NAIROBI, Kenya, Mar 11 – Jubilee Insurance and Britam Insurance were named the best in the General insurance and life insurance during the Association of Kenya Insurance (AKI) Agents of the Year Awards held on Friday.
Jubilee’s Nelson Nderitu was picked as the General Insurance Agent of the year with the highest number of policies while Jayshee Haria, also from Jubilee, won the persistency award as the agent who has maintained at least 75 per cent life insurance customers for three years and above.
Stephen Njoroge from Britam won the New Business Award for selling 50 policies and achieved Sh2.4 million annual premium income.
ICEA Lion Group, UAP-OLD Mutual, CIC Group, APA Insurance, Fidelity Insurance, Madison Insurance, Liberty and Kenindia Insurance also won in different categories.
“This year, we have a total of 425 qualified insurance sales agents, 352 from life insurers and 73 from general insurers. Out of all these, we have 60 per cent of women as qualifying agents,” said AKI executive director, Tom Gichuhi, who led the awards event in celebrating the International Women’s day.
Under the 52 insurance companies, 8 of them are led by women.
The 352 life insurance qualifying agents sold a total of 21,011 policies producing a combined annual premium income of 1.8 billion shillings last year. The general insurance qualifying agents sold 3,036 policies hitting 7.8 million shillings.
According to the UAP Life Managing Director, Jerim Otieno, the industry has witnessed a slow growth for the past two years.
“The industry’s 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 f0r 2018 also leads towards a single-digit growth,” he said.
Kenya’s insurance penetration has also dropped to 2.71 per cent, a factor that has led to the industry’s slow growth.