West Africa reinsurer, WAICA Re, has launched operations in Kenya as it looks to grab a share of the growing insurance business in East and Central Africa.
WAICA Re Kenya has invested Sh1 billion to roll out reinsurance services for all general classes across the region, projecting to grow annual income to Sh1.5 billion over the next three years.
“Kenya’s insurance sector has a lot of growth potential and the country’s favourable policy framework has created a friendly environment for investment and growth,” said WAICA Re Kenya Chief Executive Charles Etemesi at the launch in Nairobi yesterday.
Mr Etemesi said the company is banking on technology and the parent company’s strong capitalisation, which is one of the highest in the region, to grow market share in the highly competitive sector.
“We are going to deploy cutting-edge technology, especially in document management systems and relevant finance and underwriting software to ensure that we run an efficient business that will add value to our clients,” he said.
Insurance penetration in Kenya has traditionally been low, with latest industry statistics putting it at just 2.8 per cent of the population compared to sub-Saharan Africa’s average of 3.5 per cent.