Insurance intermediaries launch umbrella body

Kenya: Local insurance agents and intermediaries have launched an umbrella body to promote their business interests.

 The Bima Intermediaries Association of Kenya (BIAK) will ensure formulation and implementation of viable policies. Speaking during the launch, Resolution Insurance CEO Peter Nduati said agents play a significant role in the growth and development of insurance industry.

"A key distribution channel for us are our external agents and we are happy to build strategic relations with BIAK as we work together to improve and discuss the insurance penetration which is currently at 3.44 per cent," he said.

BIAK Chairman Washington Ndegea said the association would promote professionalism, networking, provision of avenue for recourse in case of disputes among members and harmonise relationship with insuring public.