Insurance companies and agents awarded in annual fete

From Left to Right: Ambrose Dabani, CEO Britam Life Assurance, Betty Mwangi, Group Commercial Director, Charles Muriithi, Head of Financial Advisors & Branch Network and Bernard Shisanya, Products Manager celebrate Britam's as the Life Insurance Company of the Year during the AKI Agents of the Year Awards. [Photo: Courtesy]

Last year’s best performing insurance companies were on Friday awarded in different categories during the AKI Agents of Year Awards held at Carnivore Grounds, Nairobi.

Jubilee Insurance was crowned General Insurance Company of the Year, while Britam was recognised as the Life Insurance Company of the Year.

Moses Ndiritu from Jubilee won the General Insurance Agent of the Year, which is given to the agent with the highest number of policies sold during the competition period. 

In the Life Insurance category, Ms Jayshree Haria from Jubilee won the Persistency Award, which is awarded to an agent who has a maintained at least 75 per cent life insurance customers for three years and more.

Mr Stephen Njoroge Karanja from Britam won the New Business Award, which celebrates an agent who has sold 50 policies and achieved Sh2.4million annual premium income.

Other winners at the awards were ICEA LION Group, UAP-OLD Mutual, CIC Group, APA Insurance, Fidelity Insurance, Kenindia Assurance, Madison Insurance and Liberty.

The event, which was held on the same day as the International Women Day, celebrated women and their excellent performance.

 “This year, we had a total of 425 insurance sales agents qualifying, with 352 from Life Insurance and 73 from General Insurance. Women made up 60 per cent of all the qualifying agents”, said AKI Executive Director, Mr Tom Gichuhi during the event.

The guest of honour at the awards, Dr Jennifer Riria, Group CEO Kenya Women Finance Trust, lauded the industry for the increase in women CEOs.

“There are 52 insurance companies, and out of these, eight are led by women.  This is a step in the right direction. I urge my fellow women to take up more of the CEO roles because we are capable”.

In terms of business, the 352 Life insurance qualifying agents sold a total of 21,011 policies producing a combined Annual Premium Income of Sh1.8 billion within the competition period, January 1 – December 21 2018. The general insurance qualifying agents sold a total of 3,036 policies producing a total premium of Sh7.8 million.

Slowed Growth

The event, now in its 16th year, has grown over the years in terms of the qualifying agents and participating companies.

The growth of the industry as a whole has however slowed down over the last two years, as Mr Jerim Otieno, MD, Life UAP-Old Mutual, who spoke on behalf of the AKI Chairman.

“The insurance industry growth before 2017 was at an average of 12 per cent. However, the last two years, 2017 and 2018 have been tough, and our growth has slowed down. In 2017 growth was at 6.45 per cent and projections for 2018 also point towards a single digit growth” he said.

Additionally, insurance penetration dropped to 2.71 per cent in 2017 compared to 3.44 per cent in 2013.

Otieno noted that several factors have led to this slow down and that the AKI Board is looking at ways the industry can overcome some challenges to return to double-digit growth.

 

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