Inside Politics

Britam to develop new property insurance solutions

Monday, October 19th, 2020 00:00 |
Britam’s Group Managing Director, Benson Wairegi. Photo/File

Britam Insurance has partnered with the International Labour Organisation (ILO) to develop property insurance solutions for the low income and underserved segments in Kenya. 

Dubbed “Developing New Property Insurance Solutions”, the project will involve developing innovative and client-centric products and processes that are cost effective and viable in the long term.

“We are delighted to have been selected as the host organisation for this project.

This is testament of our capability to innovate and provide insurance products to the underserved market segments," said Britam’s Group Managing Director Benson Wairegi. 

He said Britam was not new to this segment as it has been providing solutions to the emerging and underserved consumers since 2007. 

Today, Wairegi added, the insurance company is the largest micro-insurance provider in the country. 

George Mugweru, the UN Habitat for Humanity housing market systems specialist said the project will incubate innovative property risk management solutions.

“We identified an urgent need for property insurance to support this objective in Kenya," he said, adding that research has found that 35 per cent of Kenyans have reported losing their homes, businesses or property due to fire, flood, theft or eviction in the last two years. 

ILO’s chief of social impact and finance Craig Churchill, said across the world, the market for property insurance for low-income segments is relatively nascent.

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