secretary National Treasury & Planning said through collaboration with partners like the CityUK, the NIFC will attract increased investment and financing into the country,

“This will not …

Digitization refers to creating a digital representation of physical objects like saving a paper document into a digital document in a format like PDF. Computerized systems can then use it in various cases. Digitization is foundational meaning it is the connection between the physical world and software. 

One of the most important features of digitization is cost cutting. Most insurers have recognized the necessary change towards a digital future by digitizing their processes like taking out new policies and managing existing ones, giving out quotations, submitting bills and reporting of car accidents. These are processes that can now be done online. These cut costs because the physical presence of someone is not required and that one person can serve different people at the same time. 

Digitizing the insurance industry makes it easier for customers to access information and enables simple comparisons between providers. It also accelerates closing processes of sales …

According to Wikipedia, regulation means the management of complex systems according to a set of rules and trends. Industry regulations aim at bringing order by laying down a set of rules to be followed by all, rules aimed at harmonizing all the players together without favoring one over the other. 

There has been a lot of concern why the insurance industry in Kenya is not growing, and in fact has been declining over the years—a situation that has led the government to come up with a National Draft Policy aimed at filling in the gaps and strengthening the sector. A situational analysis in the draft policy identifies various gaps and challenges the industry faces. These include limited access to insurance, low levels of insurance awareness and financial literacy, poor public perception and lack of trust in the industry, poor management of policies and claims processes, limited products, fraud, low usage …

Cash in lieu in insurance means where the insurance company exercises the option of giving you cash for repair of your car instead of them having it repaired for you. There are a number of ways an insurance company can settle a motor insurance claim: by having your car repaired, or by giving you compensation in case of total loss or giving you cash for repairs. Insurance companies are technically liable for poor car repairs should you suffer injuries as a result. 

Thus for an insurance company to remove themselves from the latter kind of situation they should just be liable for the cost of repairs and not arranging for repairs. That is different in Kenya and elsewhere where insurance companies arrange for the cost of repair in a bid to save a few shillings. An insurance company can opt for …

English sea-faring merchants would pay banks to cover them in case of a shipwreck and if the ship returned safe from its journey the bank would keep the premiums.
A premium so paid covers the cost of insuring the individual and provides assurance to the insured that in the event of a loss he/she will be covered.…