By FRANKLINE SUNDAY
The menace of insurance fraud and the up-coming amendment of the Insurance Act featured prominently at the fourth edition of the annual Insurance Awards 2013.
Think Business Limited Chief Executive, Mr Ochieng Oloo, however, exuded confidence in the growth of the industry, stating that current profit trends paint a bright future for insurers, underwriters and brokers.
“Our research indicates a growth trajectory that is sustainable on the backdrop of adoption of ICT, growth in financial literacy, innovation in product offering, improving operation efficiencies and reducing loss ratios,” he said during a colourful awards gala in Nairobi.
The awards which are held annually by Research firm in partnership with Standard Media Group and auditing firm PKF recognises best practice in the country’s insurance industry.
UAP insurance emerged the overall winner at the awards ceremony, clinching the General Insurer of the year for the second year running. The company also won the consumer satisfaction award and the socially responsible corporate award.
Jubilee Insurance clinched seven awards and led in five categories including, ICT, risk management, fraud detection, prevention initiatives, medical insurance underwriter and composite insurer of the year awards.
Other winners were Kenindia Assurance, feted for having the greatest absolute profit jump, Corporate Insurance, Madison Insurance, CFC Life Assurance and Chancery Wright Insurance brokers, with the Company’s founder and Chairman Mr John Murenga, being feted with the lifetime achievement award.
