By FREDRICK OBURA
The Kenya Re Insurance Corporation is scouting for new business frontiers in southern Africa.
Kenya Re Chariman Nelius Kariuki.[Photo
The major player in the reinsurance market said, apart from Nigeria, it would open an office in South Africa.
Kenya Re Chairman Nelius Kariuki said the firm paid out about Sh3 billion in net claims against major marine accidents and fire accidents.
“We are excited about these achievements due to our dedicated team, going forward needs more work as 2012 promises a challenging business environment,” said Kariuki.
“We are looking at opening up a full branch in Southern Africa to serve growing market in that region,” she said during the firm’s Annual General Meeting in Nairobi.
“Zambia, Botswana, Zimbabwe and Mozambique are in our consideration for better tax regime.”
The corporation expressed concern over fire related claims, which raised the number of compensation last year compared to the previous year.
“Fire outbreak is a potential threat to the insurance industry, we have witnessed this not only in Kenya but to other markets like Middle East and other parts of Africa where we operate,” said Jadiah Mwarania, managing director, Kenya Re.
“We are on the drawing board on how to manage the claims emanating from fire outbreaks,” added Mwarania. Net claims incurred increased from Sh2 billion in 2010 to Sh2.94 billion last year.