Insurers urged to settle claims on time to build confidence
Financial Standard
By
Joackim Bwana
| Oct 31, 2023
Insurance Companies have been urged to settle clients' claims within the shortest time possible to build trust.
Commissioner of Insurance Godfrey Kiptum said insurance companies should strive to keep their promise to clients by delivering the products to their clients without fail or delays.
While opening a new ICEA Lion office in Mombasa on Friday, Mr Kiptum said insurers should take part in mitigating issues of climate change and carbon credit because the buck stops with them if disasters strike.
"I encourage insurance teams and partners to keep their promise and deliver the products to their customers in a timely way to earn clients trust and they will bring more clients to you."
He said the Sh500 million collected in premiums by ICEA Lion in 2022 could be much more because Mombasa contributes 20 per cent of the national gross domestic product (GDP).
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"The premium of Sh500 million for both life and general insurance is not enough because Mombasa contributes 20 per cent of GDP," Kiptum said.
"The contribution of insurance to the port city and the economic development of the country is major and there is nothing you can do without insurance.
ICEA Lion Holdings Group CEO Philip Lopokoiyit said the Dongo Kundu infrastructure project is among the major ones they are insuring in Mombasa.
"We are excited by our presence in Mombasa Town. The Mombasa office reflects our commitment to bringing our world-class financial services closer to our valued customers in the region," he said.
"We are confident that our comprehensive range of products and services will cater to the unique needs of the Mombasa community."
The branch will offer services including life and general insurance, asset management, pensions and investment advisory services.