Jubilee Allianz General Insurance (K) Limited and Kenya Chamber partner to provide affordable insurance solutions

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Jubilee  Allianz  General Insurance and Kenya  National  Chamber of Commerce  and Industry  (KNCCI)  have today  unveiled a   range  of  insurance  solutions  aimed  at  providing  a  financial  cushion  to  SMEs across the  country.  SMEs who are  members  of KNCCI  will  be able to  access simple insurance  solutions  with  extended  discounts  and  ability  to  pay  in  instalments without  affecting  cashflow.

The solution  is part of the value  adds to  members by ensuring  business  continuity. One of the  reasons  why  SM E’s  fail  is diversion of funds to address  risk  events that would  otherwise be insured  e.g.,  Illness  in family, theft of Stock,  Fire/flood even accidents.

Under the  arrangement,  SM Es will  be covered for risks such as Property  insurance, Stock,   Business   income   insurance,   Liability   insurance,   Employee   Insurances, among  others. These  will  be provided under the SME and Traders Package.  Other personal  insurances  like  Motor,  Home and  Personal  Accident will  also be available.

Commenting  on  this  partnership,  Jubilee  Allianz  General  Insurance  (K)  Limited CEO, Catherine Igathe noted that, insurance is a necessity for sustainable business operations  that  has largely been  ignored  by key stakeholders.

“Allianz  main  purpose  is securing  the  future  of  our customers  and  stakeholders. This  partnership is aligned  with KNCCI goal of ensuring members, who are mainly SME’s,  access  credit as  well  as  remain   a  going  concern.  To  grow  the  customer base,  building   wealth  and  protect  assets,  any  business   requires  insurance  and Jubilee  Allianz  has the right solutions and  capability to respond  to these business needs,”  Catherine  Igathe  said.  She  added  that the  solution  is  also  designed   to have  claims  settled  with  speed  to  get  the  SME ‘back  in  business  as  quickly   as possible’.

Kenya  National Chamber of Commerce and Industry President Mr.  Richard Ngatia welcomed   the  move  emphasizing  that  it  will  go  a  long  way  in  ensuring that  its members  benefit from   affordable  insurance  options.  The  COVID-19  period  has had negative  impact on SMEs where multiple  businesses  recorded  massive losses with  decreased  profitability.  Business  insurance  is  therefore  highly   welcome   to provide   coverage for income  in the  case  of future  unforeseen  interruption,”  Mr. Ngatia  said.

The  insurance  solutions will  be accessed  through  an  online  portal  and  members can  visit their county  chamber offices  countrywide for support.  The  partnership aims at providing insurance protection to over 45,000 members and in turn  reduce the  risk  of loan  defaults,  staff lay-offs  and business  closure.